Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global machine condition monitoring market size reached US$ 2.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.

Machine condition monitoring refers to the process of monitoring and measuring the temperature, humidity and pressure in mechanical equipment. It is commonly used in pumps, rotating and electric motors, internal combustion engines (ICEs) and presses. This involves vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound emission and motor current analysis. These processes aid in predicting the mechanical wear and tear and diagnosing the site of unwanted noise, vibration, and heat generation that can damage the machine's components. Apart from this, they also enable proper scheduling of maintenance programs, minimizing the severity of machine downtime and ensuring the safety of the equipment.

Increasing digitization, along with significant growth in the oil and gas, automotive, defense, aerospace, manufacturing, food and beverage and marine industries, is one of the key factors creating a positive outlook for the market. Additionally, various technological advancements, such as the utilization of secure cloud computing platforms, wireless technologies and the integration with the Internet of Things (IoT), are acting as other major growth-inducing factors. Furthermore, increasing awareness regarding preventive maintenance among the masses is also driving the market growth. In line with this, widespread adoption of vibration monitoring systems that are used for measuring oscillations of components, such as belts, gears, bearings, drive motors and other parts, is also contributing to the market growth. Other factors, including extensive infrastructural developments, along with the increasing demand for heating, ventilation and air conditioning (HVAC) systems, are expected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global machine condition monitoring market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on monitoring technique, offering, deployment type and end use industry.

Breakup by Monitoring Technique:

Vibration Monitoring
Thermography
Oil Analysis
Corrosion Monitoring
Ultrasound Emission
Motor Current Analysis

Breakup by Offering:

Hardware
Software

Breakup by Deployment Type:

On-premises
Cloud-based

Breakup by End Use Industry:

Oil and Gas
Power Generation
Metals and Mining
Chemicals
Automotive
Aerospace and Defense
Food and Beverages
Marine
Others

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key 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).

Key Questions Answered in This Report:
How has the global machine condition monitoring market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global machine condition monitoring market?
What are the key regional markets?
What is the breakup of the market based on the monitoring technique?
What is the breakup of the market based on the offering?
What is the breakup of the market based on the deployment type?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global machine condition monitoring market and who are the key players?
What is the degree of competition in the industry?