The Worldwide Machine Condition Monitoring Industry is Expected to Reach $4.2 Billion by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Sep 15, 2022--

The "Global Machine Condition Monitoring Market Size, Share & Industry Trends Analysis Report By Offering, By Monitoring Technique, By Industry, By Deployment Type, By Monitoring Process, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.

The Global Machine Condition Monitoring Market size is expected to reach $4.2 billion by 2028, rising at a market growth of 7.4% CAGR during the forecast period.

Machine health monitoring systems collect information about the machine's health and performance. They support service professionals in maintaining machines, provide tools to help operators manage machines more effectively, and support managers in scheduling machine care and maintenance. These solutions are very useful in the industrial industry for increasing productivity. Machine health monitoring systems include data analysis software that helps predict failures, pinpoint the reason of failure, and provide important data for future advancements.

Machine breakdowns are less likely with predictive maintenance. Other potential factors for the market in the next years include wireless technology capable systems and the development of smart factories. Increased use of wind energy could provide a major potential opportunity for the industry, as wind turbines are located in remote places and require constant monitoring and maintenance to run smoothly. Smart sensor development, more software functionality, equipment with in-built vibration sensors, internet of things for device health monitoring, and lower implementation costs are some current market trends.

Some of the primary reasons driving the growth of the machine condition monitoring market are the increasing installation of automatic condition monitoring techniques in smart factories and increased awareness among manufacturers internationally about the benefits of adopting condition monitoring systems.

Over the last few decades, the automotive sector has changed tremendously. Cars used to be mechanical, with only the most rudimentary electrical systems providing power for headlights and spark plugs. Cars now have the latest features, such as radios, alarms, wipers, and so on, due to technological improvements. The automotive industry is one of the most important areas of the manufacturing industry. Automobiles are growing increasingly sophisticated as technology progresses.

Market Growth Factors:

Strategic alliances to develop leading machine monitoring products

Integrators, independent software vendors, data analytics service providers, and technology providers all have significant opportunities for partnerships and collaborations due to the existence of established companies in the machine condition monitoring sector. In this industrial IoT era, the development of Industry 4.0 is projected to address a wide range of client needs, including more efficient plant operations and increased productivity. Collaborations and partnerships are anticipated to occur in jointly technology advancements that may be used to build world-class services and solutions for industrial clients around the world.

Manufacturing Facilities Have an Increasing Demands for Automated Solutions

The deployment of automated manufacturing technologies in developed countries has accelerated in recent years. As a result, the countries have seen an increase in the number of smart factories. Countries having much more manufacturing facilities, such as the United States, China, Canada, the United Kingdom, Germany, Japan, and France, are constantly seeking automated technology in manufacturing facilities across industries.

With the constant growth of the market for manufacturing across industries, one of the most important techniques used by manufacturers is to expand their manufacturing facilities. As new and technologically advanced machinery requires regular monitoring of components during operation, the expanding number of industrial facilities has a favorable influence on the demand for automated solutions.

Marketing Restraining Factor:

Lack of technical expertise required to conduct data analysis

Condition monitoring necessitates the use of qualified personnel who are familiar with the newest technology and software. System optimization, software updates, system networking, data transmissions, and other technical tasks require technical competence. As a result, existing personnel must be educated to operate new systems. This could result in a skill gap between present workers and those who have been trained.

Lack of educated resources may cause industrial plant operators to be hesitant to accept new technologies. As a result of the lack of a competent workforce for data analysis, emerging countries continue to struggle with the efficient adoption of machine monitoring systems and next-level manufacturing.

Scope of the Study

Market Segments Covered in the Report:

By Offering

• Hardware
• Software

By Monitoring Technique

• Vibration Monitoring
• Thermography
• Oil Analysis
• Corrosion Monitoring
• Ultrasound Emission Monitoring
• Others

By Industry

• Power Generation
• Metals & Mining
• Aerospace & Marine
• Automotive
• Oil & Gas
• Food & Beverages
• Chemicals
• Others

By Deployment Type

• On-premise
• Cloud

By Monitoring Process

• Online Condition Monitoring
• Portable Condition Monitoring

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

• ALS Limited
• Fortive Corporation (Fluke Corporation)
• Schaeffler AG
• Honeywell International, Inc.
• Emerson Electric Co.
• Rockwell Automation, Inc.
• General Electric (GE) Co.
• Analog Devices, Inc.
• National Instruments Corporation
• Parker Hannifin Corporation

For more information about this report visit https://www.researchandmarkets.com/r/tu5y8s

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