Machine condition monitoring refers to the process of monitoring the condition of a machine with the intent to forecast its mechanical wear & tear and failure. The predicated data provide health information about the machine and helps in predicting machine faults at an early stage, thereby reducing the risk of unexpected failure and a costly repair. Vibration, noise, and temperature measurements are frequently used as key indicators to detect an imbalance, corrosion, wear and tear, misalignment of the machinery parts. The condition monitoring solution improves asset utilization and enhances overall productivity.

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The key factors propelling the growth of the Global Machine Condition Monitoring market include the increasing usage of cloud platforms in condition monitoring solutions, the rising acceptance of wireless communication technology in machine condition monitoring followed by the growing disposition towards predictive maintenance. The increasing adoption of automated condition monitoring technologies coupled with the growing penetration of smart factory will further encourage the adoption of machine condition monitoring across the globe.

The growing emphasis on reducing maintenance costs and minimizing the chances of unpredicted failure of the machine is promoting the manufacturers to opt for machine condition monitoring systems. The increasing adoption of machine condition monitoring across numerous industries such as oil & gas, metal & mining, automotive, aerospace & defense, and food & beverages, are further bolstering the growth of the market. The machine condition monitoring system offers remarkable benefits such as enhances safety, minimizes maintenance cost, improves operational efficiency, increases machine reliability and availability, and eliminates the chances of chronic failure, thereby increasing the life span of the machine. Moreover, the growing adoption of advanced technologies such as machine learning, big data analytics, and industrial internet of Things (IIoT) across industries will attract a large number of end-users towards the Global Machine Condition Monitoring Market. On the other hand, the limited availability of skilled resources for data analysis and the growing reliability concerns in the prediction capabilities of machine condition monitoring technology will hamper the market over the coming years.

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Based on the monitoring techniques, the motor current analysis segment is expected to grow at a higher CAGR during the forecast period owing to the increasing adoption of current motor analysis for predicting and reducing motor failure issues such as overloading, bearing failure, unbalanced or indirect voltage, vibration or misalignment. In addition to this, the automotive industry is focussing on upgrading and automating its assembly line, which increases the demand for motor monitoring solutions as it is a significant part of the machine. Motor current analysis helps to decrease the possibility of a machine breakdown, enhance its lifespan, and reduces the overall energy consumption.

Based on the offering, the hardware segment is anticipated to lead the market during the forecast period. The rising demand for hardware components used in the machine condition monitoring solutions, such as vibration sensors & analyzers, ultrasound detectors, spectrum analyzers, and corrosion probes, is the primary factor fuelling the demand of the market. These systems act as a significant component in the condition monitoring systems and provide data related to machine health in advance. The extracted information is used for predicting maintenance programs for the machines to avoid costly downtime.

Based on industry, the oil & gas industry is projected to grow at a higher CAGR during the forecast period owing to the increasing emphasis on reducing operational cost and increasing profitability. The variation of oil prices across the globe is further increasing the pressure to minimize operational cost on the industry, which in turn will promote the adoption of machine condition monitoring systems to reduce operational & maintenance costs and minimize the possibility of machine downtime.

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Based on the region, the Asia-pacific region is expected to grow at a higher CAGR over the forecast period due to the growing industrialization, increasing adoption of predictive maintenance tools, and rising competitive pressure to achieve operational efficiency across the Asian countries. The rising migration of production bases to Asian countries, especially in China, India, and Japan, due to the easy availability of cheap labor, is leading to the expansion of the manufacturing plants in these economies. The rapid increase in the number of manufacturing plants will drive the demand for machine condition monitoring systems in the coming years.

Various notable players in the Machine Condition Monitoring market include General Electric, Honeywell International, Inc, Rockwell Automation, Inc., National Instruments Corporation, AB SKF, Wilcoxon Sensing Technologies, ALS, Parker-Hannifin Corporation, Schaeffler Technologies AG & Co. KG, Symphony AzimaAI, and Bruel & Kjaer.

Key Developments:

• • In 2019, SKF acquired Presenso Ltd., an artificial intelligence (AI)-based predictive maintenance software development company. With this acquisition, SKF aims to strengthen its Rotating Equipment Performance offerings.

The Global Machine Condition Monitoring market has been segmented based on the monitoring technique, offering, deployment type, monitoring process, industry, and region. Based on the Monitoring technique, the market is segmented into Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, and Motor Current Analysis. Based on offering, the market is segmented into hardware and software. Based on hardware, the market is segmented into Vibration Sensors, Infrared Sensors, Spectrometers, Ultrasound Detectors, Spectrum Analyzers, Corrosion Probes, and Others. Based on Vibration Sensors, the market is further segmented into Accelerometers, Proximity Probes, and, Tachometers. Based on Infrared Sensors, the market is segmented into Thermal Infrared Sensors and Quantum Infrared Sensors. Based on Spectrometers, the market is segmented into Infrared Spectrometers, Ultraviolet Spectrometers, Atomic Spectrometers, and Mass Spectrometers. Based on Ultrasound Detectors, the market is segmented into Sound Pressure Meters, Stethoscopes, and Ultrasound Leak Detectors. Based on Spectrum Analyzers, the market is segmented into Swept Spectrum Analyzers and Real-Time Spectrum Analyzers. Based on software, the market is segmented into Data Integration, Diagnostic Reporting, Order Tracking Analysis, and Parameter Calculation. Based on the deployment type, on-premise, and cloud. Based on the monitoring process, the market is segmented into Online Condition Monitoring and Portable Condition Monitoring. Based on industry, the market is segmented into Oil & Gas, Power Generation, Metal & Mining, Chemicals, Automotive, Aerospace & Defense, Food & Beverages, Marine, and Others.

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Key questions answered in this research report:

• • At what pace is the Global Machine Condition Monitoring market growing? What will be a growing trend in the future?
  • What are the key drivers and restraints in the Global Machine Condition Monitoring market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Machine Condition Monitoring market?
  • Which offering generated maximum revenues in 2019 and identify the most promising offering during the forecast period?
  • What are the various industries of the Global Machine Condition Monitoring market, and how are they poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

 

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Monitoring Technique, By Offering, By Deployment Type, By Monitoring Process, By Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	General Electric, Honeywell International, Inc, Rockwell Automation, Inc., National Instruments Corporation, AB SKF, Wilcoxon Sensing Technologies, ALS, Parker-Hannifin Corporation, Schaeffler Technologies AG & Co. KG, Symphony AzimaAI, Bruel & Kjaer; a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

 

Market Segmentation

Global Machine Condition Monitoring Market by Monitoring Technique

• • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis

Global Machine Condition Monitoring Market by Offering

• • Hardware
    • Vibration Sensors
      • Accelerometers
      • Proximity Probes
      • Tachometers
    • Infrared Sensors
      • Thermal Infrared Sensors
      • Quantum Infrared Sensors
    • Spectrometers
      • Infrared Spectrometers
      • Ultraviolet Spectrometers
      • Atomic Spectrometers
      • Mass Spectrometers
    • Ultrasound Detectors
      • Sound Pressure Meters
      • Stethoscopes
      • Ultrasonic Leak Detectors
    • Spectrum Analyzers
      • Swept Spectrum Analyzers
      • Real-time Spectrum Analyzers
    • Corrosion Probes
    • Others
  • Software
    • Data Integration
    • Diagnostic Reporting
    • Order Tracking Analysis
    • Parameter Calculation

Global Machine Condition Monitoring Market by Deployment Type

• • On-premises
  • Cloud

Global Machine Condition Monitoring Market by Monitoring Process

• • Online Condition Monitoring
  • Portable Condition Monitoring

Global Machine Condition Monitoring Market by Industry

• • Oil & Gas
  • Power Generation
  • Metals & Mining
  • Chemicals
  • Automotive
  • Aerospace & Defense
  • Food & Beverages
  • Marine
  • Others (Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics)

Global Machine Condition Monitoring Market by Region

• • North America Machine Condition Monitoring Market
    (Option 1: As a part of the free 25% customization)
    • North America Machine Condition Monitoring Market by Monitoring Technique
    • North America Machine Condition Monitoring Market by Offering
    • North America Machine Condition Monitoring Market by Deployment Type
    • North America Machine Condition Monitoring Market by Monitoring Process
    • North America Machine Condition Monitoring Market by Industry
    • US All-Up Machine Condition Monitoring Market
    • Canada All-Up Machine Condition Monitoring Market
  • Europe Machine Condition Monitoring Market
    (Option 2: As a part of the free 25% customization)
    • Europe Machine Condition Monitoring Market by Monitoring Technique
    • Europe Machine Condition Monitoring Market by Offering
    • Europe Machine Condition Monitoring Market by Deployment Type
    • Europe Machine Condition Monitoring Market by Monitoring Process
    • Europe Machine Condition Monitoring Market by Industry
    • United Kingdom (UK) All-Up Machine Condition Monitoring Market
    • Germany All-Up Machine Condition Monitoring Market
    • Spain All-Up Machine Condition Monitoring Market
    • France All-Up Machine Condition Monitoring Market
    • Rest of Europe All-Up Machine Condition Monitoring Market
  • Asia-Pacific Machine Condition Monitoring Market
    (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Machine Condition Monitoring Market by Monitoring Technique
    • Asia-Pacific Machine Condition Monitoring Market by Offering
    • Asia-Pacific Machine Condition Monitoring Market by Deployment Type
    • Asia-Pacific Machine Condition Monitoring Market by Monitoring Process
    • Asia-Pacific Machine Condition Monitoring Market by Industry
    • China All-Up Machine Condition Monitoring Market
    • India All-Up Machine Condition Monitoring Market
    • Japan All-Up Machine Condition Monitoring Market
    • Rest of APAC All-Up Machine Condition Monitoring Market
  • ROW Machine Condition Monitoring Market
    (Option 4: As a part of the free 25% customization)
    • RoW Machine Condition Monitoring Market by Monitoring Technique
    • RoW Machine Condition Monitoring Market by Offering
    • RoW Machine Condition Monitoring Market by Deployment Type
    • RoW Machine Condition Monitoring Market by Monitoring Process
    • RoW Machine Condition Monitoring Market by Industry
    • Brazil All-Up Machine Condition Monitoring Market
    • South Africa All-Up Machine Condition Monitoring Market
    • Saudi Arabia All-Up Machine Condition Monitoring Market
    • UAE All-Up Machine Condition Monitoring Market
    • Rest of world (remaining countries of the LAMEA region) All-Up Machine Condition Monitoring Market

Global Machine Condition Monitoring Market Leading Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • General Electric
  • Honeywell International, Inc
  • Rockwell Automation, Inc.
  • National Instruments Corporation
  • AB SKF
  • Wilcoxon Sensing Technologies
  • ALS
  • Parker-Hannifin Corporation
  • Schaeffler Technologies AG & Co. KG
  • Symphony AzimaAI
  • Bruel & Kjaer