Pune, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Market Size and Growth Outlook:
“The Machine Condition Monitoring Market size is expected to be valued at USD 2.61 Billion in 2023. It is estimated to reach USD 5.27 Billion by 2032, growing at a CAGR of 8.14% during 2024-2032, As Per SNS Insider Report.”
The machine condition monitoring market has become essential in the industrial sector due to the increasing need for efficient, reliable, and cost-effective equipment. The increase in the machine condition monitoring market is significantly influenced by the increased adoption of Industry 4.0 and the Industrial Internet of Things (IIoT). The growth of Industry 4.0 is driven by significant financial investments, with a projected worldwide expenditure of around USD 60 billion by 2023. The production process in the manufacturing industry relies heavily on advanced machinery such as CNC machines, conveyors, and industrial robots to maintain efficient operations. Approximately 70% of manufacturing companies are dedicating resources to Industry 4.0 technologies to enhance operational efficiency and product quality. By utilizing condition monitoring systems, manufacturers can identify problems early, schedule maintenance, and avoid interruptions.
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Key Market Players Covered in this Research Report are:
- Emerson Electric Co
- Rockwell Automation Inc
- Analog Devices Inc
- Amphenol Inc.
- National Instruments Corp
- Fluke Corporation
- General Electric
- Parker Hannifin Corp
- SKF
- Allied Reliability
- Meggitt PLC
Machine Condition Monitoring Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.61 Billion |
| Market Size by 2032 | USD 5.27 Billion |
| CAGR | CAGR of 8.14% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage |
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| Key Growth Drivers |
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"Segment Analysis: Uncovering Critical Growth Areas in the Competitive Market Landscape"
By Technique: Vibration monitoring captured 35% of revenue share and dominated the market in 2023. The method is used to detect varied, misalignments, and other mechanical issues in rotating equipment like motors, pumps, and turbines. Vibration data enable companies to predict the future breakage of an equipment range and allow adjustments to be made to maintain equipment before costly breakages. Vibration monitoring is widely used in industries such as oil and gas, manufacturing, and power generation to improve efficiency and minimize downtimes. For example, General Electric uses vibration monitoring widely in its power plants to make sure turbines and generators are reliable.
By Deployment: In 2023, the On-Cloud segment had the biggest market share of 55% due to its scalability, flexibility, and cost-effectiveness. Furthermore, developing cloud computing and IoT solutions significantly contributes to the portion, providing the ability to access real-time data at any location. Furthermore, the increased accuracy and timeliness of condition monitoring have made a significant difference. For example, for General Electric’s Predix platform, cloud-based technologies are employed to give real-time monitoring of machines and predictive analytics. Additionally, it can be potential to evaluate data obtained by multiple detectors in an industry, assisting in analyzing machine efficiency and avoiding failure.
By Process: Online Condition Monitoring led with a market share of more than 54% in 2023. This type of monitoring is about placing sensors and monitoring systems on equipment to analyze variables like vibration, temperature, and acoustic emissions on an ongoing basis. This ensures that any potential problems are better detected at an early stage, resulting in less downtime and better maintenance scheduling. Such a section of the market is leading as it provides ongoing insights into the situation, which in turn probably suggests better predictive maintenance techniques and consequently fewer unexpected breakdowns.
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Key Market Segmentation
By Technique
- Vibration Monitoring
- Thermography
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission Monitoring
- Motor Current Analysis
By Deployment
- On-Cloud
- On-Premises
By Process
- Online Condition Monitoring
- Portable Condition Monitoring
By Industry
- Oil & Gas
- Metal & Mining
- Oil & Gas
- Food & Beverages
- Power Generation
- Chemicals
- Aerospace
- Marine
- Others
Regional Analysis
North America led in 2023 with a 38% market share, owing to its advanced industrial base and rapid adoption of advanced technologies. The region is increasingly concentrating on using predictive maintenance to reduce downtime and improve operational efficacy in such industries as oil, gas, aerospace, and manufacturing, leading to the need for machine condition monitoring systems. Moreover, the presence of such major companies as General Electric, Emerson Electric, and Honeywell further boosts the market.
Asia-Pacific is going to be the fastest-growing region during 2024-2032. This is because the region has been witnessing increased industrialization and infrastructure development in countries including China, India, and Japan. For example, SKF and Siemens have been implementing their condition-monitoring solutions in the region to meet the demands for real-time data analysis and remote monitoring.
Recent Developments
- In August 2024, Siemens introduced the advanced machine condition monitoring system based on AI and IOT capabilities enabling improved predictive maintenance and real-time automated diagnostics of various industrial applications.
- In June 2024, SKF introduced the extended condition monitoring range, which includes the new wireless vibration sensors designed to simplify the mounting process and improve data accuracy thus supporting a much broader class of industrial machinery.
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Key Takeaways from the Report:
- The Machine Condition Monitoring Market is predicted to experience substantial growth due to technological advancements and rising industrial demands.
- Monitoring vibrations is the most effective method for identifying mechanical problems, with cloud-based options and online condition monitoring showing the most rapid growth.
- Asia Pacific has the biggest market share, with North America and Europe also experiencing significant growth.
- Recent advances in technology, like AI-powered monitoring systems and sophisticated sensors, are improving machine condition monitoring solutions and increasing their usage.
TABLE OF CONTENTS – Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Machine Condition Monitoring Key Vendors and Feature Analysis, 2023
5.2 Machine Condition Monitoring Performance Benchmarks, 2023
5.3 Machine Condition Monitoring Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
7. Machine Condition Monitoring Market Segmentation, by Technique
8. Machine Condition Monitoring Market Segmentation, by Deployment
9. Machine Condition Monitoring Market Segmentation, by Process
10. Machine Condition Monitoring Market Segmentation, by Industry
11. Regional Analysis
12. Company Profiles
12.1 Emerson Electric Co
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.2 Rockwell Automation Inc.
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.3 Analog Devices Inc.
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.4 Amphenol Inc.
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.5 National Instruments Corp
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.6 Fluke Corporation
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.7 General Electric
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
….
13. Use Cases and Best Practices
14. Conclusion
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