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The Worldwide Machine Condition Monitoring Industry is Expected to Reach $4 Billion by 2027

·9-min read
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Global Machine Condition Monitoring Market

Global Machine Condition Monitoring Market
Global Machine Condition Monitoring Market

Dublin, July 18, 2022 (GLOBE NEWSWIRE) -- The "Global Machine Condition Monitoring (MCM) Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission), Monitoring Process (Online, Portable), Deployment, Offering, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global machine condition monitoring market is expected to grow from USD 2.8 Billion in 2022 to USD 4 Billion by 2027, at a CAGR of 7.8% during 2022-2027.

Online condition monitoring segment accounted for the larger share of market in 2021

Online condition monitoring provides real-time plant data to operators, which make online condition monitoring more favorable then portable condition monitoring process. Online condition monitoring systems are used in those industries where 24-hours production is required. Industries such as oil & gas, power generation, and metals & mining are using online condition monitoring system as these industries are production-intensive industries, as there is high rate of failure for some devices like complete system overhauls, high repair costs and an unsafe work environment.

Thus, such industries require continuous monitoring of assets and machinery. In industries with production plants at remote locations, condition monitoring through portable monitoring processes is challenging; therefore, industries such as oil & gas, power generation, and metals & mining primarily rely on online condition monitoring systems.

Automotive Industry is expected to grow at the highest CAGR of the machine condition monitoring market during the forecast period

The players across the automotive industry are keen on automating and upgrading their assembly lines. Several motors are installed at these assembly lines, and hence, they need to be monitored regularly. The motor current signature analysis technique helps reduce machine failures and extends their lifespan. The automotive industry is witnessing significant growth in the number of units produced per day.

The machinery on the production floor of the automobile manufacturing plant needs proper maintenance to ensure an enhanced production cycle and production output/efficiency. Machine condition monitoring enables predictive maintenance and helps increase the operational efficiency of the assembly lines in the automotive industry. Hence, the automotive industry is expected to exhibit significant growth from 2022 to 2027.

North America is expected to account for the largest share of market during the forecast period

Factors such as the increased focus of manufacturing firms on optimum asset and resource utilization; tight government regulations related to workplace and personnel safety; and stringent quality control standards required to be followed by companies from the oil & gas, chemicals, and food & beverages industries accelerate the demand for machine condition monitoring systems in North America.

High emphasis on effective plant asset management and the prominent presence of market players such as Emerson Electric, General Electric, Honeywell International, National Instruments, and Parker Hannifin in the US contribute to the largest share of the country in the machine condition monitoring market. The aerospace and oil & gas industries are developing at a rapid pace in Canada and Mexico, which, in turn, will support the market growth in North America.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Machine Condition Monitoring Market
4.2 Machine Condition Monitoring Market, by Monitoring Technique
4.3 Machine Condition Monitoring Market, by Deployment Type
4.4 Machine Condition Monitoring Market, by Industry
4.5 Machine Condition Monitoring Market, by Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Requirement for Remote Industrial Operations due to Spread of COVID-19
5.2.1.2 Rising Inclination Toward Real-Time Condition Monitoring Through Highly Secure Cloud Computing Platforms
5.2.1.3 Surging Adoption of Wireless Communication Technology in Machine Condition Monitoring
5.2.1.4 Increasing Use of Predictive Maintenance Techniques by Industry Players
5.2.1.5 Accelerating Deployment of Automated Condition Monitoring Technologies in Smart Factories
5.2.1.6 Increasing Awareness in Manufacturers Worldwide Regarding Benefits of Installing Condition Monitoring Systems
5.2.2 Restraints
5.2.2.1 Lack of Trust in Prediction Capabilities of Machine Condition Monitoring Systems
5.2.2.2 Shortage of Technical Expertise Necessary to Carry Out Data Analysis
5.2.3 Opportunities
5.2.3.1 Advent and Integration of Machine Learning and Big Data Analytics in Asset Monitoring
5.2.3.2 Focus of Market Players on Strategic Partnerships and Collaborations to Develop World-Class Machine Monitoring Products
5.2.3.3 Emergence of IIoT to Unfold New Growth Avenues
5.2.4 Challenges
5.2.4.1 Availability of Experts at Remote Locations
5.2.4.2 Requirement for Additional Expenses to Retrofit Existing Systems
5.2.4.3 Integration of Machine Condition Monitoring Systems with Other Maintenance Systems
5.2.4.4 Impact of COVID-19 on Growth of Oil & Gas Industry
5.3 Value Chain Analysis
5.4 Ecosystem Analysis
5.5 Trends/Disruptions Impacting Customers
5.6 Porter's Five Forces Analysis
5.7 Case Study Analysis
5.8 Technology Analysis
5.9 Pricing Analysis
5.10 Trade Analysis
5.11 Key Conferences and Events in 2022 and 2023
5.12 Patent Analysis
5.13 Regulatory Landscape
5.14 Key Stakeholders and Buying Criteria

6 Applications of Machine Condition Monitoring Systems
6.1 Introduction
6.2 Pumps
6.3 Chillers
6.4 Motors
6.5 Bearings
6.6 Others

7 Procurement of Machine Condition Monitoring Equipment
7.1 Introduction
7.2 Original Equipment Manufacturers
7.3 End-users

8 Machine Condition Monitoring Market, by Monitoring Technique
8.1 Introduction
8.2 Vibration Monitoring
8.2.1 Embedded Systems
8.2.1.1 Embedded Systems are Increasingly Deployed in Power Generation and Oil & Gas Industries
8.2.2 Vibration Analyzers and Meters
8.2.2.1 Vibration Analyzers Record Data with Greater Precision by Identifying Vibration Acceleration, Vibration Velocity, and Vibration Displacement Parameters
8.3 Thermography
8.3.1 Thermography Technique is Useful in Detecting Several Issues Such as Faulty Fuse and Insulation Failures
8.4 Oil Analysis
8.4.1 Oil Analysis Technique is Used to Analyze Machine Wear and Quality of Machinery Lubricants
8.5 Corrosion Monitoring
8.5.1 Corrosion Monitoring is Primarily Applicable to Boilers, Vacuum Towers, Crude Oil Systems, and Transportation Pipelines
8.6 Ultrasound Emission
8.6.1 Ultrasound Emission Monitoring Helps Detect Defects in Electric Equipment
8.7 Motor Current Analysis
8.7.1 Motor Current Analysis Monitoring Technique is Useful for Early Detection of Faults

9 Machine Condition Monitoring Market, by Offering
9.1 Introduction
9.2 Hardware
9.3 Software
9.3.1 Data Integration
9.3.1.1 Data Integration is Vital for Careful Analysis of Machine Health
9.3.2 Diagnostic Reporting
9.3.2.1 Diagnostic Reporting Enables Generation of Extensive Data Necessary to Monitor Machine Condition
9.3.3 Order Tracking Analysis
9.3.3.1 Order Tracking Analysis is Important to Record Changes in Signal Amplitude Measurements
9.3.4 Parameter Calculation
9.3.4.1 Parameter Calculation Supports Scheduling Maintenance Activities in Advance
9.4 Services
9.4.1 Route-Based Monitoring
9.4.1.1 Route Monitoring Supports Predictive Maintenance of Machines in Plants
9.4.2 Integrated Monitoring
9.4.2.1 Integrated Monitoring Services Include Providing Data Necessary to Carry Out Preventive Maintenance Activities in Advance
9.4.3 Continuous Remote Monitoring
9.4.3.1 Continuous Remote Monitoring Helps in Efficient and Real-Time Monitoring of Machine Condition

10 Machine Condition Monitoring Market, by Deployment Type
10.1 Introduction
10.2 On-Premises
10.2.1 Rising Preference for Highly Secure On-Premises Deployment to Accelerate Market Growth
10.3 Cloud
10.3.1 Growing Requirement for Remote Monitoring to Support Demand for Cloud Deployment

11 Machine Condition Monitoring Market, by Monitoring Process
11.1 Introduction
11.2 Online Condition Monitoring
11.2.1 Plant Operators Obtain Real-Time Equipment Health Insights Using Online Condition Monitoring Systems
11.3 Portable Condition Monitoring
11.3.1 Portable Condition Monitoring is Cost-Effective and Maximizes Production Output

12 Machine Condition Monitoring Market, by Industry
12.1 Introduction
12.2 Oil & Gas
12.2.1 Surging Adoption of Smart Factory Technologies by Oil & Gas Companies to Create Requirement for Machine Condition Monitoring Systems
12.3 Power Generation
12.3.1 Increasing Investments in Sustainable Energy to Accelerate Demand for Machine Condition Monitoring Systems by Power Generation Industry
12.4 Metals & Mining
12.4.1 Rising Consumption of Vibration Sensors in Mining Industry Supports Market Growth
12.5 Chemicals
12.5.1 Growing Implementation of Condition Monitoring Solutions in Chemicals Industry to Fuel Market Growth
12.6 Automotive
12.6.1 Increasing Focus of Plant Managers to Adopt IIoT for Effective Inspection of Critical Machinery and Planning of Maintenance in Advance
12.7 Aerospace
12.7.1 Emerging Use Cases of Industry 4.0 in Aerospace to Stimulate Demand for Machine Monitoring Solutions
12.8 Food & Beverages
12.8.1 Amplifying Automation Success in Food & Beverages Industry to Propel Machine Condition Monitoring Market Growth
12.9 Marine
12.9.1 Increasing Importance of Predictive Maintenance in Marine Industry to Propel Growth of Machine Condition Monitoring Market
12.10 Others

13 Geographic Analysis

14 Competitive Landscape
14.1 Introduction
14.2 Key Player Strategies/Right to Win
14.3 Revenue Analysis of Top Companies
14.4 Market Share Analysis, 2021
14.5 Competitive Evaluation Quadrant
14.5.1 Star
14.5.2 Emerging Leader
14.5.3 Pervasive
14.5.4 Participant
14.6 Small- and Medium-Sized Enterprises (SMEs) Evaluation Quadrant, 2021
14.6.1 Progressive
14.6.2 Responsive
14.6.3 Dynamic
14.6.4 Starting Block
14.7 Company Footprint
14.8 Competitive Benchmarking
14.9 Competitive Scenario

15 Company Profiles
15.1 Key Players
15.1.1 Emerson Electric
15.1.2 General Electric
15.1.3 Honeywell International
15.1.4 National Instruments
15.1.5 SKF
15.1.6 ALS
15.1.7 Wilcoxon Sensing Technologies
15.1.8 Parker Hannifin
15.1.9 Rockwell Automation
15.1.10 Schaeffler Group
15.1.11 IFM
15.1.12 Banner Engineering
15.2 Other Players
15.2.1 3D Signals
15.2.2 Analog Devices
15.2.3 Bruel & Kjaer
15.2.4 Fluke
15.2.5 Logilube
15.2.6 Machine Saver
15.2.7 PCMS Engineering
15.2.8 PCB Piezotronics
15.2.9 Petasense
15.2.10 Symphony Industrial AI
15.2.11 SPM Instrument
15.2.12 Senseye
15.2.13 Uptake Canada

16 Adjacent and Relevant Market

17 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/8nobs

Attachment

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