Europe Machine Condition Monitoring Market Growth and Forecast by 2027

The Europe machine condition monitoring market was valued at US$ 686.7 million in 2019 and is projected to reach US$ 1,030.2 million by 2027; it is expected to grow at a CAGR of 5.2% from 2020 to 2027.

With continuously rising demand for production across industries, the expansion of manufacturing facilities is one of the crucial strategies adopted by the manufacturers. The growing number of manufacturing facilities positively impacts the demand for automated solutions as new and technologically advanced machinery requires constant monitoring of components during operation. Pertaining to this, the demand for condition monitoring solutions is surging among industries such as aerospace & defense, automotive, oil & gas, manufacturing, food & beverage, power generation, and chemicals, among others. Thus, throttling the growth of machine condition monitoring market.

The European region is observing some significant investments in its oil & gas industry. With the North Sea remaining the primary source for region’s oil & gas, there are several giant projects presently in development across the region, creating opportunities for machine condition monitoring. Some of the recent or ongoing projects include Johan Sverdrup Development (Norway), Rosebank & Lochnagar Oil & Gas Fields (UK), Johan Castberg Field (Norway), and Aphrodite Gas Field (Cyprus). The increasing volumes of invesments and number of projects in the oil & gas industry is expected to boost the machine condition monitoring market

In Europe, Italy is the hardest-hit country by the coronavirus outbreak and is expected to suffer an economic hit due to a lack of revenue from various industries. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. Spain and France are extending respective lockdown periods to fight COVID-19.

The automotive industry, which is one of the top GDP contributors to the European economy, is also facing a strong product impact. The region-wide production losses owing to factory shutdowns amount to over 1.5 million vehicles so far. Also, A&D manufacturing also experienced a negative impact. However, several manufacturers are still maintaining a certain level of production. The wind turbine manufacturing industry in the region has also been impacted due to disruptions in supply chains for raw materials as well as components.

Europe machine condition monitoring market

By Monitoring Techniques

• Vibration Monitoring
• Thermography
• Oil Analysis
• Corrosion Monitoring
• Ultrasound Emission
• Motor Current Analysis

By Offering

• Hardware
  • Vibration Sensor
  • Proximity Probes
  • Tachometer
  • Infrared Sensors
  • Spectrometer
  • Ultrasound Detectors
  • Corrosion Probe
  • Others
• Software

By Deployment Type

• On-premise
• Cloud

By Monitoring Process

• Online Condition Monitoring
• Portable Condition Monitoring

By End User

• Oil & Gas
• Power Generation
• Automotive
• Aerospace & Defense
• Food & Beverage
• Manufacturing
• Others

By Country

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

Europe Machine Condition Monitoring Market -Companies Mentioned

• Honeywell International Inc.
• Schaeffler Technologies AG & Co. KG
• General Electric Company
• Emerson Electric Co.
• Parker Hannifin Corporation
• Rockwell Automation Inc.
• SKF
• ALS Limited
• National Instrument Corporation

Europe Machine Condition Monitoring Report Scope