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.

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Contact Person: Sarah Nash
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