Machine Condition Monitoring Market Analysis and Forecast to 2031: By Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, Motor Current Analysis), Offering (Hardware, Software), Deployment Mode (On-Premises, Cloud-based), End Use Industry (Oil and Gas, Power Generation, Metals and Mining, Automotive, Aerospace and Defense, Food and Beverages, Others), and Region
The condition of machinery is constantly changing as it operates. Machine condition monitoring is the process of assessing this change to determine if the machine is operating within its normal range, or if there is a problem that requires attention.
There are many different ways to monitor machine condition, but the most common method is vibration analysis. This involves using sensors to measure the vibration of the machine while it is running. The data from these sensors is then analyzed to look for any abnormal patterns that could indicate a problem.
Other methods of machine condition monitoring include thermal imaging, oil analysis, and visual inspections. By using a combination of these methods, it is possible to get a more complete picture of the condition of a machine and identify problems before they cause major damage.
Key Trends
There are several key trends in Machine Condition Monitoring technology:
Increased use of sensors: Sensors are becoming increasingly prevalent in machine condition monitoring, as they allow for more accurate and real-time data collection. This data can then be used to more effectively identify and diagnose problems.
Improved data analysis: With more data being collected, there is a greater need for effective data analysis. This can be done through the use of data mining, machine learning, and other analytical techniques.
Increased use of cloud-based solutions: Cloud-based solutions are becoming more popular in machine condition monitoring, as they offer a number of advantages such as scalability, flexibility, and cost-effectiveness.
Increased focus on predictive maintenance: Predictive maintenance is becoming increasingly important, as it can help to prevent problems before they occur. This is done by using data from sensors and other sources to identify potential issues and then taking steps to address them.Key Drivers
The key drivers of machine condition monitoring market are the need for predictive maintenance, the miniaturization of sensors, the increasing adoption of Industry 4.0, and the growing need for energy efficiency.
Predictive maintenance is a type of maintenance that is performed based on the condition of the equipment. It is a proactive approach that seeks to avoid downtime by predicting when equipment is likely to fail.
The miniaturization of sensors is a key driver of machine condition monitoring market. Sensors are becoming smaller and more accurate, making them more suitable for use in condition monitoring applications. The increasing adoption of Industry 4.0 is also a key driver of machine condition monitoring market. Industry 4.0 is the fourth industrial revolution. It is the transition from traditional manufacturing to the digital world of connected devices and systems.
The growing need for energy efficiency is another key driver of machine condition monitoring market. Energy efficiency is the need of the hour. With the rising cost of energy, it is important to find ways to use less energy. Machine condition monitoring can help by reducing the amount of energy that is wasted due to equipment failures.
Restraints & Challenges
The main restraint for the Machine Condition Monitoring market is the high cost of installation and the need for trained personnel to interpret the data. There is also the challenge of false positives, where a condition is reported that does not actually exist.
Market SegmentsBy Monitoring Technique
- Vibration Monitoring
- Thermography
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission
- Motor Current Analysis
- Hardware
- Software
- On-Premises
- Cloud-based
- Oil and Gas
- Power Generation
- Metals and Mining
- Automotive
- Aerospace and Defense
- Food and Beverages
- Others
- Brüel & Kjær Vibro GmbH
- Emerson Electric Co.
- Flir Systems
- Fluke Corporation
- General Electric
- Honeywell International
- National Instruments
- Parker Hannifin
- PCB Piezotronics
- Rockwell Automation
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- Chapter 1. Market introduction
- 1.1. Objectives of the study
- 1.2. Market definition and research & scope
- 1.3. Research methodologies
- 1.4. Market estimation techniques
- Chapter 2. Executive summary
- 2.1. Summary
- 2.2. Key highlights of the market
- Chapter 3. Machine Condition Monitoring market outlook
- 3.1. Machine Condition Monitoring market segmentation
- 3.2. Market dynamics
- 3.2.1. Market drivers
- 3.2.1.1. Driver 1
- 3.2.1.2. Driver 2
- 3.2.1.3. Driver 3
- 3.2.2. Market restraints
- 3.2.2.1. Restraint 1
- 3.2.2.2. Restraint 2
- 3.2.3. Market opportunities
- 3.2.3.1. Opportunity 1
- 3.2.3.2. Opportunity 2
- 3.3. Porter’s five forces analysis
- 3.3.1. Threat of new entrants
- 3.3.2. Threat of substitutes
- 3.3.3. Bargaining power of buyers
- 3.3.4. Bargaining power of supplier
- 3.3.5. Competitive rivalry
- 3.4. Pestle analysis
- 3.5. Value chain analysis
- 3.5.1. Raw material suppliers
- 3.5.2. Manufacturers
- 3.5.3. Wholesalers and/or retailers
- 3.6. Impact of the Russia and Ukraine war on the global Machine Condition Monitoring market
- Chapter 4. The economic impact of covid-19
- 4.1. Overall impact of covid-19
- 4.2. Impact of covid on the global Machine Condition Monitoring market
- 4.3. Economic impact analysis
- Chapter 5. Machine Condition Monitoring Market by Monitoring Technique
- 5.1. Market overview
- 5.2. Vibration Monitoring
- 5.2.1. Market size and forecast, 2021-2031 ($million)
- 5.2.2. Market size and forecast, by region, 2021-2031 ($million)
- 5.3. Thermography
- 5.3.1. Market size and forecast, 2021-2031 ($million)
- 5.3.2. Market size and forecast, by region, 2021-2031 ($million)
- 5.4. Oil Analysis
- 5.4.1. Market size and forecast, 2021-2031 ($million)
- 5.4.2. Market size and forecast, by region, 2021-2031 ($million)
- 5.5. Corrosion Monitoring
- 5.5.1. Market size and forecast, 2021-2031 ($million)
- 5.5.2. Market size and forecast, by region, 2021-2031 ($million)
- 5.6. Ultrasound Emission
- 5.6.1. Market size and forecast, 2021-2031 ($million)
- 5.6.2. Market size and forecast, by region, 2021-2031 ($million)
- 5.7. Motor Current Analysis
- 5.7.1. Market size and forecast, 2021-2031 ($million)
- 5.7.2. Market size and forecast, by region, 2021-2031 ($million)
- Chapter 6. Machine Condition Monitoring market by Offering
- 6.1. Market overview
- 6.2. Hardware
- 6.2.1. Market size and forecast, 2021-2031 ($million)
- 6.2.2. Market size and forecast, by region, 2021-2031 ($million)
- 6.3. Software
- 6.3.1. Market size and forecast, 2021-2031 ($million)
- 6.3.2. Market size and forecast, by region, 2021-2031 ($million)
- Chapter 7. Machine Condition Monitoring market by Deployment Mode
- 7.1. Market overview
- 7.2. On-Premises
- 7.2.1. Market size and forecast, 2021-2031 ($million)
- 7.2.2. Market size and forecast, by region, 2021-2031 ($million)
- 7.3. Cloud-based
- 7.3.1. Market size and forecast, 2021-2031 ($million)
- 7.3.2. Market size and forecast, by region, 2021-2031 ($million)
- Chapter 8. Machine Condition Monitoring market by End Use Industry
- 8.1. Market overview
- 8.2. Oil & Gas
- 8.2.1. Market size and forecast, 2021-2031 ($million)
- 8.2.2. Market size and forecast, by region, 2021-2031 ($million)
- 8.3. Power Generation
- 8.3.1. Market size and forecast, 2021-2031 ($million)
- 8.3.2. Market size and forecast, by region, 2021-2031 ($million)
- 8.4. Metals & Mining
- 8.4.1. Market size and forecast, 2021-2031 ($million)
- 8.4.2. Market size and forecast, by region, 2021-2031 ($million)
- 8.5. Automotive
- 8.5.1. Market size and forecast, 2021-2031 ($million)
- 8.5.2. Market size and forecast, by region, 2021-2031 ($million)
- 8.6. Aerospace & Defense
- 8.6.1. Market size and forecast, 2021-2031 ($million)
- 8.6.2. Market size and forecast, by region, 2021-2031 ($million)
- 8.7. Food & Beverages
- 8.7.1. Market size and forecast, 2021-2031 ($million)
- 8.7.2. Market size and forecast, by region, 2021-2031 ($million)
- 8.8. Others
- 8.8.1. Market size and forecast, 2021-2031 ($million)
- 8.8.2. Market size and forecast, by region, 2021-2031 ($million)
- Chapter 9. Global Machine Condition Monitoring market, by region
- 9.1. Overview
- 9.2. North America
- 9.2.1. Key market trends and opportunities
- 9.2.2. North America Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.2.3. North America Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.2.4. North America Machine Condition Monitoring market size and forecast by country, 2021-2031, ($million)
- 9.2.5. The u.s.
- 9.2.5.1. The u.s. Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.2.5.2. The u.s. Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.2.6. Canada
- 9.2.6.1. Canada Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.2.6.2. Canada Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.2.7. Mexico
- 9.2.7.1. Mexico Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.2.7.2. Mexico Machine Condition Monitoring market size and forecast by Offering Monitoring Technique, 2021-2031, ($million)
- 9.3. Europe
- 9.3.1. Key market trends and opportunities
- 9.3.2. Europe Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.3.3. Europe Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.3.4. Europe Machine Condition Monitoring market size and forecast by country, 2021-2031, ($million)
- 9.3.5. Germany
- 9.3.5.1. Germany Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.3.5.2. Germany Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.3.6. France
- 9.3.6.1. France Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.3.6.2. France Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.3.7. U.k.
- 9.3.7.1. U.k. Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.3.7.2. U.k. Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.3.8. Spain
- 9.3.8.1. Spain Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.3.8.2. Spain Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.3.9. Italy
- 9.3.9.1. Italy Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.3.9.2. Italy Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.3.10. Russia
- 9.3.10.1. Russia Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.3.10.2. Russia Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.3.11. Rest of Europe
- 9.3.11.1. Rest of Europe Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.3.11.2. Rest of Europe Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.4. Asia-pacific
- 9.4.1. Key market trends and opportunities
- 9.4.2. Asia-pacific Machine Condition Monitoring market size and forecast by country, 2021-2031, ($million)
- 9.4.3. Asia-pacific Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.4.4. Asia-pacific Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.4.5. China
- 9.4.5.1. China Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.4.5.2. China Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.4.6. India
- 9.4.6.1. India Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.4.6.2. India Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.4.7. Japan
- 9.4.7.1. Japan Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.4.7.2. Japan Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.4.8. South Korea
- 9.4.8.1. South Korea Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.4.8.2. South Korea Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.4.9. Rest of APAC
- 9.4.9.1. Rest of APAC Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.4.9.2. Rest of APAC Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.5. Rest of the world
- 9.5.1. Key market trends and opportunities
- 9.5.2. Rest of the world Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.5.3. Rest of the world Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.5.4. Rest of the world Machine Condition Monitoring market size and forecast by country, 2021-2031, ($million)
- 9.5.5. Latin America
- 9.5.5.1. Latin America Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.5.5.2. Latin America Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.5.6. Middle east
- 9.5.6.1. Middle east Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.5.6.2. Middle east Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- 9.5.7. Africa
- 9.5.7.1. Africa Machine Condition Monitoring market size and forecast by Monitoring Technique, 2021-2031, ($million)
- 9.5.7.2. Africa Machine Condition Monitoring market size and forecast by Offering, 2021-2031, ($million)
- Chapter 10. Competitive landscape
- 10.1. Market overview
- 10.2. Market share analysis/key player positioning
- 10.3. Developmental strategy benchmarking
- 10.3.1. New Offering development
- 10.3.2. Monitoring Technique launches
- 10.3.3. Business expansions
- 10.3.4. Partnerships, joint ventures, and collaborations
- 10.3.5. Mergers and acquisitions
- Chapter 11. Company profiles
- 11.1. Brüel & Kjær Vibro GmbH
- 11.1.1. Company snapshot
- 11.1.2. Financial performance
- 11.1.3. Monitoring Technique offerings
- 11.1.4. Key strategic initiatives
- 11.1.5. SWOT analysis
- 11.2. Emerson Electric Co.
- 11.2.1. Company snapshot
- 11.2.2. Financial performance
- 11.2.3. Monitoring Technique offerings
- 11.2.4. Key strategic initiatives
- 11.2.5. SWOT analysis
- 11.3. Flir Systems
- 11.3.1. Company snapshot
- 11.3.2. Financial performance
- 11.3.3. Monitoring Technique offerings
- 11.3.4. Key strategic initiatives
- 11.3.5. SWOT analysis
- 11.4. Fluke Corporation
- 11.4.1. Company snapshot
- 11.4.2. Financial performance
- 11.4.3. Monitoring Technique offerings
- 11.4.4. Key strategic initiatives
- 11.4.5. SWOT analysis
- 11.5. General Electric
- 11.5.1. Company snapshot
- 11.5.2. Financial performance
- 11.5.3. Monitoring Technique offerings
- 11.5.4. Key strategic initiatives
- 11.5.5. SWOT analysis
- 11.6. Honeywell International
- 11.6.1. Company snapshot
- 11.6.2. Financial performance
- 11.6.3. Monitoring Technique offerings
- 11.6.4. Key strategic initiatives
- 11.6.5. SWOT analysis
- 11.7. National Instruments
- 11.7.1. Company snapshot
- 11.7.2. Financial performance
- 11.7.3. Monitoring Technique offerings
- 11.7.4. Key strategic initiatives
- 11.7.5. SWOT analysis
- 11.8. Parker Hannifin
- 11.8.1. Company snapshot
- 11.8.2. Financial performance
- 11.8.3. Monitoring Technique offerings
- 11.8.4. Key strategic initiatives
- 11.8.5. SWOT analysis
- 11.9. PCB Piezotronics
- 11.9.1. Company snapshot
- 11.9.2. Financial performance
- 11.9.3. Monitoring Technique offerings
- 11.9.4. Key strategic initiatives
- 11.9.5. SWOT analysis
- 11.10. Rockwell Automation
- 11.10.1. Company snapshot
- 11.10.2. Financial performance
- 11.10.3. Monitoring Technique offerings
- 11.10.4. Key strategic initiatives
- 11.10.5. SWOT analysis
- *the list of company is subject to change during the final compilation of the report
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