Global Machine Condition Monitoring Market - 2023-2030
Market Overview
The global machine condition monitoring market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 8.2% during the forecast period (2023-2030).
Machine condition monitoring inspects machines, optimizes equipment performance and reduces downtime. It monitors critical machine parameters such as pressure and temperature, assesses the likelihood of failure to fulfill planned services and prevents resultant damages. It is gaining traction in various industries, including manufacturing, steelmaking, food, robotics and packaging.
Europe has the greatest market share in the global machine condition monitoring market. With substantial demand for automation technologies and new releases by the region's top industry players, it will likely maintain its market dominance during the projection period.
For instance, NSK Ltd inked an agreement in 2020 to purchase a condition monitoring system company from Brüel & Kjaer to extend its footprint in the European market.
Market Dynamics
Demand for Industry Automation is associated with developing World-Class Machine Monitoring Products
The existence of established companies in the machine condition monitoring market today presents considerable prospects for partnerships and collaborations among system integrators, data analytics service providers, independent software vendors and technology providers. Brüel & Kjaer Vibro (B&K Vibro), an independent supplier of condition monitoring systems for rotating machinery and Stadler Rail, struck a long-term deal on October 21, 2021, to bring state-of-the-art condition monitoring to 606 rail carriages for Germany's Berlin Underground (U-Bahn).
Striengent regulations
Machine condition monitoring is regulated by various governmental and industry organizations to ensure that they are safe for use and meet specific quality and performance standards. Some of the major regulations for machine condition monitoring include the following-
Machine condition monitoring is collecting information about the status of machine tools and machining processes to avoid failure and unwanted downtime and predict necessary maintenance at the right time; thus, it is important in improving machine durability, reliability and maintenance. Several techniques are available today for monitoring machine status, including vibration analysis, infrared thermography, voltage or current and oil analysis.
Among these, vibration analysis plays a significant part in signaling the machine's state and smoothness of operation; primarily, it is better to foresee potential failure modes and remaining service time, as well as to entertain ongoing analysis of the machine's operational characteristics.
COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
Segment Analysis
The global machine condition monitoring market is segmented by type, component, technique, development model, end-user and region.
Rising demand for cost-effective methods for monitoring the health of machinery creates demand for vibration analysis
Vibration analysis in the machine condition monitoring market is expected to hold a significant global market share. Vibration analysis is a technique used in predictive maintenance to monitor machinery's health. It involves measuring equipment's vibration levels and frequencies and analyzing the results to identify potential problems. The technique is based on the principle that changes in the vibration levels and frequencies of machinery can indicate issues with components or systems.
Vibration analysis equipment typically consists of sensors, data collection devices and data analysis software. The sensors are attached to the monitored machinery and the data is collected over a specified period. The data is then analyzed to determine any vibration levels or frequency abnormalities indicating potential machinery problems.
Geographical Analysis
Rising investments in Industry 4.0 technologies in Asia-Pacific
One of the regions with the greatest growth rate for machine condition monitoring is Asia-Pacific, fueled by reasons including the rising use of Industry 4.0 technologies, the importance of preventative maintenance and the demand for more dependable and energy-efficient equipment.
Due to their robust industrial bases and high demand for advanced monitoring solutions, nations like China, India, Japan and Australia are leading the growth of the machine condition monitoring market in Asia-Pacific.
The region's machine condition monitoring market is anticipated to increase due to the swiftly expanding economies of emerging nations like India and Southeast Asian nations. Approximately 37% of India's projected crude oil reserves were located in the western offshore region, according to the Indian Ministry of Petroleum and Natural Gas. The country's estimated total reserve was over 5873 million metric tonnes, which fueled the market for thermography condition monitoring.
Competitive Landscape
The major global players in the market include General Electric Company, Rockwell Automation Inc., Baker Hughes Company, Emerson Electric Co. and Adlink Technology Inc, Crystal Instruments, Dewesoft d.o.o, SPM Instruments AB, Ixon B.V and Tulip Interfaces.
Why Purchase the Report?
• To visualize the global machine condition monitoring market segmentation based on type, component, technique, development model, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of machine condition monitoring market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global machine condition monitoring market report would provide approximately 77 tables, 87 figures and 203 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
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