Machine Condition Monitoring Market Research Report - Forecast 2027

Machine Condition Monitoring Market, By End Users (Power, Oil and Gas, Chemical and Petrochemical, Pulp and Paper, Cement, Steel and Metal, Pharmaceutical, Automotive, Food and Beverage) - Forecast 2027

ID: MRFR/SEM/2059-CR | May 2017 | Region: Global | 108 pages

Machine Condition Monitoring Market Overview

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 Machine Condition Monitoring 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.

COVID-19 Analysis

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.

Market Dynamics

  • Drivers

  • Opportunities

  • Restraints

  • Challenges

  • Cumulative Growth Analysis

  • Segment Analysis

  • Regional Analysis

  • Competitive Landscape

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.

Key Companies Covered in the Report

  • 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)

Recent Developments

  • Liebherr Group has introduced a predictive machine condition monitoring system for deck machinery. The Liebherr Intelligent Maintenance (LiMain) is a remote and semi-automatic maintenance system that alerts owners of repair and maintenance needs on cranes. It is bound to lower operational costs on offshore projects and vessels.

Report Scope

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:

By End-users

  • Food and Beverage

  • Chemical and Petrochemical

  • Oil and Gas

  • Pulp and Paper

  • Steel and Metal

  • Cement

  • Automotive

  • Pharmaceutical

Report Scope:
Report Attribute/Metric Details
  Market Size   USD 2.91 Billion
  CAGR   5.55%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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

  • The rising awareness about the systems, coupled with increasing adoption of advanced technologies.
  • Shift from preventive maintenance to predictive maintenance.

  • 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.