Selbyville, Delaware , March 05, 2024 (GLOBE NEWSWIRE) -- Machine condition monitoring market to be worth USD 5 billion by 2032, as per a recent study by Global Market Insights Inc.
The market is driven by the overarching goal of enhancing operational efficiency and minimizing unplanned downtime. Industries across the spectrum are increasingly recognizing the value of predictive maintenance, which enables proactive identification of potential faults before they escalate into critical issues. The integration of machine condition monitoring helps in optimizing maintenance schedules, reducing overall maintenance costs, and extending the lifespan of machinery.
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In April 2022, OMRON launched the new K7TM condition monitor which can be used across the automotive and FMCG industries. This monitor is specifically designed to cater to heater equipment while contributing to the realization of a carbon-free society.
The growing adoption of Industrial Internet of Things (IIoT) technologies and the rise of smart manufacturing further fuel the demand for advanced machine condition monitoring solutions. The market is primed for expansion as businesses seek to leverage these technologies to stay competitive in an evolving landscape.
Need for machine health assessment through vibration monitoring
The machine condition monitoring market value from vibration monitoring technique segment is anticipated to witness substantial growth through 2032 as it offers invaluable insights into the health of machinery. The analysis of vibrations in industrial equipment helps detect irregularities and potential failures. This non-intrusive technique provides real-time data on the condition of critical components, allowing for timely intervention and maintenance. The adoption of vibration monitoring is growing across diverse industries, including manufacturing, energy, and transportation, as it offers a reliable and cost-effective method for assessing the health of rotating machinery such as motors, pumps, and turbines.
Remote monitoring solutions to favor cloud-based deployment
The cloud segment in the machine condition monitoring market will rapidly gain traction through 2032, as it offers scalability, flexibility, and accessibility to users. Cloud-based machine condition monitoring solutions enable real-time monitoring of equipment health from anywhere, facilitating proactive decision-making and swift response to emerging issues. This deployment model also streamlines data storage, analysis, and collaboration across multiple locations, providing a centralized platform for comprehensive machine health management. The scalability of cloud solutions allows businesses to adapt to evolving needs and scale their monitoring capabilities efficiently.
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Industrial safety regulations to influence Europe market development
Europe machine condition monitoring market size will expand significantly through 2032, propelled by a strong emphasis on Industry 4.0 initiatives and the region's commitment to technological advancements. The industries in the region are adopting these solutions to bolster their manufacturing processes, enhance reliability, and reduce operational risks. The stringent regulations and standards governing industrial safety and environmental sustainability further drive the adoption of advanced monitoring technologies. With a mature industrial ecosystem and a proactive approach towards embracing cutting-edge technologies, the Europe region will lead the global machine condition monitoring industry.
Some of the leading players in the global machine condition monitoring market are General Electrics, Analog Devices Inc., Honeywell International, Emerson Electric, National Instruments, Baker Huges, and Amphenol Inc.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
