Meticulous Research®—a leading global market research company, published a research report titled, ‘Machine Condition Monitoring Market by Component (Hardware, Software), Process (Online, Portable), Monitoring Technique (Vibration, Thermography, Corrosion), End-use Industry (Energy, Oil & Gas, Telecom), and Geography — Global Forecast to 2029’.
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According to this latest publication from Meticulous Research®, the global machine condition monitoring market is expected to reach $5.2 billion by 2029 at a CAGR of 7.3% during the forecast period 2022–2029. The growth of this market is driven by the rising adoption of Industry 4.0 technologies and increasing awareness about the importance of predictive maintenance techniques by industry players. However, a shortage of technical expertise for analyzing & predicting the machine's condition may restrain the growth of this market. Additionally, the increasing automation across industries is expected to create significant growth opportunities for the stakeholders in this market. However, the high cost & complexities of integrating machine monitoring systems with existing infrastructure is expected to challenge market growth.
The global machine condition monitoring market is segmented based on component, deployment mode, monitoring process, monitoring technique, and end-use industry. The study also evaluates industry competitors and analyses the market at the country level.
Based on component, the global machine condition monitoring market is segmented into hardware, software, and services. In 2022, the software segment is expected to account for the largest share of the global machine condition monitoring market. The large market share of this segment is attributed to the increasing use of machine condition monitoring software to reduce downtime and boost productivity. This segment is also slated to register the highest CAGR during the forecast period.
Based on deployment mode, the global machine condition monitoring market is segmented into on-premise deployment and cloud-based deployment. In 2022, the cloud-based deployment segment is expected to account for the larger share of the global machine condition monitoring market. The large market share of this segment is attributed to automatic software updates, subscription-based software as a service (SaaS) model, and higher data safety. Furthermore, this segment is slated to register the highest CAGR during the forecast period.
Based on monitoring process, the global machine condition monitoring market is segmented into online monitoring and portable monitoring. In 2022, the online monitoring segment is expected to account for the larger share of the global machine condition monitoring market. The large market share of this segment is attributed to the increasing adoption of wireless technologies for monitoring machine conditions. This segment is also slated to register the highest CAGR during the forecast period.
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Based on monitoring technique, the global machine condition monitoring market is segmented into vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound monitoring, and other monitoring techniques such as motor current analysis, and pressure monitoring. In 2022, the vibration monitoring segment is expected to account for the largest share of the global machine condition monitoring market. The large market share of this segment is attributed to the growing use of the vibration monitoring technique in various industries to ensure the operational ability of production machinery, detect damaged machine parts such as bearings, and reduce downtime. However, the corrosion monitoring segment is slated to register the highest CAGR during the forecast period.
Based on end-use industry, the machine condition monitoring market is segmented into manufacturing, healthcare, energy & utilities, aerospace, telecom, agriculture, oil & gas, transportation & logistics, and other end-use industries. In 2022, the manufacturing segment is expected to account for the largest share of the global machine condition monitoring market. The large market share of this segment is attributed to the increasing adoption of digital technologies, such as automation, data analytics, and industrial IoT in manufacturing plants. This segment is also slated to register the highest CAGR during the forecast period.
Geographic Review:
Based on geography, the machine condition monitoring market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the global machine condition monitoring market. The growth of this region is attributed to rising demand for automation and growing industrialization in countries such as China, India, and Japan and Industry 4.0. As a result, the demand for machine condition monitoring systems in the region is expected to expand.
Key Players:
The key players operating in the global machine condition monitoring market are General Electric Company (U.S.), AB SKF (Sweden), Wilcoxon Sensing Technologies (U.S.), Emerson Electric Co. (U.S.), ALS Limited (Australia), Honeywell International Inc. (U.S.), Parker-Hannifin Corporation (U.S.), Rockwell Automation, Inc. (U.S.), ifm electronic gmbh (Germany), Schaeffler AG (Germany), Baker Hughes Company (U.S.), Analog Devices, Inc. (U.S.), Fluke Corporation (U.S.), Meggitt PLC (U.K.), and National Instruments Corporation (U.S.).
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Key questions answered in the report:
• Which are the high-growth market segments in terms of component, deployment mode, monitoring process, monitoring technique, end-use industry, and geography?
• What is the historical market size of the machine condition monitoring market across the globe?
• What are the market forecasts and estimates from 2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the global machine condition monitoring market?
• Who are the major players in the global machine condition monitoring market?
• Who are the major players in various countries, and what shares do they hold?
• How is the competitive landscape?
• What are the recent developments in the global machine condition monitoring market?
• What are the different strategies adopted by the major players in the market?
• What are the geographic trends and high-growth countries?
• Who are the local emerging players in the global machine condition monitoring market, and how do they compete with other players?
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