Vancouver, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The global machine condition monitoring market size was USD 2.82 Billion in 2022 and is expected to register a revenue CAGR of 7.9% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for machine monitoring sensors by various end-use industries is a major factor expected to support revenue growth of the market. The equipment or assets in manufacturing facilities can be tracked with the aid of machine monitoring sensors. These sensors also assist in foreseeing mechanical damage and operation failure brought on by machine breakdown, both of which have a direct impact on productivity and reduce cost savings. Vibration, noise, temperature, pollution, and other factors can be detected using these sensors that are used in machine condition monitoring. These sensors assist in providing real-time machine monitoring, thereby averting unanticipated breakdowns that could necessitate expensive machine repairs.
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Machines with significant surface areas can be quickly scanned using infrared condition monitoring. Thermal testing and benchmarking make it possible to observe hidden device temperature dynamics and trends, spot energy waste, and guarantee the security of both persons and property. For instance, thermal status tracking and alerting system is offered by a Canadian firm, Osprey Informatics for use in industrial environments. Their cloud-based technology helps with tracking machinery and leak situations regardless of the weather, setting up exception alarms, and delivering timely data to management and field workers.
However, high initial investment and integration challenges and lack of technical expertise are major factors, which could restrain revenue growth of the market.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 2.82 Billion |
| CAGR (2023–2032) | 7.9% |
| Revenue forecast to 2032 | USD 5.97 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, deployment, organization size, application, vertical, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA |
| Key companies profiled | Emerson Electric Co., General Electric, Honeywell International Inc., Meggitt PLC, Amphenol Corporation, Parker Hannifin Corp., Analog Devices, Inc., SKF, National Instruments Corp., and Rockwell Automation |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global machine condition monitoring market is fragmented, with many companies accounting for majority market revenue. Major companies are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Machine condition monitoring. Some major companies included in the global machine condition monitoring market report are:
- Emerson Electric Co.
- General Electric
- Honeywell International Inc.
- Meggitt PLC
- Amphenol Corporation
- Parker Hannifin Corp.
- Analog Devices, Inc.
- SKF
- National Instruments Corp.
- Rockwell Automation
Strategic Development
- On 28 April 2022, the new K7TM condition monitoring for heater equipment, utilized particularly in the automotive and FMCG industries introduced by OMRON. The K7TM aids in the realization of a society free of carbon by visualizing degradation trends to enable predictive maintenance. The brand-new K7TM from OMRON allows for automatic assessment of the heater's proper resistance value. Maintenance tasks can be planned based on the status of each heater by collecting rate-of-change data of resistivity values.
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Some Key Highlights From the Report
- The manual condition monitoring segment accounted for significantly large revenue share during the forecast period. Manual condition monitoring entails visually examining equipment for damage and recording equipment failures, temperature readings, and other pertinent information. This analog method requires a person to be present to gather the data, and it expects a level of accuracy that is generally beyond the capacity of human beings.
- The cloud segment is expected to account for largest revenue share during the forecast period. The process of choosing and allocating the right number of resources to a program or task is known as cloud optimization. Cloud optimization is a continual process that balances costs, compliance, security, and workload performance while enabling peak performance with the most appropriate infrastructure in real time. Companies can continuously balance workload performance, maintain compliance, boost cost-effectiveness, and make sure their operations are as efficient as possible with machine condition cloud optimization.
- The North America market accounted for largest share in terms of revenue in 2022 owing to increasing investments by various companies and rising demand for scheduled maintenance in smart industries in various end-use industries. A condition-based maintenance schedule is driven by condition monitoring, and maintenance is carried out when machines are signaling likelihood of a failure. Condition monitoring allows manufacturers to assist with equipment maintenance chores at the appropriate moment.
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Emergen Research has segmented the global machine condition monitoring market on the basis of component, deployment, monitoring process, monitoring technique, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Hardware
- Software
- Deployment Outlook (Revenue, USD Billion; 2019–2032)
- Cloud
- On-premises
- Monitoring Process Outlook (Revenue, USD Billion; 2019–2032)
- Online
- Portable
- Monitoring Technique Outlook (Revenue, USD Billion; 2019–2032)
- Manual Condition Monitoring
- Machine Control and Sensor-Based Monitoring
- Vibration Monitoring
- Corrosion Monitoring
- Motor Current Analysis
- Ultrasound Emission Monitoring
- Others
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Power Generation
- Oil & Gas
- Automotive
- Chemicals
- Aerospace
- Food & Beverages
- Metal & Mining
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
- North America
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