Global Machine Condition Monitoring Market

Global Machine Condition Monitoring Market Size, Share, Growth Analysis, By Monitoring Technique(Vibration Monitoring, Thermography), By Offering(Hardware, Software), By Deployment(On-premises, Cloud), By Monitoring Process(Online Condition Monitoring, Portable Condition Monitoring) - Industry Forecast 2022-2028


Report ID: SQMIG45J2038 | Region: Global | Published Date: June, 2022 | Pages: 157

Global Machine Condition Monitoring Market Insights

The Global Machine Condition Monitoring market size stood at USD 3.35 Billion in 2021, and it is expected to reach a value of USD 6.09 Billion by 2028, at a CAGR of 8.89% over the forecast period (2022 - 2028).

Machine condition monitoring is the process of monitoring a machine's condition in order to predict mechanical wear and failure. Accelerating deployment of automated condition monitoring technologies in smart factories, as well as rising awareness among manufacturers worldwide about the benefits of installing condition monitoring systems, are two major factors driving the growth of the machine condition monitoring market.

 

Market snapshot

Global Market Size

Monitoring TechniqueVibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, Motor Current AnalysisOfferingHardware, SoftwareDeploymentOn-premises, CloudMonitoring ProcessOnline Condition Monitoring, Portable Condition Monitoring

Largest Segment

Vibration Monitoring

Fastest Growth

Vibration Monitoring

Growth Rate

Monitoring TechniqueVibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, Motor Current AnalysisOfferingHardware, SoftwareDeploymentOn-premises, CloudMonitoring ProcessOnline Condition Monitoring, Portable Condition Monitoring CAGR

Global Machine Condition Monitoring Market 2021-2027 ($ Mn)
Country Share for Asia Pacific Region- 2021 (%)
Global Machine Condition Monitoring Market Size By Monitoring Technique, 2021-2027 ($ Mn)
Global Machine Condition Monitoring Market Size By Monitoring Technique, 2021-2027 (%)

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Global Machine Condition Monitoring Market Segmental Analysis

The global machine condition monitoring market is segmented on the basis of monitoring technique, offering, deployment, monitoring process and region. Based on monitoring technique, the market is segmented into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission and motor current analysis. Based on offering, the Machine Condition Monitoring market is segmented into: hardware and software. Based on deployment, the market is segmented into on-premises and cloud. Based on monitoring process, the market is segmented into: online condition monitoring and portable condition monitoring. Based on region, the global machine condition monitoring Machine Condition Monitoring market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Analysis by Monitoring Technique

In 2021, vibration monitoring is expected to have the largest Machine Condition Monitoring market share in the machine condition monitoring market. Vibration monitoring helps to detect and records typical vibration values as well as operating parameters. It provides real-time data that can be used to diagnose machine conditions and detect faults in machine operations. Because it detects faults at an early stage, vibration-based monitoring is critical for predictive maintenance. The use of this monitoring technique in the oil and gas industry ensures that production machinery is always operational and downtime is kept to a minimum, lowering operating costs while increasing productivity and monetary gains.

Analysis by Deployment

During the forecast period, the cloud deployment Machine Condition Monitoring market is expected to grow at a faster CAGR. Cloud deployment provides superior accessibility to organizations by providing 24/7 services, increased scalability, and speed. The growing preference for the software as a service (SaaS) model by enterprises due to potential cost savings is a major factor driving the market for cloud-based machine condition monitoring solutions to grow at a faster rate.

 

Global Machine Condition Monitoring Market By Monitoring Technique, 2021(%)

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Global Machine Condition Monitoring Market Regional Insights

During the forecast period, the Asia Pacific machine condition monitoring Machine Condition Monitoring market will grow at the fastest CAGR. The key factors driving the growth of the machine condition monitoring Machine Condition Monitoring market in this region are ongoing industrialization, increasing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency. Furthermore, a number of companies from developed countries are planning to relocate their production bases to Asian countries such as China, India, and South Korea due to lower-cost labour availability. As a result, manufacturing activities in the region are likely to expand. As a result, there will be a high demand for machine condition monitoring systems in the region.

 

Global Machine Condition Monitoring Market By Geography, 2021 - 2027
  • Largest
  • Fastest

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Global Machine Condition Monitoring Market Dynamics

Driver

  • Operational equipment is sensitive to a wide range of errors and faults, it is critical to monitor minor and major changes in equipment by measuring parameters such as vibration, temperature, voltage, current, pressure, flow, and many others. This significance has compelled various industries to go above and beyond to protect their machinery. The main advantage of using condition monitoring to identify faults is that it allows personnel to take corrective action to avoid or reduce repair costs, as well as increase machinery safety, which increases human safety.
  • Machine condition monitoring systems use real-time data gathered from various IoT devices to help supervise and control plant operations from remote locations. As a result, these systems eliminate the need for human intervention in industrial plant supervision. This is expected to lead to an increase in the deployment of new machine condition monitoring systems across industries.

Restraint

  • Condition monitoring requires trained personnel to operate cutting-edge equipment and software. Technical knowledge is required for system optimization, software updates, system networking, data transmissions, and so on. As a result, existing resources must be trained to operate new systems. This could result in a skills gap between existing and trained workers. Lack of trained resources may cause industrial plant operators to be hesitant to adopt new technologies. As a result of a lack of skilled data analysts, emerging countries continue to struggle with the efficient implementation of machine condition monitoring systems and next-level industrialization.

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Global Machine Condition Monitoring Market Competitive Landscape

The machine condition monitoring market is moderately competitive with no firm having a very large market share. The industry's top players are embracing strategic collaboration initiatives to improve Machine Condition Monitoring market share and profitability. Some of the major players in the Machine Condition Monitoring market are Emerson Electric, General Electric, Honeywell International, National Instruments, and SKF among others.

Top Players Company Profiles

Recent Developments

  • In May 2022, OMRON has introduced the new K7TM condition monitor for heater equipment, which is primarily used in the automotive and FMCG industries. The K7TM visualises deterioration tendencies to enable predictive maintenance and helps to realise a carbon-free society.
  • In May 2022, Schneider Electric has introduced a rotating machine condition-monitoring technology that analyses motor currents rather than relying on traditional vibration-monitoring techniques. It claims that this approach has several advantages, including the ability to predict imminent machine failures, to operate in harsh environments, and to provide data that can be used to reduce energy consumption and optimise machinery performance.

 

Global Machine Condition Monitoring Key Market Trends

  • Over the last few decades, the automotive industry has undergone rapid change. Previously, cars were mechanical, with basic electrical systems providing power for headlights and spark plugs. Cars were outfitted with the latest gadgets, such as radios, alarms, wipers, and so on, as technology advanced. Air-handling units and pumps are the primary applications of condition monitoring in this industry. Other critical areas where condition monitoring is used include motor and transmission component endurance testing, wind tunnels, electrical breaks for reliability testing, car test benches (artificial roads), and others.

 

Global Machine Condition Monitoring Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the Machine Condition Monitoring market by offerings and verticals.

According to our analysis, the presence of established players in the machine condition monitoring market, there are now numerous opportunities for partnerships and collaborations among system integrators, independent software vendors, data analytics service providers, and technology providers. In this industrial IoT era, the development of Industry 4.0 is expected to meet a wide range of customer requirements, such as efficient plant operations and increased productivity. Partnerships and collaborations are expected to yield jointly developed technologies that can be used to produce world-class products and solutions for industrial customers worldwide. It is expected to create massive growth opportunities for companies that provide machine condition monitoring systems.

 

Report Metric Details
Segments covered
  • Monitoring Technique
    • Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, Motor Current Analysis
  • Offering
    • Hardware, Software
  • Deployment
    • On-premises, Cloud
  • Monitoring Process
    • Online Condition Monitoring, Portable Condition Monitoring
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered s Company Profiles

Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Machine Condition Monitoring Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Machine Condition Monitoring Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Machine Condition Monitoring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Machine Condition Monitoring Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Machine Condition Monitoring Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Machine Condition Monitoring Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

The Global Machine Condition Monitoring market size stood at USD 3.35 Billion in 2021, and it is expected to reach a value of USD 6.09 Billion by 2028, at a CAGR of 8.89% over the forecast period (2022 - 2028).

 

The machine condition monitoring market is moderately competitive with no firm having a very large market share. The industry's top players are embracing strategic collaboration initiatives to improve Machine Condition Monitoring market share and profitability. Some of the major players in the Machine Condition Monitoring market are Emerson Electric, General Electric, Honeywell International, National Instruments, and SKF among others.'Emerson Electric (US)','General Electric (US)','Honeywell International (US)','National Instruments (US)','SKF (Sweden)','ALS (Australia)','Wilcoxon Sensing Technologies (US)','Parker Hannifin (US)','Rockwell Automation (US)','Schaeffler Group (Germany)','IFM (Germany)','Banner Engineering (US)'

 

Operational equipment is sensitive to a wide range of errors and faults, it is critical to monitor minor and major changes in equipment by measuring parameters such as vibration, temperature, voltage, current, pressure, flow, and many others. This significance has compelled various industries to go above and beyond to protect their machinery. The main advantage of using condition monitoring to identify faults is that it allows personnel to take corrective action to avoid or reduce repair costs, as well as increase machinery safety, which increases human safety.

 

Over the last few decades, the automotive industry has undergone rapid change. Previously, cars were mechanical, with basic electrical systems providing power for headlights and spark plugs. Cars were outfitted with the latest gadgets, such as radios, alarms, wipers, and so on, as technology advanced. Air-handling units and pumps are the primary applications of condition monitoring in this industry. Other critical areas where condition monitoring is used include motor and transmission component endurance testing, wind tunnels, electrical breaks for reliability testing, car test benches (artificial roads), and others.

 

During the forecast period, the Asia Pacific machine condition monitoring Machine Condition Monitoring market will grow at the fastest CAGR. The key factors driving the growth of the machine condition monitoring Machine Condition Monitoring market in this region are ongoing industrialization, increasing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency. Furthermore, a number of companies from developed countries are planning to relocate their production bases to Asian countries such as China, India, and South Korea due to lower-cost labour availability. As a result, manufacturing activities in the region are likely to expand. As a result, there will be a high demand for machine condition monitoring systems in the region.

 

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Global Machine Condition Monitoring Market

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