According to the latest report by IMARC Group, titled "Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global machine condition monitoring market reached a value of US$ 2.40 Billion in 2020. 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 exceed US$ 3.48 Billion by 2026, growing at a CAGR of 6.40% during 2021-2026.
- On the basis of the monitoring technique, the market has been divided into vibration monitoring, thermography, oil analysis, corrosion monitoring, and motor current analysis.
- Based on the offering, the market has been bifurcated into hardware and software.
- On the basis of the deployment, the market has been categorized into on-premises and cloud-based.
- Based on the end use industry, the market has been divided into oil and gas, power generation, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players being Brüel & Kjær Vibro GmbH (Spectris Plc), Emerson Electric Co., Flir Systems. Inc., Fluke Corporation (Fortive), General Electric (GE) Company, Honeywell International Inc., National Instruments Corp., Parker Hannifin Corp., PCB Piezotronics (MTS Systems Corporation), Rockwell Automation, Schaeffler Group, SKF, Symphony AzimaAI and Wilcoxon Sensing Technologies (Amphenol Corporation).
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