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
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.
Estimated Market Size in 2020:
USD 2.44 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 4.85 billion
Tables, Graphs& Figures
Monitoring Technique, Offering, Deployment Type, Monitoring Process, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Monitoring Techniques Covered:
• Vibration Monitoring
• Ultrasound Emission
• Motor Current Analysis
• Lubricating Oil Analysis
• Infrared Thermography
• Corrosion Monitoring
• Acoustic Emission
Deployment Types Covered:
Monitoring Processes Covered:
• Portable Condition Monitoring
• Online Condition Monitoring
End Users Covered:
• Steel, Metals and Mining
• Oil & Gas
• Aerospace & Defense
• Food & Beverages
• Energy and Power Generation
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
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
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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.
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