Machine Condition Monitoring System Market Expected to Expand at a Steady CAGR through 2025

Machine condition monitoring system helps in predicting the mechanical wear and failure by monitoring the condition of machine such as temperature, humidity, pressure, and others. Furthermore, noise, temperature, and vibration measurements are major key indicators of the state of equipment. Failure of equipment leads to huge loss, which fuels the adoption of machine condition monitoring system among various industry verticals such as oil & gas, metal & mining, food & beverage, and automotive.

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The global machine condition monitoring market is expected to register significant growth in the near future, due to technological advancement such as wireless technology and remote monitoring. These advancements enable industries to collect data and monitor the underlying equipment and processing of machine. In addition, remote monitoring provides real-time data to operator in the plant, and is the most preferred monitoring process in hazardous plants that work continuously and are highly prone to flaws. Moreover, it enables the operator to accurately collect data, further which can be communicated immediately to all the concerned authorities. Furthermore, the development of the wind energy market has contributed towards the growth of the machine condition monitoring system globally. However, lack of trained technical resources for data analysis is expected to restrain the market growth.

ALS Limited, Meggitt, National Instruments, Parker-Hannifin, Emerson Electric, General Electric, Honeywell, Rockwell Automation, Schaeffler, and Fluke are some of the key players operating in the global machine condition monitoring system market.

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Segment Overview

The global machine condition monitoring system market is segmented based on component, deployment type, industry vertical, and region. Depending on component, the market is divided into hardware and software. Hardware is further classified into vibration sensor & analyzer, infrared sensor, spectrum analyzers, ultrasound detectors, spectrometers, corrosion probes, and others. On the basis of deployment type, the market is bifurcated into cloud and on-premises. By industry vertical, it is fragmented into metals & mining, power generation, oil & gas, automotive, food & beverages, chemicals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of deployment type, cloud-based monitoring is expected to exhibit a significant growth in the machine condition monitoring market during the forecast period. Cloud-based deployment benefits organizations by offering 24/7 service, increased scalability & speed, and enhanced IT security. Moreover, rise in adoption of software-as-a-service (SaaS) applications by enterprises boost the market growth.

Region wise, Asia-Pacific is expected to grow at a significant growth rate. This is attributed to the fact that emerging economics such as China and India are witnessing an upsurge in penetration of Internet of Things (IoT). Moreover, increase in adoption of technologies for smart manufacturing, and reduction in operational costs drives the demand for machine condition monitoring solutions in this region

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