Machine Condition Monitoring Market – Global Opportunities and Forecast, 2020-2027

 The report prepared by the GMI Research includes an in-depth analysis of the global market and a thorough research undertaken by the analysts. An extensive study of this market alongside the fundamental aspects that may influence the commercialization graph of this industry has been given in the study. The market study covers various aspects such as geographical growth opportunities, market size, and important vendors in the market, driving factors, segmental evaluation, constraints, and competitive landscape.

Top Companies of the Machine Condition Monitoring Market:

·         General Electric

·         Honeywell International, Inc

·         Rockwell Automation, Inc.

·         National Instruments Corporation

·         AB SKF

·         Wilcoxon Sensing Technologies

·         ALS

·         Parker-Hannifin Corporation

·         Schaeffler Technologies AG & Co. KG

·         Symphony AzimaAI

·         Bruel & Kjaer

Drivers of the Machine Condition Monitoring Market:

The primary factors fuelling the growth of the global machine condition monitoring market include the rising usage of cloud platforms in condition monitoring solutions, the growing acceptance of wireless communication technology in machine condition monitoring, coupled with the increasing disposition towards predictive maintenance. The rising adoption of automated condition monitoring technologies, followed by the increasing penetration of smart factories, will further promote the adoption of machine condition monitoring globally.

The increasing emphasis on decreasing maintenance costs and minimizing the chances of the machine's unpredicted failure is encouraging the manufacturers to opt for machine condition monitoring systems. The growing adoption of machine condition monitoring across various industries such as metal & mining, oil & gas, automotive, food & beverages, and aerospace & defense are further surging the growth of the market. The machine condition monitoring system provides remarkable advantages such as improving safety, minimizing maintenance cost, enhancing operational efficiency, raising machine reliability and availability, and reducing the chances of chronic failure, thus surging the life span of machine. Additionally, the increasing adoption of advanced technologies such as big data analytics, machine learning, and industrial internet of Things (IIoT) across industries will attract many end-users towards the global machine condition monitoring market. On the other edge of the spectrum, the limited availability of skilled resources for data analysis and the rising reliability concerns in the prediction capabilities of machine condition monitoring technology will hinder the market during the forecast period.

Segmentation of the Machine Condition Monitoring Market:

By Offering:

·         Hardware

o    Vibration Sensors

§   Accelerometers

§   Proximity Probes

§   Tachometers

o    Infrared Sensors

§   Thermal Infrared Sensors

§   Quantum Infrared Sensors

o    Spectrometers

§   Infrared Spectrometers

§   Ultraviolet Spectrometers

§   Atomic Spectrometers

§   Mass Spectrometers

o    Ultrasound Detectors

§   Sound Pressure Meters

§   Stethoscopes

§   Ultrasonic Leak Detectors

o    Spectrum Analyzers

§   Swept Spectrum Analyzers

§   Real-time Spectrum Analyzers

o    Corrosion Probes

o    Others

·         Software

o    Data Integration

o    Diagnostic Reporting

o    Order Tracking Analysis

o    Parameter Calculation

By Deployment:

·         On-Premises

·         Cloud

By Monitoring Process:

·         Online Condition Monitoring

·         Portable Condition Monitoring

By Industry:

·         Oil & Gas

·         Power Generation

·         Metals & Mining

·         Chemicals

·         Automotive

·         Aerospace & Defense

·         Food & Beverages

·         Marine

·         Others (Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics)

By Region:

·         North America

o   United States of America

o   Canada

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

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