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Machine Condition Monitoring Market

Machine Condition Monitoring Market (Component: Hardware, Software, and Services; Type: Thermography, Vibration Monitoring, Lubrication Oil Monitoring, Acoustic Emission Monitoring, Ultrasound Monitoring, Corrosion Monitoring, Current Signature Monitoring, and Others; Solution Type: Online Monitoring, Integrated Monitoring, Continuous Remote Monitoring, Route-based Monitoring, and Others; and End-use Industry: Aerospace & Defense, Automotive, Oil & Gas, Metal & Mining, Marine, Food & Beverage, Chemicals, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Machine Condition Monitoring Market Outlook 2031

  • The global machine condition monitoring market was valued over US$ 2.5 Bn in 2020
  • It is estimated to expand at a CAGR of 6.3% from 2021 to 2031
  • The global machine condition monitoring market is expected to reach the value of US$ 5 Bn by the end of 2031

Analysts’ Viewpoint on Machine Condition Monitoring Market Scenario

The emergence of advanced technologies to be used in the machine condition monitoring is expected to drive the global market during the forecast period. Key market players operating in the global machine condition monitoring market are adopting innovative strategies to pave their ways in the global market. Condition monitoring is used in the manufacturing sector to improve production efficiency and performance. The expansion of the machine condition monitoring market is majorly driven by increasing remote operations due to the rapid spread of COVID-19, booming wireless communication system, and popularity of cloud computing platforms. In addition, development of smart machineries, maintenance of industrial machinery, and adoption of automated condition monitoring technologies in industries are some of the other factors contributing to the market growth.

Technological Advancement and Adoption of Machine Learning and Big Data Analytics

In machine condition monitoring, various parameters are monitored such as vibration measurement, current & voltage, position sensing, airflow, pressure, sound anomaly detection, speed & direction measurement, data processing, oil monitoring, and secured connection & authentication. Introduction and acceptance of advanced technologies such as ML and Big Data analytics are considered to be major growth drivers for the machine condition monitoring market during the forecast period. Big Data analytics are increasingly being used in machine condition monitoring due to its ability to process the large volumes of data.

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Rising Demand from Industry 4.0 Applications Driving Global Market

There is an increasing demand for Industry 4.0 applications to enhance the operational performance of machineries. Due to the unavailability of skilled labors, there is an increasing demand for connected solutions. The growing adoption of automated systems and tools in various industries is expected to drive the expansion of the global machine condition monitoring market in the upcoming years. Condition monitoring systems are among key IIoT technologies driving Industry 4.0. These systems use predictive and cognitive analytics and ML to automate and streamline preventative maintenance. This method offers lower maintenance cost. There are increasing opportunities for manufacturers operating in the machine condition monitoring market during the forecast period.

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Increasing Adoption of Predictive Maintenance of Industrial Machinery

Predictive maintenance is increasingly being adopted by various end-use industries to maintain machineries and reduce the risk of damage. It is a technique used in industries to monitor the condition of equipment to find out the correct time for maintenance of those machineries and equipment. Predictive maintenance is the innovative technique for predicting machine failure. Predictive maintenance uses various tools, and condition monitoring is one of them. The growing popularity of predictive maintenance is due to the emergence of smart factories across the globe.

Machine condition monitoring is the ability to check the health of a machine over a period of time. It can be used to increase the efficiency of equipment and boost the performance. It also includes wear & tear on parts, performance indications such as defective part output, usage information, and maintenance statistics. This has made manufacturers to improve productivity of tools and machineries by reducing cost. The manufacturing sector across the globe is also making use of predictive maintenance and machine condition monitoring for all the benefits it provides.

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COVID-19 Impact on Machine Condition Monitoring Market

The COVID-19 pandemic across the globe has impacted the global economy. Many developed nations have imposed strict lockdowns, restriction on travel, etc. It has caused a majority of businesses across the globe to crumble, owing to halted production and manufacturing activities. This, in turn, is likely to pose a challenge for the global machine condition monitoring market. However, growth as remote operations across the globe during the COVID-19 pandemic is expected to create opportunities for market players in the machine condition monitoring market. There is an increasing demand for condition monitoring systems and solutions in the upcoming years. After the recovery from coronavirus, the machine condition monitoring market is projected to grow at a moderate rate as various market leaders are adopting innovating strategies to increase growth opportunities in the global machine condition monitoring market.

The increasing popularity of condition monitoring solutions is due to its ability to maximize production output through outage prevention, reduce maintenance costs through effective incident management, and extend the lifespan of the equipment through machine condition monitoring.

Machine Condition Monitoring Market: Overview

  • According to Transparency Market Research’s latest research report on the global machine condition monitoring market for the historical period 2017–2019 and the forecast period 2022–2031. Machine condition monitoring is the ability to assess the health of a machine over a period of time. This can include its efficiency, as efficiency losses can suggest a deeper issue. Wear and tear on parts, performance indications such as defective part output, usage information, and maintenance statistics are also included.
  • Condition monitoring is critical in lean manufacturing facilities, because it lowers downtime, improves production efficiency, and aids in cost forecasting, spare parts supply, maintenance needs and timing, as well as more precise production forecasting.
  • Various parameters are monitored under machine monitoring systems such as airflow, pressure, current and voltage, position sensing, sound anomaly detection, vibration measurement, speed and direction measurement, data processing, oil monitoring, and secured connection and authentication.

Increase in Demand from Industry 4.0 Applications: Key Driver of Machine Condition Monitoring Market

  • Manufacturing is being forced to become leaner and rely more on connected solutions in order to satisfy the demand with desired quality at competitive price points due to a growing scarcity of labor. The focus of Industry 4.0 is on enhancing operational efficiencies through automation. Condition monitoring systems are among the key IIoT technologies driving Industry 4.0. They use predictive and cognitive analytics, as well as machine learning to automate and streamline preventative maintenance.
  • Identifying important assets that need to be monitored and potential risks associated with their operation can be utilized to implement condition monitoring. Identifying the necessary corrective measures when condition monitoring data shows anomalies.
  • Previously, preventive maintenance helped minimize machine downtime and avoid unscheduled outages. The advent of Industry 4.0 has brought about a new way of ensuring machine availability. This method involves constant machine data monitoring to detect wear, making it easier to schedule repairs and reducing downtime. There's also the possibility of lower maintenance expenses because only worn-out components need to be replaced.
  • Condition monitoring solutions maximize production output through outage prevention, reduce maintenance costs through effective incident management, and extend the lifespan of the equipment through machine condition monitoring

Emergence of Predictive Maintenance of Industrial Machinery

  • Predictive maintenance is recognized as one of the most innovative solutions for predicting machine failure and is employed in various industry sectors. Predictive maintenance is a technique developed to assist in monitoring the condition of equipment in order to determine the correct time for maintenance work. Predictive maintenance utilizes various tools, and condition monitoring is one of them.
  • Predictive maintenance is becoming increasingly important in smart factories. It enables users to better forecast when machine maintenance is required based on real-time data from the machines themselves.
  • Ability to accurately track machine performance and failures before they occur is helping manufacturers improve productivity and reduce wasted time and costs
  • Predictive maintenance is rapidly gaining acceptance in the manufacturing sector around the world because of the benefits it provides. It is only carried out when plant machinery requires repairs to avoid impending failures, allowing for the necessary, cost-effective downtime to be planned at a convenient time.

Machine Condition Monitoring Market: Competition Landscape

  • Adoption of new technologies has prompted major players in the machine condition monitoring market to adopted various strategies, while some of them hold the advantage of the high end technology to lead the market
  • Detailed profiles of providers of machine condition monitoring have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Some of the leading players operating in the global machine condition monitoring market are
    • Baker Hughes Company (US)
    • Emerson Electric Co. (US)
    • General Electric Co. (US)
    • Honeywell International Inc. (US)
    • National Instruments Corp. (US)
    • SKF AB (Sweden)
    • ALS Ltd. (Australia)
    • Wilcoxon Sensing Technologies Inc. (US)
    • Parker Hannifin Corp. (US)
    • Rockwell Automation Inc. (US)
    • Schaeffler AG (Germany)
    • Bruel & Kjaer (Denmark)
    • Symphony Industrial AI Inc. (US)
    • Banner Engineering Corp (US)

Machine Condition Monitoring Market: Key Developments

  • Key providers of the machine condition monitoring, such as Baker Hughes Company (US), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), National Instruments Corp. (US), SKF AB (Sweden), are focused on customer acquisition, mergers, and collaboration and new product launches. Other key developments in the global machine condition monitoring market have been highlighted below:
    • In March 2022, Baker Hughes acquired Qi2 Elements to expand inspection solutions for critical energy infrastructure
    • In September 2021, Baker Hughes and SABIC signed a strategic framework alliance agreement for asset performance management services. This would have five-year agreement to deliver condition monitoring and machine health protection solutions across SABIC sites in Saudi Arabia.
    • In May 2021, NI released new wireless hardware for online asset condition monitoring, with InsightCM and the new wireless devices, plant maintenance teams that rely on manual, route-based data collection for plant assets can achieve daily visibility into machine health
    • In April 2020, SKF collaborated with wireless specialist LumenRadio to enhance automated machine monitoring. Collaborating with wireless specialist LumenRadio, SKF developed a new wireless sensor as part of a condition monitoring system for improving rotating equipment performance programs on a scale previously considered uneconomic.
  • In the global machine condition monitoring market report, we have discussed individual strategies, followed by company profiles. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view, company market share analysis and product overview of key players operating in the global machine condition monitoring market.

Machine Condition Monitoring Market Snapshot

Attribute

Detail

Market Size Value in 2020

US$ 2,593.16 Mn

Market Forecast Value in 2031

US$ 5,068.11 Mn

Growth Rate (CAGR)

6.3%

Forecast Period

2021‒2031

Quantitative Units

US$ Mn for Value

Market Analysis

It includes segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porters Five Forces analysis, supply chain analysis, parent industry overview, etc.

Competitive Landscape

  • Product Overview
  • Market Share Analysis by Company (2020)
  • Company Profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy & recent developments, key financials, etc.

Format

Electronic (PDF) + Excel

Key Market Segments Covered

  • By Component
    • Hardware
    • Software
    • Services
  • By Type
    • Thermography
    • Vibration Monitoring
    • Lubrication Oil Monitoring
    • Acoustic Emission Monitoring
    • Ultrasound Monitoring
    • Corrosion Monitoring
    • Current Signature Monitoring
    • Others
  • By Solution Type
    • Online Monitoring
    • Integrated Monitoring
    • Continuous Remote Monitoring
    • Route-based Monitoring
    • Others
  • By End-use Industry
    • Aerospace & Defense
    • Automotive
    • Oil & Gas
    • Metal & Mining
    • Marine
    • Food & Beverage
    • Chemicals
    • Others

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Key Companies Profiled

  • Baker Hughes Company (US)
  • Emerson Electric Co. (US)
  • General Electric Co. (US)
  • Honeywell International Inc. (US)
  • National Instruments Corp. (US)
  • SKF AB (Sweden)
  • ALS Ltd. (Australia)
  • Wilcoxon Sensing Technologies Inc. (US)
  • Parker Hannifin Corp. (US)
  • Rockwell Automation Inc. (US)
  • Schaeffler AG (Germany)
  • Bruel & Kjaer (Denmark)
  • Symphony Industrial AI Inc. (US)
  • Banner Engineering Corp (US)

Customization Scope

Available upon Request

Pricing

Available upon Request

Machine Condition Monitoring Market – Segmentation

TMR’s study on the global machine condition monitoring market segments the market based on component, solution type, type, end-use industry, and region. Changing market trends and other crucial market dynamics associated with segments of the global machine condition monitoring market have been discussed in detail in TMR’s study.

Component
  • Hardware
  • Software
  • Services
Type
  • Thermography
  • Vibration Monitoring
  • Lubrication Oil Monitoring
  • Acoustic Emission Monitoring
  • Ultrasound Monitoring
  • Corrosion Monitoring
  • Current Signature Monitoring
  • Others
Solution Type
  • Online Monitoring
  • Integrated Monitoring
  • Continuous Remote Monitoring
  • Route Based Monitoring
  • Others
End-use Industry
  • Aerospace & Defense
  • Automotive
  • Oil & Gas
  • Metal & Mining
  • Marine
  • Food & Beverage
  • Chemicals
  • Others
Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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Frequently Asked Questions

What is the Machine Condition Monitoring Market size?

Machine Condition Monitoring Market is projected to reach US$ 5 Bn by the end of 2031

What is the CAGR for Machine Condition Monitoring Market?

Machine Condition Monitoring Market is expected to grow at a CAGR of 6.3% during 2021-2031

What is the Study Period of Machine Condition Monitoring Market?

Machine Condition Monitoring Market is studied from 2021-2031

Who are the key players in the Machine Condition Monitoring Market?

Key vendors in the Machine Condition Monitoring Market are Baker Hughes Company (US), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), National Instruments Corp. (US), SKF AB (Sweden), ALS Ltd. (Australia), Wilcoxon Sensing Technologies Inc. (US), Parker Hannifin Corp. (US), Rockwell Automation Inc. (US), Schaeffler AG (Germany), Bruel & Kjaer (Denmark), Symphony Industrial AI Inc. (US), and Banner Engineering Corp (US)

Which Region Lead Machine Condition Monitoring Market?

Asia Pacific and North America region Takes Lead in the Machine Condition Monitoring Market

1. Preface

    1.1. Research Scope

    1.2. Machine Condition Monitoring Market Overview

    1.3. Market and Segments Definition

    1.4. Market Taxonomy

    1.5. Research Methodology

    1.6. Assumption and Acronyms

2. Executive Summary

    2.1. Global Machine Condition Monitoring Market Analysis and Forecast

    2.2. Regional Outline

    2.3. Market Dynamics Snapshot

    2.4. Competition Blueprint

3. Market Dynamics

    3.1. Macro-economic Factors

    3.2. Key Market Indicator

    3.3. Drivers

    3.4. Restraints

    3.5. Opportunities

    3.6. Key Trends

4. Associated Industry and Key Indicator Assessment

    4.1. Parent Industry Overview – Condition Monitoring Industry Overview

    4.2. Supply Chain Analysis

    4.3. Industry SWOT Analysis

    4.4. Porter Five Forces Analysis

    4.5. COVID-19 Impact Analysis

5. Global Machine Condition Monitoring Market Analysis, by Component

    5.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

        5.1.1. Hardware

        5.1.2. Software

        5.1.3. Services

    5.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by Component

6. Global Machine Condition Monitoring Market Analysis, by Type

    6.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

        6.1.1. Thermography

        6.1.2. Vibration Monitoring

        6.1.3. Lubrication Oil Monitoring

        6.1.4. Acoustic Emission Monitoring

        6.1.5. Ultrasound Monitoring

        6.1.6. Corrosion Monitoring

        6.1.7. Current Signature Monitoring

        6.1.8. Others

    6.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by Type

7. Global Machine Condition Monitoring Market Analysis, by Solution Type

    7.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

        7.1.1. Online Monitoring

        7.1.2. Integrated Monitoring

        7.1.3. Continuous Remote Monitoring

        7.1.4. Route Based Monitoring

        7.1.5. Others

    7.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by Solution Type

8. Global Machine Condition Monitoring Market Analysis, by End-use Industry

    8.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

        8.1.1. Aerospace & Defense

        8.1.2. Automotive

        8.1.3. Oil & Gas

        8.1.4. Metal and Mining

        8.1.5. Marine

        8.1.6. Food & Beverage

        8.1.7. Chemicals

        8.1.8. Others

    8.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by End-use Industry

9. Global Machine Condition Monitoring Market Analysis and Forecast, by Region

    9.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Region, 2017 – 2031

        9.1.1. North America

        9.1.2. Europe

        9.1.3. Asia Pacific

        9.1.4. Middle East & Africa

        9.1.5. South America

    9.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by Region

10. North America Machine Condition Monitoring Market Analysis and Forecast

    10.1. Market Snapshot

    10.2. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

        10.2.1. Hardware

        10.2.2. Software

        10.2.3. Services

    10.3. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

        10.3.1. Thermography

        10.3.2. Vibration Monitoring

        10.3.3. Lubrication Oil Monitoring

        10.3.4. Acoustic Emission Monitoring

        10.3.5. Ultrasound Monitoring

        10.3.6. Corrosion Monitoring

        10.3.7. Current Signature Monitoring

        10.3.8. Others

    10.4. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

        10.4.1. Online Monitoring

        10.4.2. Integrated Monitoring

        10.4.3. Continuous Remote Monitoring

        10.4.4. Route Based Monitoring

        10.4.5. Others

    10.5. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

        10.5.1. Aerospace & Defense

        10.5.2. Automotive

        10.5.3. Oil & Gas

        10.5.4. Metal and Mining

        10.5.5. Marine

        10.5.6. Food & Beverage

        10.5.7. Chemicals

        10.5.8. Others

    10.6. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017 – 2031

        10.6.1. U.S.

        10.6.2. Canada

        10.6.3. Rest of North America

    10.7. North America Machine Condition Monitoring Market Attractiveness Analysis

        10.7.1. By Component

        10.7.2. By Type

        10.7.3. By solution Type

        10.7.4. By End-use Industry

        10.7.5. By Country & Sub-region

11. Europe Machine Condition Monitoring Market Analysis and Forecast

    11.1. Market Snapshot

    11.2. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

        11.2.1. Hardware

        11.2.2. Software

        11.2.3. Services

    11.3. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

        11.3.1. Thermography

        11.3.2. Vibration Monitoring

        11.3.3. Lubrication Oil Monitoring

        11.3.4. Acoustic Emission Monitoring

        11.3.5. Ultrasound Monitoring

        11.3.6. Corrosion Monitoring

        11.3.7. Current Signature Monitoring

        11.3.8. Others

    11.4. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

        11.4.1. Online Monitoring

        11.4.2. Integrated Monitoring

        11.4.3. Continuous Remote Monitoring

        11.4.4. Route Based Monitoring

        11.4.5. Others

    11.5. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

        11.5.1. Aerospace & Defense

        11.5.2. Automotive

        11.5.3. Oil & Gas

        11.5.4. Metal and Mining

        11.5.5. Marine

        11.5.6. Food & Beverage

        11.5.7. Chemicals

        11.5.8. Others

    11.6. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017‒2031

        11.6.1. U.K.

        11.6.2. Germany

        11.6.3. France

        11.6.4. Rest of Europe

    11.7. Europe Machine Condition Monitoring Market Attractiveness Analysis

        11.7.1. By Component

        11.7.2. By Type

        11.7.3. By solution Type

        11.7.4. By End-use Industry

        11.7.5. By Country & Sub-region

12. Asia Pacific Machine Condition Monitoring Market Analysis and Forecast

    12.1. Market Snapshot

    12.2. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

        12.2.1. Hardware

        12.2.2. Software

        12.2.3. Services

    12.3. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

        12.3.1. Thermography

        12.3.2. Vibration Monitoring

        12.3.3. Lubrication Oil Monitoring

        12.3.4. Acoustic Emission Monitoring

        12.3.5. Ultrasound Monitoring

        12.3.6. Corrosion Monitoring

        12.3.7. Current Signature Monitoring

        12.3.8. Others

    12.4. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

        12.4.1. Online Monitoring

        12.4.2. Integrated Monitoring

        12.4.3. Continuous Remote Monitoring

        12.4.4. Route Based Monitoring

        12.4.5. Others

    12.5. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

        12.5.1. Aerospace & Defense

        12.5.2. Automotive

        12.5.3. Oil & Gas

        12.5.4. Metal and Mining

        12.5.5. Marine

        12.5.6. Food & Beverage

        12.5.7. Chemicals

        12.5.8. Others

    12.6. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017‒2031

        12.6.1. China

        12.6.2. India

        12.6.3. Japan

        12.6.4. South Korea

        12.6.5. ASEAN

        12.6.6. Rest of Asia Pacific

    12.7. Asia Pacific Machine Condition Monitoring Market Attractiveness Analysis

        12.7.1. By Component

        12.7.2. By Type

        12.7.3. By Solution Type

        12.7.4. By End-use Industry

        12.7.5. By Country & Sub-region

13. Middle East & Africa (MEA) Machine Condition Monitoring Market Analysis and Forecast

    13.1. Market Snapshot

    13.2. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

        13.2.1. Hardware

        13.2.2. Software

        13.2.3. Services

    13.3. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

        13.3.1. Thermography

        13.3.2. Vibration Monitoring

        13.3.3. Lubrication Oil Monitoring

        13.3.4. Acoustic Emission Monitoring

        13.3.5. Ultrasound Monitoring

        13.3.6. Corrosion Monitoring

        13.3.7. Current Signature Monitoring

        13.3.8. Others

    13.4. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

        13.4.1. Aerospace & Defense

        13.4.2. Automotive

        13.4.3. Oil & Gas

        13.4.4. Metal and Mining

        13.4.5. Marine

        13.4.6. Food & Beverage

        13.4.7. Chemicals

        13.4.8. Others

    13.5. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

        13.5.1. Online Monitoring

        13.5.2. Integrated Monitoring

        13.5.3. Continuous Remote Monitoring

        13.5.4. Route Based Monitoring

        13.5.5. Others

    13.6. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017‒2031

        13.6.1. GCC

        13.6.2. South Africa

        13.6.3. Rest of Middle East & Africa

    13.7. MEA Machine Condition Monitoring Market Attractiveness Analysis

        13.7.1. By Component

        13.7.2. By Type

        13.7.3. By Solution Type

        13.7.4. By End-use Industry

        13.7.5. By Country & Sub-region

14. South America Machine Condition Monitoring Market Analysis and Forecast

    14.1. Market Snapshot

    14.2. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

        14.2.1. Hardware

        14.2.2. Software

        14.2.3. Services

    14.3. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

        14.3.1. Thermography

        14.3.2. Vibration Monitoring

        14.3.3. Lubrication Oil Monitoring

        14.3.4. Acoustic Emission Monitoring

        14.3.5. Ultrasound Monitoring

        14.3.6. Corrosion Monitoring

        14.3.7. Current Signature Monitoring

        14.3.8. Others

    14.4. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

        14.4.1. Online Monitoring

        14.4.2. Integrated Monitoring

        14.4.3. Continuous Remote Monitoring

        14.4.4. Route Based Monitoring

        14.4.5. Others

    14.5. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

        14.5.1. Aerospace & Defense

        14.5.2. Automotive

        14.5.3. Oil & Gas

        14.5.4. Metal and Mining

        14.5.5. Marine

        14.5.6. Food & Beverage

        14.5.7. Chemicals

        14.5.8. Others

    14.6. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017‒2031

        14.6.1. Brazil

        14.6.2. Rest of South America

    14.7. South America Machine Condition Monitoring Market Attractiveness Analysis

        14.7.1. By Component

        14.7.2. By Type

        14.7.3. By Solution Type

        14.7.4. By End-use Industry

        14.7.5. By Country & Sub-region

15. Competition Assessment

    15.1. Global Machine Condition Monitoring Market Competition Matrix - a Dashboard View

    15.2. Global Machine Condition Monitoring Market Company Share Analysis, by Value (2020)

16. Company Profiles (Manufacturers/Suppliers)

    16.1. ALS Ltd. (Australia)

        16.1.1. Overview

        16.1.2. Product Portfolio

        16.1.3. Sales Footprint

        16.1.4. Key Subsidiaries or Distributors

        16.1.5. Strategy and Recent Developments

        16.1.6. Key Financials

    16.2. Baker Hughes Company (US)

        16.2.1. Overview

        16.2.2. Product Portfolio

        16.2.3. Sales Footprint

        16.2.4. Key Subsidiaries or Distributors

        16.2.5. Strategy and Recent Developments

        16.2.6. Key Financials

    16.3. Banner Engineering Corp (US)

        16.3.1. Overview

        16.3.2. Product Portfolio

        16.3.3. Sales Footprint

        16.3.4. Key Subsidiaries or Distributors

        16.3.5. Strategy and Recent Developments

        16.3.6. Key Financials

    16.4. Bruel & Kjaer (Denmark)

        16.4.1. Overview

        16.4.2. Product Portfolio

        16.4.3. Sales Footprint

        16.4.4. Key Subsidiaries or Distributors

        16.4.5. Strategy and Recent Developments

        16.4.6. Key Financials

    16.5. Emerson Electric Co. (US)

        16.5.1. Overview

        16.5.2. Product Portfolio

        16.5.3. Sales Footprint

        16.5.4. Key Subsidiaries or Distributors

        16.5.5. Strategy and Recent Developments

        16.5.6. Key Financials

    16.6. General Electric Co. (US)

        16.6.1. Overview

        16.6.2. Product Portfolio

        16.6.3. Sales Footprint

        16.6.4. Key Subsidiaries or Distributors

        16.6.5. Strategy and Recent Developments

        16.6.6. Key Financials

    16.7. Honeywell International Inc. (US)

        16.7.1. Overview

        16.7.2. Product Portfolio

        16.7.3. Sales Footprint

        16.7.4. Key Subsidiaries or Distributors

        16.7.5. Strategy and Recent Developments

        16.7.6. Key Financials

    16.8. National Instruments Corp. (US)

        16.8.1. Overview

        16.8.2. Product Portfolio

        16.8.3. Sales Footprint

        16.8.4. Key Subsidiaries or Distributors

        16.8.5. Strategy and Recent Developments

        16.8.6. Key Financials

    16.9. Parker Hannifin Corp. (US)

        16.9.1. Overview

        16.9.2. Product Portfolio

        16.9.3. Sales Footprint

        16.9.4. Key Subsidiaries or Distributors

        16.9.5. Strategy and Recent Developments

        16.9.6. Key Financials

    16.10. Rockwell Automation Inc. (US)

        16.10.1. Overview

        16.10.2. Product Portfolio

        16.10.3. Sales Footprint

        16.10.4. Key Subsidiaries or Distributors

        16.10.5. Strategy and Recent Developments

        16.10.6. Key Financials

    16.11. Schaeffler AG (Germany)

        16.11.1. Overview

        16.11.2. Product Portfolio

        16.11.3. Sales Footprint

        16.11.4. Key Subsidiaries or Distributors

        16.11.5. Strategy and Recent Developments

        16.11.6. Key Financials

    16.12. SKF AB (Sweden)

        16.12.1. Overview

        16.12.2. Product Portfolio

        16.12.3. Sales Footprint

        16.12.4. Key Subsidiaries or Distributors

        16.12.5. Strategy and Recent Developments

        16.12.6. Key Financials

    16.13. Symphony Industrial AI Inc. (US)

        16.13.1. Overview

        16.13.2. Product Portfolio

        16.13.3. Sales Footprint

        16.13.4. Key Subsidiaries or Distributors

        16.13.5. Strategy and Recent Developments

        16.13.6. Key Financials

    16.14. Wilcoxon Sensing Technologies Inc. (US)

        16.14.1. Overview

        16.14.2. Product Portfolio

        16.14.3. Sales Footprint

        16.14.4. Key Subsidiaries or Distributors

        16.14.5. Strategy and Recent Developments

        16.14.6. Key Financials

17. Recommendation

    17.1. Opportunity Assessment

        17.1.1. By Component

        17.1.2. By Type

        17.1.3. By Solution Type

        17.1.4. By End-use Industry

        17.1.5. By Region

List of Tables

Table 1: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

Table 2: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

Table 3: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

Table 4: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

Table 5: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

Table 6: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

Table 7: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

Table 8: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

Table 9: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

Table 10: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

Table 11: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

Table 12: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

Table 13: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

Table 14: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

Table 15: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

Table 16: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

Table 17: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

Table 18: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

Table 19: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

Table 20: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

Table 21: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

Table 22: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

Table 23: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

Table 24: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

Table 25: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

Table 26: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

Table 27: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

Table 28: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

Table 29: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

Table 30: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031 

List of Figures

Figure 01: Global Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

Figure 02: Global Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

Figure 03: Global Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

Figure 04: Global Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

Figure 05: Global Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

Figure 06: Global Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

Figure 07: Global Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

Figure 08: Global Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

Figure 09: Global Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

Figure 10: Global Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

Figure 11: Global Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

Figure 12: Global Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

Figure 13: Global Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

Figure 14: Global Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

Figure 15: Global Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

Figure 16: Global Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

Figure 17: Global Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

Figure 18: North America Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

Figure 19: North America Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

Figure 20: North America Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

Figure 21: North America Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

Figure 22: North America Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

Figure 23: North America Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

Figure 24: North America Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

Figure 25: North America Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

Figure 26: North America Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

Figure 27: North America Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

Figure 28: North America Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

Figure 29: North America Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

Figure 30: North America Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

Figure 31: North America Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

Figure 32: North America Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

Figure 33: North America Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

Figure 34: North America Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

Figure 35: Europe Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

Figure 36: Europe Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

Figure 37: Europe Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

Figure 38: Europe Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

Figure 39: Europe Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

Figure 40: Europe Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

Figure 41: Europe Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

Figure 42: Europe Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

Figure 43: Europe Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

Figure 44: Europe Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

Figure 45: Europe Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

Figure 46: Europe Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

Figure 47: Europe Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

Figure 48: Europe Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

Figure 49: Europe Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

Figure 50: Europe Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

Figure 51: Europe Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

Figure 52: Asia Pacific Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

Figure 53: Asia Pacific Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

Figure 54: Asia Pacific Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

Figure 55: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

Figure 56: Asia Pacific Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

Figure 57: Asia Pacific Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

Figure 58: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

Figure 59: Asia Pacific Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

Figure 60: Asia Pacific Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

Figure 61: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

Figure 62: Asia Pacific Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

Figure 63: Asia Pacific Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

Figure 64: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

Figure 65: Asia Pacific Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

Figure 66: Asia Pacific Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

Figure 67: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

Figure 68: Asia Pacific Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

Figure 69: MEA Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

Figure 70: MEA Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

Figure 71: MEA Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

Figure 72: MEA Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

Figure 73: MEA Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

Figure 74: MEA Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

Figure 75: MEA Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

Figure 76: MEA Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

Figure 77: MEA Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

Figure 78: MEA Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

Figure 79: MEA Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

Figure 80: MEA Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

Figure 81: MEA Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

Figure 82: MEA Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

Figure 83: MEA Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

Figure 84: MEA Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

Figure 85: MEA Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

Figure 86: South America Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

Figure 87: South America Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

Figure 88: South America Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

Figure 89: South America Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

Figure 90: South America Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

Figure 91: South America Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

Figure 92: South America Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

Figure 93: South America Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

Figure 94: South America Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

Figure 95: South America Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

Figure 96: South America Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

Figure 97: South America Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

Figure 98: South America Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

Figure 99: South America Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

Figure 100: South America Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

Figure 101: South America Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

Figure 102: South America Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

Figure 103: Global Machine Condition Monitoring Market Company Share Analysis

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