Machine Condition Monitoring Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By Deployment Type; By Region; Segment Forecast, 2022 – 2030

Machine Condition Monitoring Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By Deployment Type; By Region; Segment Forecast, 2022 – 2030

The global machine condition monitoring market size is expected to reach USD 5.0 billion by 2030, according to a new study by Polaris Market Research. The report “Machine Condition Monitoring Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, and Services); By Deployment Type; By Region; Segment Forecast, 2022 – 2030” provides a thorough understanding of the dynamics of the market now and analyses how the market will expand in the future.

Increasing awareness of the benefits of machine condition monitoring is likely to boost market revenue growth during the forecast period. In addition, growing uses of wireless technology to assist equipment monitoring and rising inclination of end users towards predictive maintenance are collectively driving the market.

Machine condition monitoring helps production facility owners to understand the state of machines so that maintenance may be performed quickly and at the appropriate time. Conditioning can identify bearing problems, shaft unbalance, detached mounting, overheating, load misalignment, gear-tooth failure, stator eccentricity, and other catastrophic machine failures.

Predictive Maintenance engineers (PDM’s) evaluate the state of machinery, also known as Condition Based Monitoring (CBM), to avert catastrophic breakdowns and enhance labor productivity.

This assists manufacturer in reducing downtime, lowering maintenance costs, improving performance, and increasing firm profitability. Machine condition monitoring software, hardware, and data gathering systems provide various advantages to manufacturing companies in terms of data transfer with a single click. Through an Internet of Things (IoT) enabled system, they may also deliver machine warnings and status, examine real-time data, and monitor process parameters.

Furthermore, market growth is expected to accelerate due to the growing popularity of predictive maintenance strategies among manufacturers, private investors, and the government. Predictive maintenance is a strategy that employs data analysis tools to discover irregular operations and procedures before breakdown.

Furthermore, technological advancements in machine learning and big data analytics, favorable government regulations for the growth of manufacturing industries, and infrastructure developments due to rapid urbanization and industrialization are some of the key other factors expected to support market growth in the future.

However, emerging economies struggle to successfully implement machine condition monitoring systems and achieve next-level industrialization due to a shortage of data analysis personnel.

Machine Condition Monitoring Market Report Highlights

Hardware component has dominated the market as it provides statistical values for rapid decision-making, in-depth machine condition analysis, and the capacity to save and access past data from anywhere.

The software sector is predicted to account for a relatively robust revenue share. The software projected to drive demand for this market provides features such as rapid data transmission to the cloud and real-time machine alarms on the desktop.

Cloud-based deployment type has dominated the market due to cost savings, great flexibility and scalability, cooperation efficiency, and security and privacy.

North America dominated the market because of the growing popularity of secure cloud computing platforms in nations such as the United States.

Major players operating in the industry include ASL Limited, Emerson Electric Co., General Electric Co., Honeywell International Inc., National Instruments, Parker-Hannifin Corp., Rockwell Automation, Schaeffler Technologies, SKF, and Wilcoxon Sensing Technologies.

Polaris Market Research has segmented the machine condition monitoring market report based on component, deployment type and region:

Machine Condition Monitoring, Component Outlook (Revenue – USD Billion, 2018 – 2030)

Hardware

Software

Services

Machine Condition Monitoring, Deployment Type Outlook (Revenue – USD Billion, 2018 – 2030)

On-premise

Cloud-Based

Machine Condition Monitoring, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

North America

U.S

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa