The technique of machine condition monitoring is used widely to find any fault or failure in a machine such as vibration, noise and temperature measurements. Some of the key factors such as increase in demand for diminished maintenance costs coupled with unexpected faults and failure are anticipated to augment the growth of global machine condition monitoring market over the forecast period. Machine condition monitoring procedures are widely used in pumps, rotating equipment, internal combustion engines, electric motors and presses among others. Machine condition monitoring is a crucial part of process of predictive maintenance.
With the continuously rising population, the usage of technologies such as wireless communication in heating, ventilation and air conditioning (HVAC) is anticipated to increase significantly. This is expected to create a need for monitoring health of associated machines for ensuring flawless functioning of entire system, thus bolstering the growth of machine conditioning monitoring market. In addition, the trend of Industry 4.0 or smart factory as well as the transition from predictive to preventative maintenance is expected to further add to the growth of machine condition monitoring market over the forecast period. In addition, advancements in technology such as direct communication process, expansion in low cost advanced machine condition monitoring systems as well as rapid processing functions are anticipated to open new avenues for the growth of global machine condition monitoring market. The major benefits offered by machine condition monitoring include improved reliability by the use of effective prediction of faults and failures as well as maximizing the overall life of machines by providing proper scheduling of maintenance cycles as well as achieving a significant reduction in frequency along with severity of machine downtimes among others.
Market Classification and Segment Overview
The global machine condition monitoring market can be segmented on the basis of monitoring type, offerings, industry vertical, monitoring process and region. On the basis of monitoring type, the global machine condition monitoring market can be segmented into thermography, vibration monitoring, lubricating oil analysis, ultrasound emission, corrosion monitoring, and motor electrical current signature analysis (MCSA). On the basis of offering, the global machine condition monitoring market can be segmented into hardware and software. On the basis of industry vertical, the global machine condition monitoring market can be segmented into oil & gas, energy & power, metals & mining, chemicals, automotive, aerospace & defense, food & beverages, marine and others. On the basis of monitoring process, the global machine condition monitoring market can be segmented into online condition monitoring and portable condition monitoring. On the basis of region, the global machine condition monitoring market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific. The robust demand in Asia-Pacific is expected to be the major driving factor for the growth of global machine condition monitoring market. China is anticipated to account for the largest share and lead the overall demand for machine condition monitoring owing to the increasing industrial production over the last few years. The market in other developing countries such as Brazil, Russia, Poland, Indonesia, New Zealand, Argentina and India among others is also anticipated to grow rapidly throughout the forecast period.
Global Machine Condition Monitoring Market
2014 – 2024
2014 – 2015
2017 – 2024
Monitoring Type, Offerings, Industry Vertical, Monitoring Process, Geography
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,
Player Profiling, Value Chain Analysis
Major players operating in the global machine condition monitoring market are focusing on some key market strategies such as mergers and acquisitions to keep hold in the ever competitive market. Moreover, they are concentrating on collaborating with local players to increase their market reach as well as strengthen their goodwill in the global market. Some of the major players in global machine condition monitoring market include General Electric, Emerson Electric Co., SKF AB, National Instruments Corp., and Honeywell International Inc., among others.
Market by Monitoring Type
· Vibration monitoring
· Lubricating oil analysis
· Ultrasound emission
· Corrosion monitoring
· Motor electrical current signature analysis (MCSA)
Market by Offering
Market by Industry Vertical
· Oil & gas
· Energy & power
· Metals & mining
· Aerospace & defense
· Food & beverages
Market by Monitoring Process
· Online condition monitoring
· Portable condition monitoring
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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