Research report published by Proficient Market Research “Machine Condition Monitoring Market, By Monitoring Technique: (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, and Others), By Monitoring Process (Online Condition Monitoring and Portable Condition Monitoring), By Industry (Oil & Gas, Power Generation, Metals & Mining, Automotive, Aerospace & Defense, and Others) Market – Growth, Future Prospects, Post COVID-19 Scenario 2020 – 2028”, states that the global machine condition monitoring market is expected to grow at a CAGR of 7.2% during the forecast period from 2020 to 2028.
Introduction of secure cloud platforms in machine condition monitoring is one of the major factors driving the growth of the market. With the advent of secure cloud platforms, demand for remote machine condition monitoring is also increased at a significant rate. In addition, current COVID-19 pandemic conditions have also spurred the demand for remote machine condition monitoring. Remote monitoring offers great advantages over on-site machine monitoring. With the remote monitoring systems, a user has the advantage to monitor current status, condition, and performance of the machines from distant sites. In addition, growing use of wireless communication technology and increasing focus towards predictive maintenance of industrial machinery is also supporting the growth of the market.
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The global machine condition monitoring market is fragmented based on monitoring technique, Monitoring Process, industry, and geography. Different monitoring techniques used to check machine conditions include vibration monitoring, thermography, oil analysis, corrosion monitoring, etc. these monitoring techniques are used by different processes such as online condition monitoring and portable condition monitoring. The demand for machine monitoring is high in oil & gas, power generation, metals & mining, automotive, aerospace & defense
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Merger and acquisition is the key trend in the machine condition monitoring market. Key players operating in the industry are Meggitt PLC, SKF GROUP, Rockwell Automation, Inc., GE Bently Nevada, Honeywell International Inc., Emerson Electric Co, National Instrument Corporation, Bruel & Kjaer Sound and Vibration Measurement, Parker-Hannifin Corporation, and Motion Industries, Inc. among others.
Trends and Future Outlook:
Integration of internet of things (IoT) and AI in machine maintenances
Growing demand for predictive maintenance
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Based on the monitoring technique the global machine condition monitoring market is bifurcated into the following:
Oil Analysis segment held the largest share by monitoring technique
In 2020, oil analysis segment held the largest share by monitoring technique. The segment held around 25% of the share in the global market in 2020. Importance of oil levels for optimum machine performance driving the growth of the segment.
Based on the monitoring process the global machine condition monitoring market is bifurcated into the following:
Online Condition Monitoring
Portable Condition Monitoring
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Portable Condition Monitoring segment held the largest share of the market
In 2020, portable condition monitoring segment held the largest share of the market, the segment held around 64% share of the market in 2020. Whereas, online condition monitoring segment is expected to grow at rapid rate over the forecast period.
Based on the industry the global machine condition monitoring market is bifurcated into the following:
Oil & Gas
Metals & Mining
Aerospace & Defense
Oil & Gas segment held the largest share of the market
In 2020, oil and gas segment held the largest share of the market, the segment held around 22% share of the market in 2020. Critical operations and complicated machineries used in oil and gas industry is expected to support the demand of machine monitoring market in this segment over the forecast period.
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North America held the largest share in the Machine Condition Monitoring Market
In 2020, North America held the largest share in the machine condition monitoring market, and expected to register strong growth over the forecast period. Well-developed automobile, aerospace, defense, and oil & gas industry coupled with high automation contributing for the large share of the market. On the other side, rapidly growing industrialization in Asia pacific is expected to spur the demand of machine monitoring over the forecast period.
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