Europe Machine Condition Monitoring Market Growth and Forecast by 2027

Historic Data: 2017-2018   |   Base Year: 2019   |   Forecast Period: 2020-2027

Europe Machine Condition Monitoring Market Forecast to 2027 - COVID-19 Impact and Regional Analysis 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 End User (Oil & Gas, Power Generation, Automotive, Aerospace & Defense, Food & Beverage, Manufacturing and Others), and Country

  • Report Date : Aug 2020
  • Report Code : TIPRE00013334
  • Category : Electronics and Semiconductor
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 230
Page Updated: Dec 2020

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

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  • This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

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

Report Attribute Details
Market size in 2019 US$ 686.7 Million
Market Size by 2027 US$ 1,030.2 Million
Global CAGR (2020 - 2027) 5.2%
Historical Data 2017-2018
Forecast period 2020-2027
Segments Covered By Monitoring Technique
  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis
By Offering
  • Hardware and Software
By Deployment
  • On Premise and Cloud
By Monitoring Process
  • Online Condition Monitoring and Portable Condition Monitoring
Regions and Countries Covered Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Market leaders and key company profiles
  • 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
  • Naveen Chittaragi
    Associate Vice President,
    Market Research & Consulting

    Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

    Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
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    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
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    1. Honeywell International Inc.
    2. Schaeffler Technologies AG & Co. KG
    3. General Electric Company
    4. Emerson Electric Co.
    5. Parker Hannifin Corporation
    6. Rockwell Automation Inc.
    7. SKF
    8. ALS Limited
    9. National Instrument Corporation
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