The machine condition monitoring market assist in predictive maintenance through continuous monitoring of machines for detecting any changes from normal operating conditions. It prevents unplanned downtime and improves asset utilization through remote condition monitoring.
The global Machine Condition Monitoring Market is estimated to be valued at Us$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR Of 9.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advent of remote monitoring technologies has accelerated the growth of machine condition monitoring market. Remote monitoring allows machine conditions to be monitored from any location through internet-enabled devices, which reduces downtime and maintenance costs. Technologies such as cloud computing and internet of things (IoT) have enabled development of wireless condition monitoring devices that transmit machine health data to a central database in real-time. This helps in predictive maintenance by identifying machine faults at an early stage from a remote location. Emergence of smart sensors and analytical tools has further aided remote monitoring by automating data collection and analysis. These advancements in remote condition monitoring technologies are expected to drive the machine condition monitoring market substantially during the forecast period.
Segment Analysis
The global machine condition monitoring market is segmented based on monitoring type, offering, deployment type, monitoring process, and industry vertical. By monitoring type, vibration monitoring is the dominant segment due to its extensive usage in rotating machines and assets for detecting imbalances, misalignments and mechanical looseness to prevent unexpected breakdowns. By offering, hardware accounts for the largest share as physical devices like proximity probes, vibration sensors and infrared thermometers form the core of any condition monitoring system.
Key Takeaways
The global machine condition monitoring market is expected to witness high growth over the forecast period.
Regional analysis
Asia Pacific region is expected to grow the fastest in the machine condition monitoring market owing to increasing industrialization and rising demand for predictive maintenance solutions from industries such as oil & gas, metals & mining and power generation in China and India. North America currently dominates the market due to presence of major players and advanced industrial infrastructure in United States.
Key players
Key players operating in the machine condition monitoring market are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation.
The Global Machine Condition Monitoring Market Demand is expected to witness high growth over the forecast period due to rising need for predictive maintenance in various industry verticals. Asia Pacific is projected to grow the fastest owing to increasing industrialization in China and India. North America currently dominates driven by large industrial base in the US. Key players are focusing on product innovation and partnerships to consolidate their position in the market.
Get more insights on this topic:
