New York, US, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Machine Condition Monitoring Market information by End Use, by Monitoring Type, by Component and Region – forecast to 2027” market size to reach USD 2,887.1 Million, growing at a compound annual growth rate of 5.6% by 2025.
Market Scope:
The widespread adoption of vibration monitoring systems used to measure oscillations of components like drive motors, bearings, gears, belts, and other parts will offer robust opportunities for the market over the forecast period.
Besides, different technological advances like the use of wireless technologies and secure cloud computing platforms, growing awareness about preventive maintenance among the masses, increasing need for HVAC systems, and extensive infrastructural developments are also adding market growth.
Dominant Key Players on Machine Condition Monitoring Market Covered are:
- Emerson Electric Co. (US)
- General Electric (US)
- Rockwell Automation Inc. (US)
- Parker Hannifin Corp (US)
- Analog Devices Inc. (US)
- SKF (Sweden)
- Amphenol Inc. (Maryland)
- Allied Reliability (US)
- National Instruments Corp (US)
- Meggitt PLC (UK)
- Fluke Corporation (US)
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Market USP Exclusively Encompassed:
Market Drivers
The significant penetration of IoT & web based monitoring tools will boost market growth over the forecast period as these boost the production equipment efficiency of machines all through the lifecycle.
Lack of Trained Technical Resources to act as Market Restraint
The lack of trained technical resources for data analysis may act as market restraint over the forecast period.
Reliability Issues to act as Market Challenge
The reliability issues in prediction capabilities of machine condition monitoring systems may act as a market challenge over the forecast period.
Browse In-depth Market Research Report (108 Pages) on Machine Condition Monitoring Market:
https://www.marketresearchfuture.com/reports/machine-condition-monitoring-market-2776
Segmentation of Market Covered in the Research:
The machine condition monitoring market has been bifurcated based on end use, monitoring process type, component, and monitoring type.
By component, the hardware segment will lead the market over the forecast period.
By monitoring type, the vibration monitoring segment will dominate the market over the forecast period.
By monitoring process type, the online condition monitoring segment will spearhead the market over the forecast period.
By end user, the oil & gas segment will have the lions share in the market over the forecast period.
Regional Analysis
North America to Head Machine Condition Monitoring Market
North America will head the machine condition monitoring market over the forecast period. The growing development of the manufacturing units across the region that boosted its demand, increased focus on optimum asset use, strict government regulations for personnel safety and workplace, strict quality control in the food & beverage, chemicals, and oil and gas industries, growing emphasis on plant asset management, and the presence of several key players like Parker Hannifin, National Instruments, Honeywell International, General Electric, and Emerson Electric are adding to the global machine condition monitoring market growth in the region. Besides, the implementation of automation technologies in factories, penetration of smart factories, rise in manufacturing industries and transportation sectors, adoption of automation, the growing expansions of manufacturing industries in Canada, increase in production plants with automation, tight government regulations for staff safety and workplace, enhanced focus on optimum asset utilization, & rigorous quality control in food & beverage, chemicals, and oil & gas industries are also adding market growth.
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APAC to Have Admirable Growth in Machine Condition Monitoring Market
The APAC region will have admirable growth in machine condition monitoring market over the forecast period. Growing industrialization, growing need for heavy machinery in modern manufacturing facilities, growing adoption of predictive maintenance tools, growing competitive pressure for delivering operational efficiency across various Asian countries, easy accessibility of low-cost labor, rapid rise in manufacturing plants, the presence of emerging economies like India and China, an upsurge in the penetration of IoT, reduction in operational costs, and the growing adoption of technologies for smart manufacturing are adding to the global machine condition monitoring market growth in the region.
COVID-19 Impact on the Global Machine Condition Monitoring Market
The global machine condition monitoring market had been moderately affected via the pandemic. During the prevailing COVID-19 situation, the market growth is expected to decline as the outbreak has restricted the supply as well as adoption of hardware components like detectors and sensors in various applications for the severe disruptions in businesses and the worldwide economy. The severe decline in the export includes automobiles, electrical equipment, central processing units, automatic data processing systems, mechanical and electrical products, garments and clothing accessories, and textile raw material. All this affected the market growth. But with the lifting of lockdowns and relaxations the market is likely to go back to normalcy soon.
Competitive Analysis:
The global machine condition monitoring market is both fragmented & also competitive for the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
