Machine Condition Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Machine Condition Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • March 2021 •
  • 202 pages •
  • Report ID: 6036734 •
  • Format: PDF
The Global Machine Condition Monitoring Market was valued at USD 3092.24 million in 2020 and expected to reach USD 5154.9 million by 2026 and grow at a CAGR of 9.02% over the forecast period (2021 - 2026). One of the primary goals for any business is the prolonging of an asset’s lifecycle and ensuring that the asset functions efficiently for a long period. This can be accomplished through the use of condition monitoring. Maintenance is crucial to machines. Machine condition monitoring is an important part of maintenance, and thus, many companies have been focusing more on asset utilization and increasing productivity.

- As operational equipment is responsive to many types of errors and faults, and it is, therefore, important to monitor minor or major changes in equipment by measuring parameters,like vibration, temperature, voltage, current, pressure, flow, and several others.
- This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using condition monitoring include; allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus,increasing human safety.
- Vendors in the market studied have been continuously putting efforts in product innovation to widen their product functionality. For instance, in June 2019, SPM Instrument expanded its high-end online condition monitoring system, IntellinovaParallel EN, and launched an eight-channel version of this flagship system. The system is a good choice for test and proof-of-concept installations and monitoring mission-critical equipment with a smaller number of measuring points.
- Moreover, the condition monitoring techniques are also standardized through ISO, and the American Society for Testing and Materials (ASTM). The ASTM has outlined multiple standards, mostly dealing with condition monitoring for in-service lubricants, while the ISO standards 13372, 17359, 18436, and 13381, among others, specify the guidelines for condition monitoring and diagnostics of machines.

Key Market Trends
Automotive Transportation to Witness Significant Growth

- The automotive industry has undergone rapid changes over the last few decades. Previously, cars were mechanical, mostly equipped with basic electrical systems that offered power for headlights and spark plugs. With technological advancements, cars got equipped with the latest gadgets, such as radios, alarms, wipers, etc.
- Globally, the automotive sector is one of the major segments of the manufacturing sector. With rapid advances in technologies, automobiles today are becoming more complex. This increased complexity is leading to possible production errors.
- However, automobile manufacturers cannot afford these errors in the current, highly competitive environment. Hence, manufacturers are highly dependent on an effective approach to provide the quality that the customers demand. This has led to an increase in the adoption rate of machine condition monitoring systems.
- The main applications of condition monitoring in this industry are air-handling units, pumps, and many other such applications. Other vital areas where condition monitoring is being used in various test machinery, such as endurance testing of motors and transmission components, wind tunnels, electrical breaks for reliability testing, car test bench (artificial roads), and others.

Europe (Germany) to Occupy Significant Share

- The aerospace industry in Germany is one of the most innovative and best-performing industries of the country and has witnessed significant success over the past 20 years. Since the mid-1990s, the industry revenues have grown more than four times, crossing EUR 32 billion
- As a global aerospace hub, it is also home to the leading players from all the defense and civil aviation market segments. In the next 20 years, it is estimated that nearly 30 to 35 thousand new aircraft will be put into service in order to meet the global aviation demand.
- Increasing need to replace old and low-efficient aircraft and rapidly growing passenger volumes are driving this market,, which in turn drives the market for machine condition monitoring equipment.
- Germany is investing significantly in offshore wind power projects. More than 3,000 MW of offshore wind power was connected to the European grid in the recent past, with the vast majority coming from Germany.
- The country homes 43 automobile assemblies and production plants, with a capacity of more than 1/3rd of entire Europe’s automobile production. More than 3/4th of the cars produced in this country are destined for international markets, driving the market for machine condition monitoring

Competitive Landscape
Machine Condition Monitoring Market is moderately competitive with no firm having a very large market share. The companies enter into strategic partnerships to gain market power and market dominance.

- May 2020- Nippon Avionics Ltd. company shifted all the existing operations and moved to another location situated in Ikonobe-cho, Tsuzuki-ku, Yokohama.
- April 2020- SKF collaborates with wireless specialist LumenRadio to enhance automated machine monitoring. By collaborating with wireless specialist LumenRadio, SKF has developed a new wireless sensor as part of a condition monitoring system for improving rotating equipment performance programs on a scale previously considered uneconomic

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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