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Machine Condition Monitoring Market

Machine Condition Monitoring Market Forecasts to 2028 – Global Analysis By Monitoring Technique (Ultrasound Emission, Infrared Thermography), Process (Portable, Online), End User (Steel, Energy, Chemicals) and By Geography

4.5 (69 reviews)
Published: July 2021 ID: SMRC20753
4.5 (69 reviews)
Published: July 2021 ID: SMRC20753

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Machine Condition Monitoring Market is accounted for $2.44 billion in 2020 and is expected to reach $4.85 billion by 2028 growing at a CAGR of 9.0% during the forecast period. Increasing adoption of wireless communication technology, deployment of automated condition monitoring technologies in smart factories and preference toward predictive maintenance of industrial machinery are driving the market growth. However, lack of trained technical resources for data analysis and reliability issues in prediction capabilities are hampering the growth of the market.
 
Machine condition monitoring is a process of monitoring the condition of a machine, intent to predict mechanical wear and failure. This monitoring system is one of the finest methods of maintenance in order to meet up the necessities of production. This system provides an early warning system for the machines to detect damage in correct time and helps to prevent further consequential damage. It offers conditions of machinery which make certain about the right maintenance provided and at the right time.
 
Based on the monitoring process, the online condition monitoring segment is going to have lucrative growth during the forecast period as it is an advanced monitoring process and provides real-time plant data to operators, resulting in its higher adoption. Online vibration monitoring systems have applications in industries where a 24-hour production is required. By geography, North America is going to have high growth during the forecast period owing to the implementation of automation technologies in the factories and penetration of the smart factories, increasing expansions of the manufacturing industries in Canada and the rise in the expansion of production plants with automation.

Some of the key players profiled in the Machine Condition Monitoring Market include General Electric Co., Thermo Fisher Scientific Inc., SKF AB, Rockwell Automation Inc., Perkin Elmer Inc., Azima DLI Corporation, Nippon Avionics Co., Ltd., Fluke Corporation, Meggitt Sensing Systems (Meggitt PLC), Honeywell International Inc., GE Bently Nevada, AMETEK Spectro Scientific, Parker Kittiwake (PARKER HANNIFIN CORP.), Gastops Ltd, FLIR Systems Inc., Emerson Electric Co., Brüel & Kjaer Vibro and National Instruments Corp.

Report Coverage

Details

Published Year:

2021

Estimated Market Size in 2020:

USD 2.44 billion

Estimated Period:

2020

Compound Annual Growth Rate (CAGR) from 2020 to 2028:

9.0%

Predicted 2028 Value:

USD 4.85 billion

Forecast Years:

2021-2028

Tables, Graphs& Figures

312

Chapters Covered:

Monitoring Technique, Offering, Deployment Type, Monitoring Process, End User and Region

Core Drivers and Opportunities:

  • Deployment of automated condition monitoring technologies in smart factories
  • Preference toward predictive maintenance of industrial machinery
  • Increasing adoption of wireless communication technology

Restraining Factors & Market Threats:

  • Reliability issues in prediction capabilities
  • Lack of trained technical resources for data analysis


Monitoring Techniques Covered:
• Vibration Monitoring
• Ultrasound Emission
• Motor Current Analysis
• Lubricating Oil Analysis
• Infrared Thermography
• Corrosion Monitoring
• Acoustic Emission

Offerings Covered:
• Software
• Hardware
• Services   

Deployment Types Covered:
• On-premises
• Cloud 

Monitoring Processes Covered:
• Portable Condition Monitoring
• Online Condition Monitoring

End Users Covered:
• Steel, Metals and Mining
• Pharmaceutical
• Oil & Gas
• Marine
• Aerospace & Defense
• Food & Beverages
• Energy and Power Generation
• Construction
• Manufacturing
• Automotive
• Chemicals
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Key Questions Answered In The Report

The Global Machine Condition Monitoring Market is majorly driven by deployment of automated condition monitoring technologies in smart factories, increasing adoption of wireless communication technology and preference toward predictive maintenance of industrial machinery.

The online condition monitoring segment is growing at a highest CAGR as it is an advanced monitoring process and provides real-time plant data to operators, resulting in its higher adoption. Online vibration monitoring systems have applications in industries where a 24-hour production is required.

North America dominated with a significant market share due to the increasing expansions of the manufacturing industries in Canada, implementation of automation technologies in the factories and penetration of the smart factories, and the rise in the expansion of production plants with automation.

Asia Pacific market is growing at a highest CAGR owing to the expansion of manufacturing activities as a result of the migration of production bases to Asian countries, ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency.

Key players in Machine Condition Monitoring Market include General Electric Co., Thermo Fisher Scientific Inc., SKF AB, Rockwell Automation Inc., Perkin Elmer Inc., Azima DLI Corporation, Nippon Avionics Co., Ltd., Fluke Corporation, Meggitt Sensing Systems (Meggitt PLC), Honeywell International Inc., GE Bently Nevada, AMETEK Spectro Scientific, Parker Kittiwake (PARKER HANNIFIN CORP.), Gastops Ltd, FLIR Systems Inc., Emerson Electric Co., Bru?el & Kjaer Vibro and National Instruments Corp.

1 Executive Summary           
              
2 Preface    
        
 2.1 Abstract           
 2.2 Stake Holders          
 2.3 Research Scope          
 2.4 Research Methodology         
  2.4.1 Data Mining         
  2.4.2 Data Analysis         
  2.4.3 Data Validation         
  2.4.4 Research Approach         
 2.5 Research Sources          
  2.5.1 Primary Research Sources        
  2.5.2 Secondary Research Sources        
  2.5.3 Assumptions         
             
3 Market Trend Analysis          
 3.1 Introduction          
 3.2 Drivers           
 3.3 Restraints          
 3.4 Opportunities          
 3.5 Threats           
 3.6 End User Analysis          
 3.7 Emerging Markets          
 3.8 Impact of Covid-19          
             
4 Porters Five Force Analysis           
 4.1 Bargaining power of suppliers         
 4.2 Bargaining power of buyers         
 4.3 Threat of substitutes         
 4.4 Threat of new entrants         
 4.5 Competitive rivalry          
             
5 Global Machine Condition Monitoring Market, By Monitoring Technique     
 5.1 Introduction          
 5.2 Vibration Monitoring         
  5.2.1 Vibration Analyzers And Meters       
  5.2.2 Embedded Systems         
 5.3 Ultrasound Emission         
 5.4 Motor Current Analysis          
 5.5 Lubricating Oil Analysis         
 5.6 Infrared Thermography         
 5.7 Corrosion Monitoring         
 5.8 Acoustic Emission          
             
6 Global Machine Condition Monitoring Market, By Offering       
 6.1 Introduction           
 6.2 Software           
  6.2.1 Diagnostic Reporting                
  6.2.2 Parameter Calculation        
  6.2.3 Order Tracking Analysis            
  6.2.4 Data Integration          
 6.3 Hardware          
  6.3.1 Infrared Sensors         
   6.3.1.1 Quantum Infrared Sensors       
   6.3.1.2 Thermal Infrared Sensors       
  6.3.2 Ultrasound Detectors        
   6.3.2.1 Ultrasonic Leak Detectors       
   6.3.2.2 Stethoscopes        
   6.3.2.3 Sound Pressure Meters       
  6.3.3 Vibration Sensors         
   6.3.3.1 Tachometers        
   6.3.3.2 Proximity Probes        
   6.3.3.3 Accelerometers         
  6.3.4 Spectrometers            
   6.3.4.1 Ultraviolet Spectrometers       
   6.3.4.2 Mass Spectrometers       
   6.3.4.3 Infrared Spectrometers           
   6.3.4.4 Atomic Spectrometers       
  6.3.5 Spectrum Analyzers             
   6.3.5.1 Swept Spectrum Analyzers       
   6.3.5.2 Real-time Spectrum Analyzers       
  6.3.6 Corrosion Probes         
 6.4 Services           
  6.4.1 Remote Monitoring Services        
  6.4.2 Machinery Diagnostics Services       
  6.4.3 Instrumentation Maintenance Services       
             
7 Global Machine Condition Monitoring Market, By Deployment Type      
 7.1 Introduction          
 7.2 On-premises          
 7.3 Cloud           
             
8 Global Machine Condition Monitoring Market, By Monitoring Process      
 8.1 Introduction          
 8.2 Portable Condition Monitoring        
 8.3 Online Condition Monitoring         
             
9 Global Machine Condition Monitoring Market, By End User       
 9.1 Introduction          
 9.2 Steel, Metals and Mining         
 9.3 Pharmaceutical          
 9.4 Oil & Gas           
 9.5 Marine           
 9.6 Aerospace & Defense         
 9.7 Food & Beverages          
 9.8 Energy and Power Generation          
 9.9 Construction           
 9.10 Manufacturing          
 9.11 Automotive          
 9.12 Chemicals          
 9.13 Other End Users            
  9.13.1 Semiconductor & Electronics        
  9.13.2 Paper & Pulp         
  9.13.3 Healthcare         
  9.13.4 Cement          
             
10 Global Machine Condition Monitoring Market, By Geography       
 10.1 Introduction          
 10.2 North America          
  10.2.1 US          
  10.2.2 Canada          
  10.2.3 Mexico          
 10.3 Europe           
  10.3.1 Germany          
  10.3.2 UK          
  10.3.3 Italy          
  10.3.4 France          
  10.3.5 Spain          
  10.3.6 Rest of Europe         
 10.4 Asia Pacific          
  10.4.1 Japan          
  10.4.2 China          
  10.4.3 India          
  10.4.4 Australia          
  10.4.5 New Zealand         
  10.4.6 South Korea         
  10.4.7 Rest of Asia Pacific         
 10.5 South America          
  10.5.1 Argentina         
  10.5.2 Brazil          
  10.5.3 Chile          
  10.5.4 Rest of South America        
 10.6 Middle East & Africa         
  10.6.1 Saudi Arabia         
  10.6.2 UAE           
  10.6.3 Qatar          
  10.6.4 South Africa         
  10.6.5 Rest of Middle East & Africa        
             
11 Key Developments           
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures      
 11.2 Acquisitions & Mergers         
 11.3 New Product Launch         
 11.4 Expansions          
 11.5 Other Key Strategies         
             
12 Company Profiling           
 12.1 General Electric Co.           
 12.2 Thermo Fisher Scientific Inc.         
 12.3 SKF AB           
 12.4 Rockwell Automation Inc.         
 12.5 Perkin Elmer Inc.          
 12.6 Azima DLI Corporation         
 12.7 Nippon Avionics Co., Ltd.         
 12.8 Fluke Corporation          
 12.9 Meggitt Sensing Systems (Meggitt PLC)         
 12.10 Honeywell International Inc.         
 12.11 GE Bently Nevada          
 12.12 AMETEK Spectro Scientific         
 12.13 Parker Kittiwake (PARKER HANNIFIN CORP.)       
 12.14 Gastops Ltd          
 12.15 FLIR Systems Inc.          
 12.16 Emerson Electric Co.         
 12.17 Brüel & Kjaer Vibro          
 12.18 National Instruments Corp.         


List of Tables            
1 Global Machine Condition Monitoring Market Outlook, By Region (2019-2028) ($MN)    
2 Global Machine Condition Monitoring Market Outlook, By Monitoring Technique (2019-2028) ($MN)   
3 Global Machine Condition Monitoring Market Outlook, By Vibration Monitoring (2019-2028) ($MN)   
4 Global Machine Condition Monitoring Market Outlook, By Vibration Analyzers And Meters (2019-2028) ($MN)  
5 Global Machine Condition Monitoring Market Outlook, By Embedded Systems (2019-2028) ($MN)   
6 Global Machine Condition Monitoring Market Outlook, By Ultrasound Emission (2019-2028) ($MN)   
7 Global Machine Condition Monitoring Market Outlook, By Motor Current Analysis (2019-2028) ($MN)   
8 Global Machine Condition Monitoring Market Outlook, By Lubricating Oil Analysis (2019-2028) ($MN)   
9 Global Machine Condition Monitoring Market Outlook, By Infrared Thermography (2019-2028) ($MN)   
10 Global Machine Condition Monitoring Market Outlook, By Corrosion Monitoring (2019-2028) ($MN)   
11 Global Machine Condition Monitoring Market Outlook, By Acoustic Emission (2019-2028) ($MN)   
12 Global Machine Condition Monitoring Market Outlook, By Offering (2019-2028) ($MN)    
13 Global Machine Condition Monitoring Market Outlook, By Software (2019-2028) ($MN)    
14 Global Machine Condition Monitoring Market Outlook, By Diagnostic Reporting (2019-2028) ($MN)    
15 Global Machine Condition Monitoring Market Outlook, By Parameter Calculation (2019-2028) ($MN)   
16 Global Machine Condition Monitoring Market Outlook, By Order Tracking Analysis (2019-2028) ($MN)   
17 Global Machine Condition Monitoring Market Outlook, By Data Integration (2019-2028) ($MN)   
18 Global Machine Condition Monitoring Market Outlook, By Hardware (2019-2028) ($MN)    
19 Global Machine Condition Monitoring Market Outlook, By Infrared Sensors (2019-2028) ($MN)   
20 Global Machine Condition Monitoring Market Outlook, By Ultrasound Detectors (2019-2028) ($MN)   
21 Global Machine Condition Monitoring Market Outlook, By Vibration Sensors (2019-2028) ($MN)   
22 Global Machine Condition Monitoring Market Outlook, By Spectrometers (2019-2028) ($MN)    
23 Global Machine Condition Monitoring Market Outlook, By Spectrum Analyzers (2019-2028) ($MN)   
24 Global Machine Condition Monitoring Market Outlook, By Corrosion Probes (2019-2028) ($MN)   
25 Global Machine Condition Monitoring Market Outlook, By Services (2019-2028) ($MN)    
26 Global Machine Condition Monitoring Market Outlook, By Remote Monitoring Services (2019-2028) ($MN)  
27 Global Machine Condition Monitoring Market Outlook, By Machinery Diagnostics Services (2019-2028) ($MN)  
28 Global Machine Condition Monitoring Market Outlook, By Instrumentation Maintenance Services (2019-2028) ($MN) 
29 Global Machine Condition Monitoring Market Outlook, By Deployment Type (2019-2028) ($MN)   
30 Global Machine Condition Monitoring Market Outlook, By On-premises (2019-2028) ($MN)    
31 Global Machine Condition Monitoring Market Outlook, By Cloud (2019-2028) ($MN)    
32 Global Machine Condition Monitoring Market Outlook, By Monitoring Process (2019-2028) ($MN)   
33 Global Machine Condition Monitoring Market Outlook, By Portable Condition Monitoring (2019-2028) ($MN)  
34 Global Machine Condition Monitoring Market Outlook, By Online Condition Monitoring (2019-2028) ($MN)  
35 Global Machine Condition Monitoring Market Outlook, By End User (2019-2028) ($MN)    
36 Global Machine Condition Monitoring Market Outlook, By Steel, Metals and Mining (2019-2028) ($MN)   
37 Global Machine Condition Monitoring Market Outlook, By Pharmaceutical (2019-2028) ($MN)    
38 Global Machine Condition Monitoring Market Outlook, By Oil & Gas (2019-2028) ($MN)    
39 Global Machine Condition Monitoring Market Outlook, By Marine (2019-2028) ($MN)    
40 Global Machine Condition Monitoring Market Outlook, By Aerospace & Defense (2019-2028) ($MN)   
41 Global Machine Condition Monitoring Market Outlook, By Food & Beverages (2019-2028) ($MN)   
42 Global Machine Condition Monitoring Market Outlook, By Energy and Power Generation (2019-2028) ($MN)  
43 Global Machine Condition Monitoring Market Outlook, By Construction (2019-2028) ($MN)    
44 Global Machine Condition Monitoring Market Outlook, By Manufacturing (2019-2028) ($MN)    
45 Global Machine Condition Monitoring Market Outlook, By Automotive (2019-2028) ($MN)    
46 Global Machine Condition Monitoring Market Outlook, By Chemicals (2019-2028) ($MN)    
47 Global Machine Condition Monitoring Market Outlook, By Other End Users (2019-2028) ($MN)   
48 Global Machine Condition Monitoring Market Outlook, By Semiconductor & Electronics (2019-2028) ($MN)  
49 Global Machine Condition Monitoring Market Outlook, By Paper & Pulp (2019-2028) ($MN)    
50 Global Machine Condition Monitoring Market Outlook, By Healthcare (2019-2028) ($MN)    
51 Global Machine Condition Monitoring Market Outlook, By Cement (2019-2028) ($MN)    
             
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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