The global Machine Condition Monitoring Market is projected to be valued at USD 2,887.1 million by the end of 2025, registering a CAGR of 5.6% during the forecast period.
Machine condition monitoring is a crucial part of predictive maintenance The advent of secure cloud computing platforms used for machine condition monitoring, inclination toward predictive maintenance of industrial machinery, adoption of wireless communication technology in machine condition monitoring, and positioning automated condition monitoring technologies in smart factories is expected to increase their demand in the global market.
MRFR has identified the following companies as the key players in the global machine condition monitoring market— Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Parker Hannifin Corp (US), Analog Devices, Inc. (US), SKF (Sweden), Amphenol, Inc. (Maryland), Allied Reliability (US), National Instruments Corp (US), Meggitt PLC (UK), Fluke Corporation (US)
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The primary factor driving the global machine condition monitoring market owing to increase in demand for machine condition monitoring solutions across different sectors of food beverage, aerospace defense, oil gas, power generation, and chemicals has driven the demand for the market. Small companies and industries are increasingly adopting predictive machine maintenance solutions as they find it challenging to bear expenses such as machine failure and downtime, which may incur non-sustainable losses
Furthermore, less trained operators cannot take the new way of planning and maintaining the performance of machines, thereby resulting in disapprovals for the implementation of successful machine condition monitoring programs. With cloud-based systems, the technician with the smarter tools and technologies available does not have to be the expert to take the measurements and perform the analysis. Hence, the advent of big data analytics is expected to help create growth opportunities for the players operating in the global machine condition monitoring market.
COVID-19 Impact Analysis
The COVID-19 is creating economic hardship for enterprises, consumers, and commodities across the globe. While several companies have maintained continuity plans that were initially meant for natural disasters, the other manufacturers are facing the threat of bankruptcy due to declining demand from consumers, debt obligations, and reducing production and revenues. Many manufacturers are implementing cross-industry manufacturing of medical and healthcare equipment to sustain the production and overall turnover of the manufacturing unit. The worst-hit industries include oil and gas, coal products, textile, metal, and machinery.
However, not all semiconductor companies are witnessing a decline in growth as the remote monitoring of production activities has allowed companies to continue working during lockdowns as well. It is anticipated that the demand for condition monitoring systems and solutions would increase in the coming years, and the global market is expected to recover by the end of 2021.
The global Machine Condition Monitoring market has been segmented on the basis of monitoring type, component, monitoring process type, end use, and region.
By component, the machine condition monitoring market has been bifurcated into hardware and software. The hardware segment is further divided into vibration sensors and analyzers, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, corrosion probes, and others. The software segment is sub-categorized into data integration, diagnostic reporting, order tracking, and parameter calculation.
By monitoring type, the machine condition monitoring market has been segmented into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission monitoring, and motor current analysis. The vibration monitoring segment accounted for the largest market share of 20.4% in 2018, with a market value of USD 449.3 million; it is expected to register a CAGR of 3.2% during the forecast period.
Based on monitoring process type, the machine condition monitoring market has been divided into online condition monitoring and portable condition monitoring. Portable condition monitoring is designed to perform tasks of maintenance and operation professions of all skill levels. It performs predictive maintenance through rotating the machinery in multiple industries, collecting, analyzing, using, and sharing the machine condition data to the manufacturers in the most convenient way.
By end-user, the machine condition monitoring market has been segmented into food beverage, chemical petrochemical, oil gas, pulp paper, steel metal, automotive, mining, and power industry, cement industry, pharmaceutical industry. In the oil gas industry, industrial equipment such as pumps is critical to an oil well. There is a direct correlation to an oil company’s bottom line as cash flow is tied to oil and gas production.
Key Findings of the Study:
- The global machine condition monitoring market is projected to reach a value of USD 2,887.1 million by 2025, with a CAGR of around 5.6% during the forecast period from 2021 to 2025.
- North America accounted for the largest market share in 2018; this is due to the growing development of the manufacturing units across this region has created a considerable demand for the machine condition monitoring market
- Europe is expected to register the second largest market Germany accounted for the largest market share of 32.93% in 2018
- The Asia-Pacific market is anticipated to register significant growth due to the increasing investment in machinery development across sectors such as automotive, oil gas, power generation, aerospace defense, and others is expected to fuel the market's growth.
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