Machine Condition Monitoring Global Market Report 2022

Machine Condition Monitoring Global Market Report 2022

  • July 2022 •
  • 175 pages •
  • Report ID: 6310139 •
  • Format: PDF
Major players in the machine condition monitoring market are ALS Limited, Emerson Electric Co., Teledyne FLIR LLC, Baker Hughes Company, General Electric, Honeywell International Inc, Meggitt PLC, National Instruments Corp, PARKER HANNIFIN CORP, Rockwell Automation Inc., Schaeffler India Limited, SKF Condition Monitoring Inc., Symphony Industrial AI, Wilcoxon Sensing Technologies Inc., and Azima DLI Corporation.

The global machine condition monitoring market market is expected to grow from $2.53 billion in 2021 to $2.71 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The machine condition monitoring market market is expected to grow to $3.53 billion in 2026 at a CAGR of 6.9%.

The machine condition monitoring market consists of sales of machine condition monitoring products and services by entities (organizations, sole traders, and partnerships) that are used to assess the health of a machine over some time.The machine condition monitoring is based on various measured conditions such as pressure, vibration, and temperature to monitor machinery parts during an operation.

Machine condition monitoring includes accessing the machine’s efficiency, wear and tear output of defective parts, usage statistics, and maintenance statistics.

The main types of machine condition monitoring are hardware, software, services.The actual components of a computer and related devices are referred to as computer hardware.

Motherboards, hard drives, and RAM are examples of internal hardware devices.Monitors, keyboards, mouse, printers, and scanners are examples of external hardware devices.

Machine condition monitoring are deployed on premise and cloud that can be monitored using techniques such as vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, motor current analysis used across industries such as oil and gas, power generation, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine.

North America was the largest region in the machine condition monitoring market in 2021.Asia Pacific is expected to be the fastest-growing market in the machine condition monitoring market.

The regions covered in the machine condition monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The machine condition monitoring market research report is one of a series of new reports that provides machine condition monitoring market statistics, including machine condition monitoring industry global market size, regional shares, competitors with a machine condition monitoring market share, detailed machine condition monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the machine condition monitoring industry. This machine condition monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growing wireless communication in machine conditioning is significantly contributing to the growth of the machine condition monitoring market.Wireless communication is a method of transmitting information from one point to another, without using any connection such as wires, cables, or any physical medium.

The wireless communication allows easy and quick deployment of machine condition monitoring that reduces the gaps in the data stream so that there will be no detrimental effect on system reliability.For instance, in 2021, Acoem, a France-based data solutions provider invested its experience in condition monitoring in EAGLE, enabling the wireless monitoring of the foremost complex machines.

The operating conditions like speed, power, pressure or other process data of the machines are taken under consideration and transmitted automatically. Therefore, the increase in demand for wireless communications is expected to drive the growth of the machine condition monitoring market.

Technological Advancement is the key trend gaining popularity in the machine condition monitoring market. For instance, in Nov 2021, Emersion electrics, an American multinational corporation that manufactures products and provides engineering services for industrial, commercial, and consumer markets has launched AMS machine works 1.6 a web-based software solution that simplifies fault diagnosis and analyses the process by combining predictive maintain techniques with comprehensive analysis tools that provide easy and accurate assessment machinery health.

In May 2021, Teledyne, an American industrial conglomerate consisting of operations in aerospace and defense, instrumentation and engineered system, acquired FLIR for $8.2 billion. Through this acquisition, both the companies aim to expand their product portfolio and provide better products to their clients and customers. FLIR is a US-based machine condition monitoring company that provides cameras and sensors used in the system.

The countries covered in the machine condition monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.