Machine Condition Monitoring Market - Snapshot
According to a new market report published by Transparency Market Research titled ‘Machine Condition Monitoring Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ the global machine condition monitoring market is projected to expand at a CAGR of 8.1% during the forecast period. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Advantages offered by machine condition monitoring, increased adoption of vibration sensors, increasing equipment performance and productivity, increasing adoption of machine condition monitoring in the automotive industry, rise in online machine monitoring, and increasing equipment performance and productivity have boosted the penetration and growth of the global machine condition monitoring market.
Vibration Monitoring Segment to Remain Highly Lucrative
Vibration monitoring is expected to continue to be the leading segment of the market during the forecast period, due to rise in adoption of vibration sensors for monitoring equipment condition. The vibration monitoring segment is projected to expand at a considerable CAGR of 7.9% over the forecast period from 2018 to 2026. Vibrations measurement is the most common method of determining the mechanical status of machinery and equipment for condition monitoring. The use of vibration monitoring for testing high- speed rotating equipment is increasing rapidly. These factors are expected to drive the vibration monitoring segment in the coming years.
The lubrication oil monitoring segment is projected to expand at a significant CAGR over the forecast period, owing to the increasing use of lubrication oil as it plays an important role in early machine failure detection.
North America and Asia Pacific to Continue to Hold a Significant Share in the Overall Market
Asia Pacific accounted for a significant revenue share in 2017 due to an increase in government regulation, high adoption of modern technologies for smart manufacturing, reduction in operational costs, and importance of security measures at workplaces. In Asia Pacific, multiple players are implementing cloud-based sensor networks for condition monitoring that avoid time-consuming and expensive downtime of much industrial equipment. In September 2018, Azima DLI, a provider of predictive machine condition monitoring and analysis services, launched WATCHMAN,’ its portable online intensive care condition monitoring system that can be quickly deployed by personnel in machines. Furthermore, the economies of China and India are growing at a robust pace, and there is rapid penetration of Internet of Things (IoT) in Asia Pacific. China held a significant share of the market in Asia Pacific in 2017. The market in the country is estimated to expand at a significant CAGR during the forecast period. The market in North America is expected to expand at a rapid CAGR during the forecast period. In North America, increase in government expenditure, presence of a large number of market players, and rise in awareness about highly advanced technologies are fueling the machine condition monitoring market. Demand for machine condition monitoring systems in North America is likely to remain concentrated in the U.S., owing to the rapid expansion of sectors such as oil and gas and energy and power. The market in Europe is likely to expand at a significant CAGR over the forecast period, owing to significant expansion in the automotive sector. The U.K. held a major share of the machine condition monitoring market in Europe in 2017.
In the Middle East & Africa (MEA), market players are increasing their investments to expand their physical presence. The market in GCC countries is expected to expand at a significant CAGR during the forecast period, driving investments for the development of condition monitoring technologies in the region. In South America, Brazil is expected to hold a significant market share throughout the forecast period.
The company profiling of key players in the global machine condition monitoring market includes company overview, major business strategies, SWOT analysis, and market revenues for the years 2016 to 2018. The key players profiled in the global machine condition monitoring market report include ALS Limited, Brüel & Kjær Vibro GmbH, Emerson Electric Co., Fluke Corporation, General Electric, Honeywell International, Meggitt SA, National Instruments, Parker Hannifin Corp, PRÜFTECHNIK Dieter Busch AG, Rockwell Automation, Inc., and Schaeffler Technologies AG & Co. KG, SKF. Various players are introducing machine condition monitoring systems with cloud technology and establishing partnerships with other players to meet the continuously rising demand for accurate and reliable equipment condition monitoring.
Machine Condition Monitoring Market - Overview
The report provides analysis of the global machine condition monitoring market for the period 2016–2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. Data for 2016 has been included as historical information. The report covers all the trends and technologies likely to affect the growth of the market during the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market. The study provides complete information about the market in terms of revenue (US$ Mn) across different regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report also highlights the key trends affecting the global market. Furthermore, region wise prominent countries/regions covered in the report include the U.S, Canada, Germany, France, the U.K., India, China, Japan, GCC, South Africa, and Brazil.
The report analyzes and forecasts the market for machine condition monitoring at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global machine condition monitoring market. It also covers the impact of these drivers and restraints on the market during the forecast period.
The report comprises a detailed value chain analysis which provides a comprehensive view of the global machine condition monitoring market. Porter’s Five Forces model for the machine condition monitoring market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-use industry are benchmarked based on their market size, growth rate, and general attractiveness.
Global Machine Condition Monitoring Market: Taxonomy
The report segments the market based on component, type, solution type, end-use industry, and region. In terms of component, the market has been classified into hardware, software, and services. Based on type, the market has been categorized into thermography, vibration monitoring, lubrication oil monitoring, acoustic emission monitoring, ultrasound monitoring, corrosion monitoring, current signature monitoring, and others. Based on solution type, the market has been divided into online monitoring, integrated monitoring, continuous remote monitoring, and route based monitoring. In terms of end-use industry, the market has been classified into aerospace & defense, automotive, oil & gas, metal & mining, marine, food & beverage, chemicals & pharmaceuticals, and others (paper & pulp, textile, utility).
Global Machine Condition Monitoring Market: Research Methodology
Secondary research sources that are typically referred to include company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across regions. Primary interviews are conducted on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global Machine Condition Monitoring Market: Competitive Dynamics
ALS Limited, Brüel & Kjær Vibro GmbH, Emerson Electric Co., Fluke Corporation, General Electric, Honeywell International, Meggitt SA, National Hardware, Parker Hannifin Corp, PRÜFTECHNIK Dieter Busch AG, Rockwell Automation, Inc., Schaeffler Technologies AG & Co. KG and SKF are the major players operating in the global machine condition monitoring market. Financials, SWOT analysis, business strategies, recent developments, and other strategic information pertaining to these players have been provided in the company profiles section. Various players are introducing machine condition monitoring systems with cloud technology and establishing partnerships with other players to meet the continuously rising demand for accurate and reliable equipment condition.
Global Machine Condition Monitoring Market
Global Machine Condition monitoring Market, by Component
Global Machine Condition monitoring Market, by Type
- Vibration Monitoring
- Lubrication Oil Monitoring
- Acoustic Emission Monitoring
- Ultrasound Monitoring
- Corrosion Monitoring
- Current Signature Monitoring
Global Machine Condition monitoring Market, by Solution Type
- Online Monitoring
- Integrated Monitoring
- Continuous Remote Monitoring
- Route Based Monitoring
Global Machine Condition monitoring Market, by End-use Industry
- Aerospace & Defense
- Oil & Gas
- Metal & Mining
- Food & Beverage
- Chemicals & Pharmaceuticals
- Others (paper & pulp, textile, utility)
Global Machine Condition Monitoring Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America