Machine Condition Monitoring Market Forecasts to 2028 – Global Analysis By Monitoring Technique (Thermography , Vibration Monitoring, Corrosion Monitoring, Motor Current Analysis, Ultrasound Emission Monitoring and Oil Analysis), Offering (Software, Hardware and Services), Monitoring Process (Portable Condition Monitoring and Online Condition Monitoring), Industry(Power Generation, Oil & Gas, Metal & Mining, Aerospace , Chemicals, Automotive, Marine Food & Beverages and Other Industry)and By Geography
According tStratistics MRC, the Global Machine Condition Monitoring Market is accounted for $2.8 billion in 2022 and is expected treach $4.9 billion by 2028 growing at a CAGR of 9.8% during the forecast period. Machine condition monitoring is the capacity tassess a machine's health over time. This can include things like its efficiency, because efficiency losses can signal an underlying problem. It alsprovides part wear and tear, performance indications such as defective part production, usage information, and maintenance statistics. The majority of the industrial industry employs primitive maintenance procedures, frequently maintaining their equipment in a reactive or calendar-based manner.
According tETNO, by 2027, there will be 223 million active Internet of Things (IoT) links in the automotive sector and 19 million businesses throughout Europe, thus, increasing smart manufacturing deployment across the automobile industry.
Market Dynamics:
Driver:
Remote industrial processes are becoming extremely relevant
Companies in several industries preferred not tdeploy new machine condition monitoring systems during the pandemic due tthe economic crisis they encountered, with the gradual recovery of the economy and the rising necessity for remote operations. The machine condition monitoring industry is gaining traction as a result of the requirement for fully automated systems with less human oversight. Machine condition monitoring systems aid in the supervision and control of plant operations from remote locations by combining real-time data from various IoT devices. As a result, these systems eliminate the need for human interaction in industrial plant supervision. This is expected tboost deployment in many industries of modern machine condition monitoring systems market.
Restraint:
Scarcity of technical competence
Condition monitoring necessitates qualified personnel thandle the most recent equipment and software updates, system networking, data transmissions, and son. As a result, existing resources must be educated toperate new systems. Experienced operators are sceptical of machine condition monitoring systems diagnostics and projections. These computer problems result in dropped service outages, metrics, and inconsistent alerting signals. Lack of educated resources may cause industrial plant operators tbe hesitant taccept new technologies. As a result of a dearth of trained data analysts, emerging countries continue tstruggle with the effective adoption of machine condition monitoring systems and next-level manufacturing which is hindering the growth of the market.
Opportunity:
Strategic partnership and collaborations
Because of the presence of established companies in the machine condition monitoring market, there are now several prospects for partnerships and collaborations among systems integrators, independent software vendors, data analytics service providers, and technology providers. Industry 4, 0 developments is expected tsuit a wide range of customer requirements, such as efficient plat operations and increased productivity. Partnerships and collaborations are intended tresult in jointly created technologies capable of producing world-class products and solutions for industrial consumers worldwide creating various opportunities for the market growth.
Threat:
Incurring additional expenses
Machines used in industries must include built-in components such as sensors and transmitters tpermit machine-to-machine communication between various units. Wi-Fi or a radifrequency identification module connects machine condition monitoring units via a wired or wireless communication channel. They collect necessary data from various machines and send it tcentral computers for shortage and analysis. Several modern machines include condition monitoring sensors as standard features, making it easier for operators tmonitor the health of equipment deployed in their operations. Nevertheless, some older equipment may require modifications tinstall these components, incurring additional costs. This is projected tbe a significant barrier tthe growth of the machine condition monitoring market.
Covid-19 Impact
The worldwide environment faced challenges such as semiconductor shortages and the COVID-19 epidemic. Due tsemiconductor shortages, factories were forced tclose and manufacturers were forced tsuspend operations. Furthermore, the start of the COVID-19 outbreak resulted in a decrease in hardware output and supply chain interruptions. Following the reopening of plants following the epidemic, a surge in demand for electronic goods created a backlog for the chips. Nonetheless, the increasing need for remote monitoring has created significant growth possibilities for industry manufacturers and suppliers.
The Thermography segment is expected tbe the largest during the forecast period
The Thermography segment is estimated thave a lucrative growth, due tthermograph has several uses in condition monitoring, and preventive maintenance is particularly popular. This procedure is used directly tidentify whether the machine is running normally and, if not, tdetect the heat pattern within the machine, indicating inefficiency and flaws. It is the best asset management practise. This strategy decreases risk and increases operational reliability. This approach is utilised in a wide range of industries and applications, including machine condition monitoring, building diagnostics such as moisture, roof, and energy-loss inspections, electrical system monitoring, and son. Monitoring a motor's electrical and mechanical conditions
The Portable condition monitoring segment is expected thave the highest CAGR during the forecast period
The Portable condition monitoring segment is anticipated twitness the fastest CAGR growth during the forecast period, due tthe activities required tdpredictive maintenance on rotating machinery in many industries, making it easier tgather, assess, use and distribute machine condition data. Some of these devices are designed and certified expressly for use in harsh industrial conditions, while others are certified for use in hazardous locations. Gather both dynamic and static readings from various sources and integrate them with a variety of sensors and devices tprovide a full big data image of rotating plant assets. Managers and technicians can see intermittent issues as they occur or over time via their desktop, mobile phone, or tablet using portable condition monitoring sensors put on panels of this second-tier equipment. The equipment condition data enables eyes tbe used.
Region with largest share:
Asia Pacific is projected thold the largest market share during the forecast period owing tthe developing industrialization, increased usage of preventative maintenance approaches, and rising rivalry tattain operational efficiency. The increasing emphasis placed by the manufacturing companies on optimum asset and resource utilisation, strict government regulations pertaining tworkplace and employee safety, and strict quality control standards that businesses in the chemicals, oil & gas, and food & beverage industries are required tadhere in this region. Furthermore, because of the lower cost of labour in Asian countries such as China, India, and South Korea, many firms in the developed world opt trelocate their production bases tthis region. Manufacturing businesses in the region are projected texpand as a result machine condition monitoring systems market are sexpected tpropel in this region.
Region with highest CAGR:
Europe is projected thave the highest CAGR over the forecast period, owing tthe increasing expansion of industrial units in this region, which has produced a significant demand for the machine condition monitoring market. The European machine condition monitoring sector is predicted tincrease as a result of rising demand for manufacturing facilities across Europe, which has spurred the desire for automated solutions. Modern manufacturing facilities necessitate complex machinery and regular monitoring of equipment during the manufacturing process. The region's machine condition monitoring sector is growing as a result of increased industrialization and the increasing demand for heavy gear in contemporary manufacturing facilities which enhance the market growth in this region.
Key players in the market
Some of the key players profiled in the Machine Condition Monitoring Market include Rockwell Automation Inc, Meggitt Sensing Systems, Emerson Electric Co, GE Bently Nevada, FLIR Systems Inc, ThermFisher Scientific Inc, Nippon Avionics Co., Ltd, SKF AB, Perkin Elmer Inc, Parker Kittiwake, Gastops Ltd, ThermFisher Scientific Inc, Honeywell Internationl and General Electric
Key Developments:
In March 2023, Rockwell Automation Launches New FactoryTalk® Optix™, an Open, Scalable, Flexible HMI platform with Unlimited Options, FactoryTalk Optix is one of the five core solutions in FactoryTalk® Design Hub™. Industrial organizations can now transform their automation design capabilities with a more simplified, productive way twork powered by the cloud.
In Jan 2023, Meggitt announces partnership with Airbus tdevelop an eBuffer in support of ZEROe demonstrator, the eBuffer will be an important piece of the electrical system that will complement the Fuel Cell primary power source and therefore would be one of the integral components of the Airbus ZEROe demonstrator aircraft.
In Dec 2022, Rockwell Automation Partners with Fortinet tSecure Operational Technology Environments, by partnering, Fortinet and Rockwell Automation will be able tprovide powerful cybersecurity protection tglobal customers through the convergence of advanced networking and security capabilities.
In Oct 2022, Meggitt launches iPRESS, long-range wireless tire pressure gauge, the new gauge delivers an enhanced user experience whilst verifying inflation pressure through the use of Parker Meggitt’s breakthrough Wireless Tire Pressure Sensor (WTPS)
Monitoring Techniques Covered:
• Thermography
• Vibration Monitoring
• Corrosion Monitoring
• Motor Current Analysis
• Ultrasound Emission Monitoring
• Oil Analysis
Offerings Covered:
• Software
• Hardware
• Services
Monitoring Processes Covered:
• Portable Condition Monitoring
• Online Condition Monitoring
Industries Covered:
• Power Generation
• Oil & Gas
• Metal & Mining
• Aerospace
• Chemicals
• Automotive
• Marine
• Food & Beverages
• Other Industries
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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