Meticulous Research®, a leading global market research firm, has released its latest report on the machine condition monitoring market, forecasting significant growth over the next several years. According to the 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 market is expected to reach $5.2 billion by 2029, growing at a robust compound annual growth rate (CAGR) of 7.3% from 2022 to 2029.
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The growth of the machine condition monitoring market is primarily driven by the rapid adoption of Industry 4.0 technologies and an increasing recognition of the benefits of predictive maintenance among industry players. However, the market faces challenges such as a shortage of technical expertise for effective analysis and prediction of machine conditions, which may impact growth. Despite these challenges, the surge in automation across various industries presents significant opportunities for market stakeholders. Conversely, the high cost and complexity of integrating machine monitoring systems with existing infrastructure pose potential hurdles.
Market Segmentation Insights
The report segments the global machine condition monitoring market based on component, deployment mode, monitoring process, monitoring technique, and end-use industry:
• Component: The market is divided into hardware, software, and services. As of 2022, the software segment holds the largest share, attributed to its critical role in minimizing downtime and enhancing productivity. This segment is also anticipated to exhibit the highest CAGR during the forecast period.
• Deployment Mode: Segmentation includes on-premise and cloud-based deployments. The cloud-based deployment segment is expected to dominate due to its benefits such as automatic updates, a subscription-based SaaS model, and enhanced data security. It is also projected to achieve the highest CAGR.
• Monitoring Process: The market is categorized into online and portable monitoring. The online monitoring segment is forecasted to capture the largest share, driven by the increasing adoption of wireless technologies. This segment is also expected to see the highest growth rate.
• Monitoring Technique: Key techniques include vibration, corrosion, thermography, oil analysis, ultrasound, and other methods like motor current and pressure monitoring. Vibration monitoring is predicted to hold the largest share due to its widespread use in detecting machine part issues and reducing downtime. However, corrosion monitoring is expected to grow at the fastest rate.
• End-use Industry: The market is segmented into manufacturing, healthcare, energy & utilities, aerospace, telecom, agriculture, oil & gas, transportation & logistics, and other sectors. The manufacturing industry is expected to lead in market share, owing to the adoption of digital technologies like automation and industrial IoT. This segment is also projected to grow at the highest rate.
Geographic Insights
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is anticipated to lead the market due to rising industrialization and automation in countries such as China, India, and Japan. The region’s demand for machine condition monitoring systems is expected to expand significantly.
Key Players
Leading companies in the global machine condition monitoring market include 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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