USD 2.6 billion
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 2023-2030
Report ID: SQMIG45J2038 | Region: Global | Published Date: April, 2023 | Pages: 242
Global Machine Condition Monitoring Market Insights
Machine Condition Monitoring Market size was valued at USD 2.6 billion in 2021 and is poised to grow from USD 2.8 billion in 2022 to USD 5.51 billion by 2030, growing at a CAGR of 7.8% in the forecast period (2023-2030).
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.
US Machine Condition Monitoring Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Vibration Monitoring
Fastest Growth
Vibration Monitoring
Growth Rate
7.8% 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 (%)
To get more reports on the above market click here to Buy The Report
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.
Machine Condition Monitoring Market 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.
Machine Condition Monitoring Market 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(%), 2021 (%)
To get detailed analysis on other segments, Request For Sample Report
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, 2023-2030
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Machine Condition Monitoring Market Dynamics
Machine Condition Monitoring Market 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.
Machine Condition Monitoring Market 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.
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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.
Machine Condition Monitoring Market Top Players Company Profiles
- Emerson Electric
- Honeywell International
- SKF AB
- General Electric Company
- Rockwell Automation, Inc.
- Parker Hannifin Corporation
- National Instruments Corporation
- Schaeffler Technologies AG & Co. KG
- Bruel & Kjaer Sound & Vibration Measurement A/S
- Fluke Corporation
- PCB Piezotronics, Inc.
- ALS Limited
- Azima DLI Corporation
- Commtest Instruments Ltd.
- Meggitt PLC
- PRÜFTECHNIK Dieter Busch AG
- SPM Instrument AB
- Parker Kittiwake
- Testo SE & Co. KGaA
- Yokogawa Electric Corporation
Machine Condition Monitoring Market 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 |
|---|---|
| Market size value in 2021 | USD 2.6 billion |
| Market size value in 2030 | USD 2.8 billion |
| Growth Rate | 7.8% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
SPEAK TO AN ANALYSTSubscribe & Save
Get lifetime access to our reports
Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
USA (+1) 617-230-0741
