The global machine condition monitoring market size is projected to grow from USD 2.6 billion in 2021 to USD 3.6 billion by 2026; it is expected to grow at a CAGR of 7.1% from 2021 to 2026. The growth of the machine condition monitoring market is majorly driven by significance of remote operations owing to spread of COVID-19, advent of secure cloud computing platforms used for machine condition monitoring, adoption of wireless communication technology in machine condition monitoring, inclination toward predictive maintenance of industrial machinery, and deployment of automated condition monitoring technologies in smart factories. In the prevailing COVID-19 situation, the expected growth of the machine condition monitoring market is expected to decline as the pandemic is restricting the supply and adoption of hardware components, such as sensors, in a number of applications.This is due to the severe disruptions in businesses and the global economy.
However, not all semiconductor companies are witnessing a decline in growth as remote monitoring of production activities has allowed companies to continue working during lockdowns as well.It is expected that the demand for condition monitoring systems and solutions will increase in the coming years, and the market is expected to recover in 2021.
After the recovery phase, the machine condition monitoring market is projected to grow at a moderate rate until 2026.
Vibration monitoring expected to hold the largest market share during the forecast period. Vibration monitoring held the largest share of the machine condition monitoring market in 2020.Vibration monitoring is a widely used predictive maintenance technique as it can detect faults in machines at an early stage before repairs are required.
It can also identify the exact location of faults in machines.Decreasing prices of vibration sensors and wireless systems have made vibration monitoring the most preferred technique for machine condition monitoring.
Vibration monitoring in the oil and gas industry ensures that the production machinery is continuously operational and downtime is minimized, which helps reduce operating costs and increase productivity and monetary gains.Oil and gas, energy and power, automotive, pulp and paper, food and beverages, and chemicals are key industries impacted by the COVID-19.
Vibration monitoring systems are predominantly used in the aforementioned industries, with oil and gas, automotive, and power generation being the significant end users of these systems.
Automotive segment is expected to grow at the highest CAGR during the forecast period. The machine condition monitoring market for the automotive segment is expected to grow at the highest CAGR from 2021 to 2026.The global automotive industry depends on the performance of assets to effectively perform core business activities, as system downtime can affect revenues of automobile companies.
Machine condition monitoring systems and solutions help automobile organizations to manage component wear and failures in an improved manner using techniques such as vibration analysis, oil analysis, and infrared imaging.Automobile original equipment manufacturers (OEM) and players within the mobility industry are among the worst hit by the COVID-19pandemic.
Automobile OEMs increasingly rely on just-in-time manufacturing, which is presently affecting their production capabilities and overall exports owing to supply chain disruptions.Automobile manufacturing plants are producing and supplying a few automobiles owing to the global supply chain disruptions resulting from lockdowns.
This can impact the growth of the machine condition monitoring market until COVID-19 cases stabilize globally.
APAC is projected to grow at the highest CAGR during the forecast period. Machine condition monitoring market in APAC is expected to grow at the highest CAGR during 2021?2026.Ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency are fueling the growth of the machine condition monitoring market in this region.
The expansion of manufacturing activities as a result of the migration of production bases to Asian countries, such as China, India, and South Korea, with low labor costs, is driving the demand for machine condition monitoring systems and solutions in the region.
Break-up of the profiles of primary participants: • By Company Type – Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25% • By Designation – C-level Executives – 45%, Managers – 35%, and Others – 20% • By Region – North America - 30%, Europe – 20%, APAC – 40%, and RoW – 10%
Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), National Instruments Corp. (US), SKF AB (Sweden), ALS Ltd. (Australia), Wilcoxon Sensing Technologies Inc. (US), Parker Hannifin Corp. (US), Rockwell Automation Inc. (US), Schaeffler AG (Germany), Bruel & Kjaer (Denmark), Symphony Industrial AI Inc. (US), are some of the major players in machine condition monitoring market.
The Machine condition monitoring market has been segmented into monitoring technique, offering, deployment type, monitoring process, industry and region. The Machine condition monitoring market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report: • Illustrative segmentation, analysis, and forecast of the market based on device type, technology, sales channel, and application, and region have been conducted to give an overall view of the machine condition monitoring market. • A value chain analysis has been performed to provide in-depth insights into the machine condition monitoring market ecosystem. • The report includes pricing analysis, patent analysis, ecosystem analysis as well as technology and case study analysis pertaining to machine condition monitoring. • The key drivers, restraints, opportunities, and challenges pertaining to the machine condition monitoring market have been detailed in this report. • Detailed information regarding the COVID-19 impact and related updates on the machine condition monitoring market has been provided in the report. • The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues and market share.
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