Machine Condition Monitoring Market Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025

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 The global machine condition monitoring market grew at a CAGR of around 8% during 2014-2019. Machine condition monitoring includes the measurement and control of temperature, humidity, and pressure in mechanical equipment. It is generally employed in pumps, rotating and electric motors, internal combustion engines (ICEs), and presses. The system offers vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound emission detection, and motor current analysis. These processes predict the mechanical wear and tear and diagnose the site of unwanted noise, vibration, and heat generation damaging the machine's components. Moreover, machine condition monitoring also facilitates proper scheduling of maintenance programs, reducing machine severity downtime, and ensuring equipment safety.

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Rapid digitization, along with several advancements in the oil and gas, automotive, defense, aerospace, manufacturing, food and beverage, and marine industries, is driving the demand for machine condition monitoring. Additionally, the emergence of secured cloud computing platforms, along with the rising integration of monitoring systems with the Internet-of-Things, is further propelling the market growth. Furthermore, growing awareness towards the preventive maintenance of industrial equipment is also bolstering the market. The widespread adoption of vibration monitoring systems to measure oscillations of components, such as belts, gears, bearings, drive motors, and other parts, also contribute to the market growth. Moreover, the introduction of advanced heating, ventilation, and air conditioning (HVAC) systems is expected to drive the demand for machine condition monitoring.

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Breakup by Monitoring Technique:

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis

Breakup by Offering:

  • Hardware
  • Software

Breakup by Deployment Type:

  • On-Premises
  • Cloud-based

Breakup by End Use Industry:

  • Oil and Gas              
  • Power Generation              
  • Metals and Mining
  • Chemicals
  • Automotive
  • Aerospace and Defense
  • Food and Beverages
  • Marine
  • Others

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Brüel & Kjær Vibro GmbH (Spectris Plc), Emerson Electric Co., Flir Systems, Fluke Corporation (Fortive), General Electric, Honeywell International, National Instruments, Parker Hannifin, PCB Piezotronics (MTS Systems Corporation), Rockwell Automation, Schaeffler Group, SKF, Symphony AzimaAI and Wilcoxon Sensing Technologies (Amphenol Corporation).

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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