The Europe machine condition monitoring market was valued at US$ 686.7 million in 2019 and is projected to reach US$ 1,030.2 million by 2027; it is expected to grow at a CAGR of 5.2% during the forecast period. The machine condition monitoring market players have witnessed substantial demand for their respective products among end users in the developed countries over the years.In recent years, several manufacturers across industries in the developing countries are demanding for machine condition monitoring solutions.
This factor is significantly catalyzing the growth of the machine condition monitoring market. The rising demand for condition monitoring solution is majorly attributed to the increasing awareness related to the benefits of condition monitoring. The automotive manufacturing industry in Europe is one of the prominent industries in the region.As per the European Commission, the automotive sector contributes over 7% of the EU GDP.
The region comprises a few of the major vehicle manufacturing countries, such as Germany, Spain, France, and the UK.According to ACEA, 21% of the cars globally are manufactured by the companies such as BMW, Volkswagen, Audi, and Aston Martin in the EU.
Germany is the largest contributor to the automotive market in Europe, accounting for over 29% share.Germany comprises major passenger car manufacturers such as VW, BMW, Opel, Daimler AG, and Audi, as well as major commercial truck manufacturers such as MAN.
A robust automotive manufacturing sector in the region is expected to fuel the growth of the Europe machine condition monitoring market. Italy is the most affected country in Europe due to COVID-19 outbreak and is expected to suffer an economic hit due to the lack of revenue from various industries.Other member states have implemented drastic measures and travel restrictions, including partially closing their borders.
Spain and France are extending respective lockdown periods to fight COVID-19 spread. The automotive industry, which is one of the top GDP contributors to the European economy, is also facing a strong production impact. The region-wide production losses owing to factory shutdowns amount to over 1.5 million vehicles so far. Moreover, A&D manufacturing also experienced a negative impact. However, several manufacturers are still maintaining a certain level of production. The wind turbine manufacturing industry in the region has also been impacted due to disruptions in supply chains for raw materials as well as components. The overall Europe machine condition monitoring market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the machine condition monitoring market.
The process also serves the purpose of obtaining overview and forecast for the machine condition monitoring market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe machine condition monitoring market. Rockwell Automation, SKF, General Electric Co., Emerson Electric, and National Instruments are among the key players in the Europe machine condition monitoring market.
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