Westford, USA, July 17, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, businesses' rising adoption of predictive maintenance is a significant driver of the machine condition monitoring market. Predictive maintenance involves using advanced analytics and machine learning algorithms to detect potential faults or failures in machinery before they occur. This approach goes beyond traditional condition monitoring, primarily focusing on real-time machine condition monitoring.
Browse in-depth TOC on the "Machine Condition Monitoring Market"
- Pages - 242
- Tables - 121
- Figures – 74
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There is accelerating deployment of automated condition-monitoring technologies in smart factories. Manufacturers are increasingly adopting computerized systems to monitor the condition of their machines in real-time with the advancement of Industry 4.0 and the Industrial Internet of Things (IIoT) in the machine condition monitoring market.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 2.8 Billion |
| 2030 Value Projection | USD 5.51 Billion |
| CAGR | 7.8% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Machine Condition Monitoring Market
- Emerson Electric
- Honeywell International
- SKF AB
- General Electric Company
- Rockwell Automation, Inc.
- Parker Hannifin Corporation
- National Instruments Corporation
- Schaeffler Technologies AG & Co. KG
- Bruel & Kjaer Sound & Vibration Measurement A/S
- Fluke Corporation
- PCB Piezotronics, Inc.
- ALS Limited
- Azima DLI Corporation
- Commtest Instruments Ltd.
- Meggitt PLC
- PRÜFTECHNIK Dieter Busch AG
- SPM Instrument AB
- Parker Kittiwake
- Testo SE & Co. KGaA
- Yokogawa Electric Corporation
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Vibration Monitoring Segment is Expected to Grow in the Market Due to the Detection and Recording of Vibration Values
The vibration monitoring segment is anticipated to hold the largest market share in the machine condition monitoring market. This technique involves detecting and recording vibration values and operating parameters of machines. It becomes possible to gain real-time data that can be analyzed to diagnose machine conditions and detect faults in machine operations by continuously monitoring vibration patterns.
The markets in North America accounted for the largest market share in the machine condition monitoring market. The region's demand for machine condition monitoring systems and solutions can be attributed to several key factors. A strong emphasis is on achieving optimum asset utilization in industries across North America.
Cloud Deployment Segment is Expected to Dominate the Market Due to Increasing Adoption among Organizations
The cloud deployment segment of the machine condition monitoring market is projected to experience faster growth in terms of the CAGR. Cloud deployment offers numerous advantages, driving its increasing adoption among organizations. One key benefit is the superior accessibility provided by cloud-based solutions, enabling users to access machine condition monitoring services anytime and from anywhere.
Regional markets in the Asia Pacific machine condition monitoring market are projected to witness the highest CAGR compared to other regions. Several key factors drive this growth in the machine condition monitoring market across the Asia Pacific region.
A comprehensive analysis of the major players in the machine condition monitoring market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Machine Condition Monitoring Market
- In 2022, OMRON, a leading automation company, unveiled the K7TM condition monitor designed for heater equipment in the automotive and fast-moving consumer goods (FMCG) industries. The K7TM offers advanced capabilities in visualizing deterioration tendencies, enabling predictive maintenance practices.
- Schneider Electric, a global energy management and automation leader, recently introduced a cutting-edge rotating machine condition-monitoring technology. This innovative approach analyzes motor currents instead of relying solely on traditional vibration-monitoring techniques. The technology provides several advantages, including predicting imminent machine failures, operating effectively in harsh environments, and collecting data that can be leveraged to reduce energy consumption and optimize machinery performance.
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Key Questions Answered in Machine Condition Monitoring Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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