Machine Condition Monitoring Market Overview
Growing conversion, along with significant growth within the oil and gas, automotive, defences, aerospace, manufacturing, food and beverage, and marine industries, is one in all the key factors creating a positive outlook for the market. In addition, much technological advancement, such as the utilization of secure cloud computing platforms, wireless technologies, and therefore the integration with the internet of Things, square measure acting as different important growth-inducing factors. Moreover, increasing awareness concerning preventive maintenance among the masses is additionally driving the market growth. The machine condition monitoring system offers exceptional advantages like enhancing safety, minimizing maintenance price, rising operational efficiency, increasing machine dependability and availability, and eliminating the probabilities of chronic failure, thereby increasing the machine’s lifetime.
Advancements in technology like low-cost advanced machine condition observation systems, direct communication processes, and fast process functions are anticipated to drive the market’s growth. On the other hand, the restricted availability of skilled resources for information analysis and therefore the growing dependability issues within the prediction capabilities of machine condition watching technology can hamper the market over the approaching years. Some staff trusts their instincts and experiences to assess the health of machines that's not perpetually an honest choice. There is also cases whereby operators will invalidate the analysis supported their own experiences or lack confidence within the prediction capabilities of condition watching technology.
Experienced operators are uncertain about the diagnostics and predictions created by machine condition monitoring systems. Because of errors created by these machines is that the kind of dropped service outages, metrics, and unreliable alerting signals. Moreover, operators might not take the new method of planning and maintaining the performance of machines, thereby resulting in disapprovals for the implementation of successful machine condition monitoring programs. This can be attributable to the complexity of creating systems that will embody several assets. It’s going to be difficult to put in machine condition watching systems and solutions.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Monitoring Techniques, Monitoring Process, Industry Verticals, and Region |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | ASL Limited, Emerson Electric Co., General Electric Co. Honeywell International Inc., National Instruments, Parker-Hannifin Corp., Rockwell Automation, Schaeffler Technologies,SKF,Wilcoxon Sensing Technologies |
The covid-19 Impact on Machine Condition Monitoring Market:
Like several different industries, COVID-19 badly knocked the electronic and semiconductor trade. This new event has compact nearly 230 countries in exactly a couple of weeks, leading to the forced conclusion of producing and transportation activities at intervals and across the countries. This has directly affected the expansion of the sector. It's calculable that COVID-19 to depart over USD thirty billion impacts on the physics and semiconductor trade. The arena is majorly affected thanks to transport restrictions on major physics and semiconductor staple suppliers. However, the rising want for semiconductors in many industries can supply fast market recovery over the longer-term amount.
Machine Condition Monitoring Market Segment Overview
By Monitoring Techniques, The motor current analysis segment is anticipated to expand at the next CAGR throughout the outlook amount because of the increasing adoption of recent motor analysis to predict and cut back motor failure problems like bearing failure, overloading, vibration, or misalignment unbalanced or indirect voltage. Moreover, the automotive trade is focussing on upgrading and automating its assembly line, that will increase the demand for motor monitoring solutions because it could be a important a part of the machine. Motor current analysis helps decrease the likelihood of a machine breakdown, enhance its lifetime, and scale back overall energy consumption.
By Monitoring Process, the market is segmented into online condition monitoring and moveable condition watching. Online condition monitoring holds a big share of the Machine Condition monitoring Market. On-line condition watching is a complicated monitoring method, and it provides period plant knowledge to staff, leading to its larger adoption than the moveable condition watching method.
By Industry Verticals, Because of the rising stress on reducing operational costs and increasing profit, the oil & gas trade is predicted to extend at the next CAGR throughout the projection prices. The variation of oil costs across the globe additional will increase the pressure to attenuate operative costs on the trade, which is able to promote the adoption of machine condition monitoring systems to scale back operational & maintenance costs and reduce the likelihood of machine downtime.
Market Analysis, Insights and Forecast – By Monitoring Techniques
· Thermography
· Oil Analysis
· Corrosion Monitoring
· Vibration Monitoring
· Ultrasound Emission
· Motor Current Analysis
Market Analysis, Insights and Forecast – By Monitoring Process
· Tactile Switches
· Clicky Switches
· Linear Switches
Market Analysis, Insights and Forecast – By Industry Verticals
· Oil & Gas
· Power Generation
· Chemicals
· Automotive
· Others
Machine Condition Monitoring Market Regional Overview
Region-wise, in terms of regions, the dominance of North America is majorly attributed to the presence of large industrial sectors the largest America, Canada, and Mexico. The America accounts for the biggest share within the region, that is attributable to the existence of well-established and rising condition monitoring solution suppliers. in addition, the country dominates the region with the power of a considerably higher number of manufacturing facilities across its borders.
Machine Condition Monitoring Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Machine Condition Monitoring Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Machine Condition Monitoring are highlighted below.
· In 2020, With Schaeffler OPTIME, comprehensive and automated condition monitoring is currently a cost-effective proposition for maintenance personnel and facility operators. Schaeffler OPTIME has become an economical and easy-to-use low-priced solution designed specifically for the excellent condition monitoring of all indirectly process-critical assets across entire machine and equipment parks.
Machine Condition Monitoring Market, Key Players
· ASL Limited
· Emerson Electric Co.
· General Electric Co.
· Honeywell International Inc.
· National Instruments
· Parker-Hannifin Corp.
· Rockwell Automation
· Schaeffler Technologies
· SKF
· Wilcoxon Sensing Technologies
Frequently Asked Questions (FAQ) :
Q1. What is the total CAGR expected to be recorded for the Machine Condition Monitoring market during the forecast period?
Machine Condition Monitoring market is expected to record a CAGR of ~5.5% during the forecast period.
Q2. Which segment is projected to hold the largest share in the Machine Condition Monitoring Market?
The Oil and Gas segment is projected to hold the largest share in the Machine Condition Monitoring Market
Q3. What are the driving factors for the Machine Condition Monitoring market?
The continuous growth within the variety of producing facilities across the world is reflecting the rise in demand for condition observation. The exacerbating competition across industries round the world is leading the manufacturers to extend their outputs with greater efficiency. The manufacturers increasingly more and more that specialize in analysing the health and operability of every quality that is sanctioning the makers to grow productivity and earn profit.
Q4. Which Segments are covered in the Machine Condition Monitoring market report?
Monitoring Techniques, Monitoring Process, Industry Vetical , and Region, these segments are covered in the Machine Condition Monitoring market report.
Q5. Which are the prominent players offering Machine Condition Monitoring?
ASL Limited,Emerson Electric Co.,General Electric Co.,Honeywell International Inc.,National Instruments, Parker-Hannifin Corp,Rockwell Automation,Schaeffler Technologies,SKF,Wilcoxon Sensing Technologies
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Machine Condition Monitoring Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Monitoring Techniques
- 5.2.1. Thermography
- 5.2.2. Oil Analysis
- 5.2.3. Corrosion Monitoring
- 5.2.4. Vibration Monitoring
- 5.2.5. Ultrasound Emission
- 5.2.6. Motor Current Analysis
- 5.3. Market Analysis, Insights and Forecast – By Monitoring Process
- 5.3.1. Tactile Switches
- 5.3.2. Clicky Switches
- 5.3.3. Linear Switches
- 5.4. Market Analysis, Insights and Forecast – By Industry Verticals
- 5.4.1. Oil & Gas
- 5.4.2. Power Generation
- 5.4.3. Chemicals
- 5.4.4. Automotive
- 5.4.5. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America, Middle East, and Africa
6. North America Machine Condition Monitoring Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Monitoring Techniques
- 6.2.1. Thermography
- 6.2.2. Oil Analysis
- 6.2.3. Corrosion Monitoring
- 6.2.4. Vibration Monitoring
- 6.2.5. Ultrasound Emission
- 6.2.6. Motor Current Analysis
- 6.3. Market Analysis, Insights and Forecast – By Monitoring Process
- 6.3.1. Tactile Switches
- 6.3.2. Clicky Switches
- 6.3.3. Linear Switches
- 6.4. Market Analysis, Insights and Forecast – By Industry Verticals
- 6.4.1. Oil & Gas
- 6.4.2. Power Generation
- 6.4.3. Chemicals
- 6.4.4. Automotive
- 6.4.5. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Europe Machine Condition Monitoring Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Monitoring Techniques
- 7.2.1. Thermography
- 7.2.2. Oil Analysis
- 7.2.3. Corrosion Monitoring
- 7.2.4. Vibration Monitoring
- 7.2.5. Ultrasound Emission
- 7.2.6. Motor Current Analysis
- 7.3. Market Analysis, Insights and Forecast – By Monitoring Process
- 7.3.1. Tactile Switches
- 7.3.2. Clicky Switches
- 7.3.3. Linear Switches
- 7.4. Market Analysis, Insights and Forecast – By Industry Verticals
- 7.4.1. Oil & Gas
- 7.4.2. Power Generation
- 7.4.3. Chemicals
- 7.4.4. Automotive
- 7.4.5. Others
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. UK
- 7.5.2. Germany
- 7.5.3. France
- 7.5.4. Italy
- 7.5.5. Spain
- 7.5.6. Russia
- 7.5.7. Rest of Europe
8. Asia Pacific Machine Condition Monitoring Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Monitoring Techniques
- 8.2.1. Thermography
- 8.2.2. Oil Analysis
- 8.2.3. Corrosion Monitoring
- 8.2.4. Vibration Monitoring
- 8.2.5. Ultrasound Emission
- 8.2.6. Motor Current Analysis
- 8.3. Market Analysis, Insights and Forecast – By Monitoring Process
- 8.3.1. Tactile Switches
- 8.3.2. Clicky Switches
- 8.3.3. Linear Switches
- 8.4. Market Analysis, Insights and Forecast – By Industry Verticals
- 8.4.1. Oil & Gas
- 8.4.2. Power Generation
- 8.4.3. Chemicals
- 8.4.4. Automotive
- 8.4.5. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China
- 8.5.2. India
- 8.5.3. Japan
- 8.5.4. Australia
- 8.5.5. South East Asia
- 8.5.6. Rest of Asia Pacific
9. Latin America, Middle East, and Africa Machine Condition Monitoring Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Monitoring Techniques
- 9.2.1. Thermography
- 9.2.2. Oil Analysis
- 9.2.3. Corrosion Monitoring
- 9.2.4. Vibration Monitoring
- 9.2.5. Ultrasound Emission
- 9.2.6. Motor Current Analysis
- 9.3. Market Analysis, Insights and Forecast – By Monitoring Process
- 9.3.1. Tactile Switches
- 9.3.2. Clicky Switches
- 9.3.3. Linear Switches
- 9.4. Market Analysis, Insights and Forecast – By Industry Verticals
- 9.4.1. Oil & Gas
- 9.4.2. Power Generation
- 9.4.3. Chemicals
- 9.4.4. Automotive
- 9.4.5. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. Brazil
- 9.5.2. Saudi Arabia
- 9.5.3. UAE
- 9.5.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. ASL Limited
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Emerson Electric Co.
- 10.6. General Electric Co.
- 10.7. Honeywell International Inc.
- 10.8. National Instruments
- 10.9. Parker-Hannifin Corp.
- 10.10. Rockwell Automation
- 10.11. Schaeffler Technologies
- 10.12. SKF
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
