According to IMARC Group latest report titled “Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on machine condition monitoring market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global machine condition monitoring market size reached US$ 2.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
Machine Condition Monitoring refers to a well-structured approach to track, analyse, and manage the operational behavior and performance of industrial machinery. It primarily encompasses techniques such as vibration analysis, infrared thermography, oil analysis, ultrasound emission testing, that enable real-time diagnostics and prognostics of the condition of mechanical equipment. Its core mechanism involves the collection of machine data through various sensors installed on the equipment. This data, depicting parameters like temperature, vibration levels, and others, is then interpreted using advanced analytical tools to forecast the machine’s health status. This systematic process contributes to recognizing significant changes that could denote potential failures or breakdowns, thereby significantly reducing the risk of unplanned downtimes.
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Market Trends:
The global market is primarily driven by the escalating need for companies to enhance productivity while simultaneously reducing operational costs. This, in conjunction with the rapidly expanding industrial automation sector, is contributing to the market. Moreover, the rising adoption of wireless communication technology to reduce the complexity of monitoring systems and improve data collection and analysis is creating a positive market outlook.
Furthermore, with the rise of Industry 4.0, real-time monitoring, data analysis, and predictive maintenance have become more accessible and efficient, resulting in a higher product uptake in numerous end-use industries. Additionally, favorable initiatives taken by the government across several countries are necessitating the use of these systems, thereby supplementing the market growth.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Brüel & Kjær Vibro GmbH (Spectris Plc)
- Emerson Electric Co.
- Flir Systems
- Fluke Corporation (Fortive)
- General Electric
- Honeywell International
- National Instruments
- Parker Hannifin
- PCB Piezotronics (MTS Systems Corporation)
- Rockwell Automation
- Schaeffler Group
- SKF
- Symphony AzimaAI
- Wilcoxon Sensing Technologies (Amphenol Corporation)
Machine Condition Monitoring Market Segmentation:
Our report has categorized the market based on region, monitoring technique, offering, deployment type and end use industry.
Breakup by Monitoring Technique:
- Vibration Monitoring
- Thermography
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission
- Motor Current Analysis
Breakup by Offering:
- Hardware
- Software
Breakup by Deployment Type:
- On-Premises
- Cloud-based
Breakup by End Use Industry:
- Oil and Gas
- Power Generation
- Metals and Mining
- Chemicals
- Automotive
- Aerospace and Defense
- Food and Beverages
- Marine
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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