Global Machine Condition Monitoring Market 2024-2028
The machine condition monitoring market is forecasted to grow by USD 1268.3 mn during 2023-2028, accelerating at a CAGR of 7.41% during the forecast period. The report on the machine condition monitoring market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by wireless communication gaining momentum in industries, increased focus and investment in smart factory, and power sector disruption and generation focus tilting toward renewables.
Technavio's machine condition monitoring market is segmented as below:
By Deployment
By End-user
- Energy and power industry
- Cement and metal industry
- Oil and gas industry
- Chemical and petrochemical industry
- Automotive industry and others
By Geography
- North America
- Europe
- APAC
- South America
- Middle East and Africa
This study identifies the improvement in sensor technology as one of the prime reasons driving the machine condition monitoring market growth during the next few years. Also, emergence of integrated machine condition monitoring systems and growing application of data analytics and augmented reality in oil and gas industry will lead to sizable demand in the market.
The report on the machine condition monitoring market covers the following areas:
- Machine condition monitoring market sizing
- Machine condition monitoring market forecast
- Machine condition monitoring market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading machine condition monitoring market vendors that include AB SKF, ALS Ltd., AMETEK Inc., Analog Devices Inc., Baker Hughes Co., Dewesoft d.o.o., Emerson Electric Co., Fortive Corp., Gastops Ltd., General Electric Co., Honeywell International Inc., ifm electronic gmbh, National Instruments Corp., OMRON Corp., Parker Hannifin Corp., Rockwell Automation Inc., Schaeffler AG, Signals and Systems India Pvt. Ltd., SPM Instrument, and Teledyne Technologies Inc.. Also, the machine condition monitoring market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.