Machine Condition Monitoring Market to Reach $5.2 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., Dec. 5, 2022 /PRNewswire/ -- According to a new market research report titled "Machine Condition Monitoring Market by Component (Hardware, Software), Process (Online, Portable), Monitoring Technique (Vibration, Thermography, Corrosion), End-use Industry (Energy, Oil & Gas, Telecom), and Geography - Global Forecast to 2029", the global machine condition monitoring market is expected to grow at a CAGR of 7.3% from 2022 to 2029 to reach $5.2 billion by 2029.

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Machine condition monitoring, also known as condition monitoring, is a monitoring process that records different operating parameters of a machine or a system, which helps to predict, diagnose, and aid in the overall maintenance operation within a manufacturing plant. These parameters generally include machine vibrations, temperature, ultrasound, and fluid analysis, among others. Machine condition monitoring is a major component of the modern predictive maintenance strategy that help organizations to schedule periodic maintenance and prevent heavy breakdowns resulting in manufacturing downtime. It also helps extend an asset's work life span, improve machine productivity, and curtail unwanted expenditures on overall MRO processes.

Factors such as the consistent technological developments in the field of industrial automation, the advent of the Industry 4.0 revolution in developing countries, and the growing significance of machine condition monitoring across maintenance strategies of modern-day manufacturing plants are expected to drive the overall market growth with a considerable pace over the coming years. However, high upfront costs, technological complexities, and lack of skilled workforce to use modern techniques are some of the major restraining factors affecting the overall market growth.

Increasing automation across industries is expected to create strong growth opportunities during the forecast period in machine condition monitoring market

Enterprises across industries are increasingly utilizing cutting-edge technologies to improve efficiency and cut costs through new, advanced virtual services. A consistent growth in the industrial automation processes is paving the path for several auxiliary technologies to gain momentum in industrial manufacturing. For instance, using IoT sensors for machine condition monitoring has helped predictive maintenance to work more efficiently and on a real-time basis. Key market players are focused on launching sensor-enabled predictive maintenance solutions to support the industrial sector. For instance, in 2022, Sensata Technologies, Inc. (U.S.) launched a new asset monitoring solution that enables the predictive maintenance of rotary assets and delivers actionable insights to plant managers. The new wireless industrial IoT sensor allows plant managers to detect early-stage faults and extend the working life of their rotary machine assets. Similarly, in 2021, Flowserve Corporation (U.S.) launched a new IoT service suite called RedRavento support flow control equipment. It includes sensors that collect data from assets and transmit it to the cloud with a secure, data-encrypted solution.

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The growth of industrial automation is also supported by the consistent efforts of local governments to promote programs such as Industry 4.0. For instance, Singapore is emerging as a leading adopter of automation in Southeast Asia due to initiatives such as the National Robotics Program. For instance, in 2019, Singapore witnessed the roll-out of the Narrowband IoT (NB-IoT) network, a connectivity standard backed by Telcos and the GSM Association, accelerating the progress of Singapore's digital economy and manufacturing sector. Malaysia proposed the National Industry 4.0 Framework to boost its manufacturing sector in another instance. Such initiatives promote industrial automation and expand opportunities for technologies such as machine condition monitoring to grow even further.

Based on component, the global machine condition monitoring market is segmented into hardware, software, and services. In 2022, the software segment is expected to account for the largest share of the global machine condition monitoring market. Factors such as the increasing use of machine condition monitoring software to boost productivity and make accurate predictions related to production are expected to drive this segment's growth. This segment is also projected to grow at the highest CAGR during the forecast period.

Based on monitoring process, the global machine condition monitoring market is segmented into online monitoring and portable monitoring. In 2022, the online monitoring segment is expected to account for the larger share of the machine condition monitoring market. The growth of this segment is attributed to the increasing adoption of wireless technologies for monitoring machine conditions during the production process across various industries. This segment is also projected to grow at the highest CAGR during the forecast period.

Based on monitoring technique, the global machine condition monitoring market is segmented into vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound monitoring, and other monitoring techniques such as motor current analysis and pressure monitoring. In 2022, the vibration monitoring segment is expected to account for the largest share of the machine condition monitoring market. The growth of this segment is attributed to the rising demand for corrosion monitoring techniques to provide manufacturers with direct and online measurements of metal loss and corrosion rates in industries. However, the corrosion monitoring segment is projected to grow at the highest CAGR during the forecast period.

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Based on end-use industry, the global machine condition monitoring market is segmented into manufacturing, healthcare, energy & utilities, aerospace, telecom, agriculture, oil & gas, transportation & logistics, and other end-use industries. In 2022, the manufacturing segment is expected to account for the largest share of the machine condition monitoring market. The growth of this segment is attributed to the increasing adoption of condition monitoring solutions for monitoring machines during the production process in the manufacturing industry to avoid machine failures and increase efficiency. 

Based on geography, Asia-Pacific is estimated to account for the largest share of the machine condition monitoring market in 2022. The large share of this region is primarily attributed to the factors such as rising demand for automation, the high growth in industrial robots deployment, and exerting efforts by companies to launch machine condition monitoring components.

Some of the key players operating in the machine condition monitoring market are General Electric Company (U.S.), AB SKF (Sweden), Wilcoxon Sensing Technologies (U.S.), Emerson Electric Co. (U.S.), ALS Limited (Australia), Honeywell International Inc. (U.S.), Parker-Hannifin Corporation (U.S.), Rockwell Automation, Inc. (U.S.), ifm electronic gmbh (Germany), Schaeffler AG (Germany), Baker Hughes Company (U.S.), Analog Devices, Inc. (U.S.), Fluke Corporation (U.S.), Meggitt PLC (U.K.), and National Instruments Corporation (U.S.).

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Scope of the Report

Machine Condition Monitoring Market, by Component                        

• Hardware
• Sensors
• Analyzers
• Other Hardware
• Software
• Services

Machine Condition Monitoring Market, by Deployment Mode                           

• On-premise deployment
• Cloud-based deployment

Machine Condition Monitoring Market, by Monitoring Process

• Online Monitoring
• Portable Monitoring

Machine Condition Monitoring Market, by Monitoring Technique

• Vibration Monitoring
• Corrosion Monitoring
• Thermography
• Oil Analysis
• Ultrasound Monitoring
• Other Monitoring Techniques

Machine Condition Monitoring Market, by End-use Industry

• Manufacturing
• Healthcare
• Energy & Utilities
• Aerospace
• Telecom
• Agriculture
• Oil & Gas
• Transportation & Logistics
• Other End-use Industries

Machine Condition Monitoring Market, by Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Singapore
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa

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