The Machine Condition Monitoring Market size is expected to grow from USD 1.14 billion in 2023 to USD 1.80 billion by 2028, at a CAGR of 9.65% during the forecast period (2023-2028).
Increasing adoption of industry 4.0, increasing demand for reducing human involvement in predictive maintenance, and rising awareness regarding the benefits of installing machine condition monitoring solutions are expected to drive the machine condition monitoring market over the forecast period.
The Machine Condition Monitoring Market is moderately competitive, with several players. Some of the players operating in the market include Rockwell Automation, Inc., Meggitt PLC, GE Bently Nevada, Emerson Electric Co., and SKF Group, among others. These players are adopting several strategies, such as product launches, partnerships, and joint ventures, among others, to increase their customer base and expand their product portfolios.
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