Machine Condition Monitoring Market

Machine Condition Monitoring Market by Equipment Category (Vibration Monitoring Equipment, Thermography Equipment, and Lubricating Oil Analysis Equipment), End User Industry (Oil and Gas, Power Generation, Process and Manufacturing, Aerospace and Defense, Automotive and Transportation, and Other End-user Industries), and Geography (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) -Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: CM-1281
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 212
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The machine condition monitoring market size was USD 2.6 billion in 2021 and is estimated to register a substantial CAGR of above 9% during the forecast period, 2021–2028. The growth of the market is attributed to its applications in multiple industries can prevent machine failures and surge capital investment.

 Machine Condition Monitoring

Machine condition monitoring refers to the process of monitoring the condition of a machine with the purpose to predict mechanical failure and wear. Trends in the data provide health information about the machine and help detect machine faults at the early stages which prevent unexpected failure and costly repair. Maintenance is crucial to machines therefore, machine condition monitoring is an important part of maintenance, and many companies have been focusing more on asset utilization and increasing productivity.

Furthermore, as operational equipment is receptive to various types of errors and faults, therefore to monitor major or minor changes in equipment by measuring parameters like temperature, vibration, current, voltage, pressure, flow are necessary.

The Covid-19 pandemic had an adverse impact on the machine condition monitoring market. Due to the pandemic businesses across the world having crucial assets for manufacturing of goods and services offering revenue are observing decline; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Market Trends, Drivers, Restraints, and Opportunities

  • Rising application of secure cloud computing platforms used for machine condition monitoring is expected to drive the market during the forecast period.
  • Increasing adoption of wireless communication technology in machine condition monitoring is estimated to propel the market in coming years
  • Growing inclination toward predictive maintenance of industrial machinery is likely to surge the demand for machine condition monitoring
  • Deployment of automated condition monitoring technologies in smart factories is projected to fuel the market expansion
  • R&D investment and technological advancement in the machine condition monitoring market are expected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the machine condition monitoring market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Machine Condition Monitoring Market –Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Equipment Category (Vibration Monitoring Equipment, Thermography Equipment, and Lubricating Oil Analysis Equipment) and End User Industry (Oil and Gas, Power Generation, Process and Manufacturing, Aerospace and Defense, Automotive and Transportation, and Other End-user Industries)

Geography

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

GE Bently Nevada, Emerson Electric Co, Rockwell Automation, Inc., SKF Group, and Meggitt PLC

Market Segment insights

The vibration monitoring equipment segment is projected to constitute a large market share

Based on equipment category, the machine condition monitoring market is segregated into vibration monitoring equipment, thermography equipment, and lubricating oil analysis equipment. The vibration monitoring equipment segment is expected to account for a key share of the market during the forecast period owing its application in detecting and preventing equipment failure or downtime. Furthermore it can screen faults such as imbalance, misalignment, looseness and late-stage bearing wear, providing precipitous warning of impending failure.

The oil and gas segment is expected to register a substantial CAGR

Based on end user industry, the machine condition monitoring market is divided into oil and gas, power generation, process and manufacturing, aerospace and defense, automotive and transportation, and other end-user industries. The oil and gas segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to rising pressure of high operating costs of oil and gas plants. Furthermore, fluctuations in oil prices in the global market are contributing to the increasing pressure on the oil and gas industry to reduce its operating costs. Therefore, this industry is anticipated to adopt condition monitoring solutions and systems to maintain the efficient working of its critical assets and reduce downtime. Moreover, the increasing demand for online condition monitoring solutions is expected to further drive the growth of the machine condition monitoring market for oil and gas industry; however, automotive and transportation segment is anticipated to expand at a rapid pace during the forecast period owing to rapid changes undergone by this segment such as technological advances which includes radios, alarms, and wipers therefore, these  increased complexity is leading to possible production errors and surging the demand for machine condition monitoring.

Machine Condition Monitoring

Europe is expected to dominate the market

In terms of geography, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Europe is anticipated to expand at a robust CAGR during the forecast period the aerospace industry in this region is one of the most innovative and best-performing industries and has observed significant success; therefore it is expected to drive the market growth in near future. Furthermore, increasing requirement to replace old and low-efficient aircraft and rapidly growing passenger volumes are driving this market of machine condition monitoring.

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Machine Condition Monitoring Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Machine Condition Monitoring Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Machine Condition Monitoring Market - Supply Chain
  4.5. Global Machine Condition Monitoring Market Forecast
     4.5.1. Machine Condition Monitoring Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Machine Condition Monitoring Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Machine Condition Monitoring Market Absolute $ Opportunity
5. Global Machine Condition Monitoring Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Machine Condition Monitoring Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Machine Condition Monitoring Demand Share Forecast, 2019-2026
6. North America Machine Condition Monitoring Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Machine Condition Monitoring Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Machine Condition Monitoring Demand Share Forecast, 2019-2026
7. Latin America Machine Condition Monitoring Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Machine Condition Monitoring Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Machine Condition Monitoring Demand Share Forecast, 2019-2026
8. Europe Machine Condition Monitoring Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Machine Condition Monitoring Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Machine Condition Monitoring Demand Share Forecast, 2019-2026
9. Asia Pacific Machine Condition Monitoring Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Machine Condition Monitoring Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Machine Condition Monitoring Demand Share Forecast, 2019-2026
10. Middle East & Africa Machine Condition Monitoring Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Machine Condition Monitoring Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Machine Condition Monitoring Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Machine Condition Monitoring Market: Market Share Analysis
  11.2. Machine Condition Monitoring Distributors and Customers
  11.3. Machine Condition Monitoring Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. GE Bently Nevada Emerson Electric Co Rockwell Automation, Inc. SKF Group

Segments Covered in the Report

The machine condition monitoring market has been segmented on the basis of:-

Equipment Category

  • Vibration Monitoring Equipment
  • Thermography Equipment
  • Lubricating Oil Analysis Equipment

End User Industry

  • Oil and Gas
  • Power Generation
  • Process and Manufacturing
  • Aerospace and Defense
  • Automotive and Transportation
  • Other End-user Industries                        

Geography

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Companies

  • GE Bently Nevada
  • Emerson Electric Co
  • Rockwell Automation, Inc.
  • SKF Group
  • Meggitt PLC

Key players competing in the machine condition monitoring market include GE Bently Nevada, Emerson Electric Co, Rockwell Automation, Inc., SKF Group, and Meggitt PLC.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,

  • In April 2020, SKF join forces with wireless specialist LumenRadio to intensify automated machine monitoring. With the help of this collaboration SKF developed a new wireless sensor as part of a condition monitoring system for improving rotating equipment performance programs on a scale previously considered uneconomic.
  • In March 2020, STMicroelectronics enlarged the next generation of Industry 4.0 applications with a new vibration-sensing technology that is mainly enhanced to enable smart maintenance of factory equipment. The IIS3DWB vibration sensor and supporting STEVAL-STWINKT1 multi-sensor evaluation kit has been created to increase development of condition-monitoring systems that boost productivity by inferring equipment maintenance needs.
Machine Condition Monitoring
 

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