Select Language
According to the latest report by IMARC Group, titled "Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global machine condition monitoring market reached a value of US$ 2.4 Billion in 2021. Machine condition monitoring is the process of identifying potential faults and tracking the health and performance of a machine. It involves the measurement of various parameters like pressure, current, vibration, humidity, temperature, and revolutions per minute (RPM). Machine condition monitoring impacts the overall product quality and prevents potential damages by monitoring thermography, corrosion, ultrasound emissions, vibrations, oil and motor current analysis. It also enables accurate scheduling of maintenance programs and provides the required data for necessary diagnostics. Machine condition monitoring is commonly applied for anticipating conditions of pumps, electric motors, internal combustion engines (ICEs), and presses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Machine Condition Monitoring Market Trends:
One of the key factors driving the market growth is the widespread employment of machine condition monitoring across various industries, such as food, manufacturing, packaging, robotics, and steelmaking. Moreover, these processes allow organizations to take necessary actions to reduce repair costs and increase overall productivity and profitability, which is escalating the demand for machine condition monitoring across the globe. Apart from this, technological advancements, such as cloud computing platforms, wireless communication, and the Internet of Things (IoT), are supporting the market growth further. Rapid expansion of the manufacturing industry, along with increasing awareness regarding the advantages of preventive machine maintenance amongst consumers is creating a positive outlook for the market further. Looking forward, the market is expected to reach US$ 3.6 Billion by 2027, exhibiting a CAGR of 7% during 2022-2027.
Market Summary:
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91-120-433-0800 )
Drop us an email at
sales@imarcgroup.com