Report : Machine Condition Monitoring Market to 2027 - COVID-19 Impact and Global Analysis and Forecasts by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, and Motor Current Analysis); Offering (Hardware and Software); Deployment (On Premise and Cloud); Monitoring Process (Online Condition Monitoring and Portable Condition Monitoring); and Industry (Oil & Gas, Power Generation, Automotive, Aerospace & Defense, Food & Beverage, Manufacturing and Others)
According to the new research report published by The Insight Partners, titled “Machine Condition Monitoring Market - Global Analysis and Forecast to 2027”, the global machine condition monitoring market is expected to reach US$ 3,922.0 million by 2027, registering a CAGR of 5.1% during 2020–2027.
The machine condition monitoring market is prominently soaring in the current scenario, with the rising number of manufacturing plants. The manufacturers of condition monitoring systems are experiencing substantial demand for their products from end users across the globe. Owing to the continuous pressure from the end users of condition monitoring systems, the manufacturers of these systems, are investing significant amounts and staff-hours to design and develop robust technologies. Most of the manufacturers are emphasizing on developing and supplying wireless technologies for machine condition monitoring.
The development and commercialization of wireless condition monitoring system have attracted several end users and has gained tremendous demand in the market. At present, the large enterprises with the well-balanced financial condition are the major procurers of these wireless technologies.
However, the adoption of the same among the medium-scale end users is also anticipated to rise over the years, which would propel the growth of machine condition monitoring market. PCE Instruments, Emerson Electric Co., National Instruments, and Embressed Instrument are among the key players offering wireless condition monitoring technologies.
The conventional machine condition monitoring system helps identifying early signs of system failure by measuring vibration, noise, oil leakage, or corrosion. As the vibration monitoring is most widely used monitoring technique in the industry, several innovations and developments are being carried out by the market players to enhance the vibration monitoring systems. For instance, bearing embedded sensors have been developed by SKF to monitor critical parameters that are likely to lead to early system failure. Bearings are considered the primary component of rotating machinery. The SKF Insights programme designed a technology that can continuously monitor the real-time condition of the bearings in a specific application. Embedded sensors measure loads, vibrations, speed, lubrication, and temperature utilizing the power generated from the machinery’s environment. Smart wireless communication embedded into the bearing allows seamless communication within the environment where conventional Wi-Fi is non-operational. Thus, with the usage of bearing embedded sensors technology in machinery, condition monitoring is expected to be autonomous. Hence, full-fledged commercialization of this technology is projected to revolutionize the machine condition monitoring market in the coming years.
The implementation of condition monitoring solution enables manufacturers and maintenance staff to easily identify the problem in a machine and rectify according to the intensity of the issue. This reduces the time associated with the identification of the issue manually, and the downtime cost, thereby resulting in optimized productivity. The industrial sector across the globe are emphasizing on condition monitoring and diagnostics within respective manufacturing facilities to determine critical parameters such as vibration, noise, and temperature. Continuous monitoring of machines using advanced technologies facilitates the manufacturers to increase their productivity and gain profit. The growing demand for condition monitoring solutions across industries is propelling the growth of machine condition monitoring market.
Based on monitoring techniques, the machine condition monitoring market is segmented into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, and motor current analysis. The vibration monitoring analysis is the most widely used monitoring techniques, followed by ultrasound emission and oil analysis. Based on end users, the machine condition monitoring market is segmented into oil & gas, automotive, aerospace & defense, food & beverage, power generation, manufacturing, and others. The aerospace & defense sector is leading the machine condition monitoring market over the years and is expected to continue its dominance during the forecast period.
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 are among the key players present in the machine condition monitoring market. Several other players are also operating in the global machine condition monitoring market, and are contributing substantial revenues towards the growth of market.
Source; The Insight Partners Analysis
The report segments the global machine condition monitoring market as follows:
Machine Condition Monitoring Market Breakdown - By Monitoring Technique
Machine Condition Monitoring Market Breakdown - By Offering
Machine Condition Monitoring Market Breakdown - By Deployment Type
Machine Condition Monitoring Market Breakdown - By Monitoring Process
Machine Condition Monitoring Market Breakdown - By End User
Machine Condition Monitoring Market Breakdown - By Region