Machine Condition Monitoring Market Size Forecast to 2027

 

Machine Condition Monitoring Market

The Machine Condition Monitoring Market is projected to reach USD 3,898 by the end of 2027, exhibiting a CAGR of 6.6% over forecast period (2020-2027).

The factors driving the growth of Machine Condition Monitoring Market includes growing adoption of cloud platforms, improvement in wireless communication technologies and increasing number of smart factories around the world. Moreover, the growing application of Machine Condition monitoring in the end-use industries such as Aerospace & Defense and Oil & Gas and the integration of advanced technologies such as Big Data Analytics, Artificial Intelligence (AI) and Internet of Things (IoT) with Machine condition Monitoring systems, are further propelling the Machine Condition Monitoring Market size. As per the report published by Bloomberg, the Global Oil and Gas Analytics Market is predicted to reach USD 48130 million by the end of 2027, growing at a CAGR of 20.1% over the forecast period (2021-2027). In addition, the growing emphasis on improving Safety Standards and predictive analysis and rising consciousness about the benefits of adopting machine condition monitoring systems, are further augmenting the market growth.

However, the growth of Machine Condition Monitoring Market is hindered due to insufficient availability of skilled workforce.

The major players operating in the market are Parker-Hannifin Corporation, Schaeffler Technologies AG & Co. KG, General Electric, Honeywell International, Inc, Wilcoxon Sensing Technologies, ALS, Symphony AzimaAI, Bruel & Kjaer, Rockwell Automation, Inc., National Instruments Corporation and AB SKF among others.

Monitoring Technique: Segment Analysis

As per Machine Condition Monitoring Market Analysis, the motor current analysis segment is predicted to capture significant market share over the forecast period. The increasing application of motor current analysis solutions for forecasting and growing emphasis on automation in the Automotive industry, are some of the key factors supplementing the segment’s growth.

Offering: Segment Analysis

Based on offering, the hardware segment is projected to dominate the market during the forecast period due to growing demand for spectrum analyzers, corrosion probes, vibration sensors and ultrasound detectors.

Regional: Segment Analysis

Based on region, the Asia-pacific region is predicted to expand at a significant CAGR during the forecast period. Rapid urbanization, availability of cheap labor, increasing number of smart factories and the expansion of manufacturing sector, are some of the important factors influencing the market growth in Asia-Pacific.

Market Segmentation

Global Machine Condition Monitoring Market by Monitoring Technique

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis

Global Machine Condition Monitoring Market by Offering

  • Hardware
    • Vibration Sensors
      • Accelerometers
      • Proximity Probes
      • Tachometers
    • Infrared Sensors
      • Thermal Infrared Sensors
      • Quantum Infrared Sensors
    • Spectrometers
      • Infrared Spectrometers
      • Ultraviolet Spectrometers
      • Atomic Spectrometers
      • Mass Spectrometers
    • Ultrasound Detectors
      • Sound Pressure Meters
      • Stethoscopes
      • Ultrasonic Leak Detectors
    • Spectrum Analyzers
      • Swept Spectrum Analyzers
      • Real-time Spectrum Analyzers
    • Corrosion Probes
    • Others
  • Software
    • Data Integration
    • Diagnostic Reporting
    • Order Tracking Analysis
    • Parameter Calculation

Global Machine Condition Monitoring Market by Deployment Type

  • On-premises
  • Cloud

Global Machine Condition Monitoring Market by Monitoring Process

  • Online Condition Monitoring
  • Portable Condition Monitoring

Global Machine Condition Monitoring Market by Industry

  • Oil & Gas
  • Power Generation
  • Metals & Mining
  • Chemicals
  • Automotive
  • Aerospace & Defense
  • Food & Beverages
  • Marine
  • Others (Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics)

Global Machine Condition Monitoring Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to...
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m...
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B...
Read more