Global Machine Condition Monitoring Market size is bound to reach USD 2.91 Billion by 2023, according to the latest findings of Market Research Future (MRFR) in its latest report. Preventive maintenance strategies are the norm across industries with increasing consumer demand and improvement in machine technologies. The market is estimated to exhibit a 5.55% CAGR over the forecast period (2017-2023). Vibration, noise, temperature, and leakage are indicators to be noticed for the maintenance of healthy machines.
The COVID-19 pandemic has greatly affected the machine condition monitoring systems market owing to restrictions on production and lack of supervision onsite. However, industrial automation and remote monitoring can revive the production of these systems and restore market growth. The lag of projects in Europe and Asia Pacific and temporary operational issues in supply chains has been witnessed in the market. “Maintenance from a distance” protocol initiated by various governments for returning the economy to normal can bode well for the market. For instance, Everactive has launched wireless Machine Health Monitoring solutions for its clients and provides analytics on compressors, pumps, fans, and motors.
Global Machine Condition Monitoring Market share is a high stakes game with companies offering a range of solutions on the basis of automation and semi-automation. Partnerships, acquisitions, and product launches are expected to be witnessed in the coming years for control over the market.
Global Machine Condition Monitoring Equipment Market report by MRFR focuses on drivers, challenges, niches, and threats for estimating the market size over the forecast period. It is segmented in the following manner for comprehension of readers:
|Market Size||USD 2.91 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Electric (U.S.), Parker-Hannifin (U.S.), Timken (U.S.), FLIR Systems (U.S.), PCB Piezotronics (U.S.), Rockwell Automation (U.S.), SKF (Sweden), Emerson Electric (U.S.), NSK (Japan)|
|Key Market Opportunities||The observations show biggest opportunities in equipment manufacturing as the optimization of maintenance and providing supporting services to enable cost savings.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
By 2023, the market is assessed to be valued at USD 2.91 Bn.
The market is anticipated to mark 5.55% CAGR over the forecast period.
The end-user segments of the global market are - power, chemical and petrochemical, oil and gas, pulp and paper, steel and metal, cement, pharmaceutical, food and beverage, and automotive.
The rising awareness about the systems, coupled with increasing adoption of advanced technologies, is expected to drive market growth.
Emerson Electric (U.S.), Rockwell Automation (U.S.), General Electric (U.S.), Timken (U.S.), SKF (Swedan), NSK (Japan), FLIR Systems (U.S.), Parker-Hannifin (U.S.), and PCB Piezotronics (U.S.).
The valuation of the regional market in 2016 was USD 754.77 Mn.
North America, Europe, Asia-Pacific (APAC), and the Rest of the world are covered in the report along with a country-level analysis for each of these regions.
Rising demand for the detection of machine faults is anticipated to facilitate the product to gain popularity in the coming years.