Chicago, June 26, 2023 (GLOBE NEWSWIRE) -- According to a research report India Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission), Monitoring Process (Online, Portable), Deployment, Offering - Global Forecast to 2027", published by MarketsandMarkets, India Machine Condition Monitoring Industry to Grow at a CAGR 10.0% from 2022 to 2027.
India to witness the highest growth rate of machine condition monitoring market
Machine condition monitoring evaluates the machine health of pumps, motors, generators, engines, boilers, and other machines. Machine health status by systematically analyzing several parameters, including temperature, vibration, corrosion, torque, alignment, and oil and wear debris, is identified with the help of machine conditioning monitoring systems. Thus, these factors help pre-determine the machine’s faults, defects, and sudden failures. The rising adoption of smart factories, implementation of IIoT, and increasing demand for predictive maintenance are some of the key factors propelling the growth of the machine condition monitoring industry.
As per a report by MarketsandMarkets, the machine condition monitoring market size is projected to value USD 4.0 billion by 2027 at a CAGR of 7.8% during 2022−2027. The key players offering machine condition monitoring solutions include Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden).
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Asia Pacific is expected to have lucrative growth prospects in the coming years. The growth of the machine condition monitoring market is attributed to the substantially growing manufacturing sector in major countries such as China, India, Japan, and South Korea and the growing adoption of predictive maintenance techniques in manufacturing plants. Furthermore, India is anticipated to grow at the highest growth rate for the machine condition monitoring market during the forecast period.
India has emerged as one of the leading hubs for the manufacturing sector, so several global automotive players are investing in the country. For instance, in 2021, German automotive player Webasto invested USD 34 million to build a sunroofs manufacturing facility in Pune, India. German auto component manufacturer ZF Friedrichshafen AG invested USD 220 million in India. One-fifth of this investment volume will be allotted for a tech center in Hyderabad, India, for the R&D work of the company.
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Moreover, the ‘Make in India’ initiative has attracted several global automotive companies, including General Motors Company (US), Hyundai Motor Company (South Korea), and others, to manufacture their vehicles in India. Moreover, the sector is attracting considerable investments to expand its production due to the rising demand in the country. For instance, a global alliance of Nissan Motor Corporation (Japan) and Groupe Renault (France) has planned to invest USD 600 million over the next 3 to 5 years to expand their production and market share in the country. Thus, the drive towards the growth of India’s automotive manufacturing industry generates a corresponding need for machine condition monitoring solutions at different stages of the manufacturing process to improve productivity and minimize unexpected shutdowns.
Furthermore, the growing industrial sector has escalated the demand for power in the country. India is the third largest power producer and plans to increase its power capacity in the coming years. New renewable energy plants are being set up around the country. The need to ensure continuous power supply, enhance equipment performance, comply with regulatory standards, and minimize maintenance expenses are the factors behind adopting machine condition monitoring systems in the country’s power generation sector.
Top Key Market Players in India Machine Condition Monitoring Market
- Emerson Electric (US),
- General Electric (US),
- Honeywell International (US),
- National Instruments (US),
- SKF (Sweden) among others
See Also :
France Machine Condition Monitoring Market
