Machine Condition Monitoring System Market Forecast by 2030: Adopted Business Strategies by Global Leaders - Latest Coverage
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.
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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.
The scope of machine condition monitoring system is derived from different components. The report includes a micro-level study of different regions machine condition monitoring system for various applications. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of automotive filter outlining current trends, key driving factors, and potential areas for product investments.
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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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Top Impacting Factors
Technological advancement such as wireless technology & remote monitoring, transition from preventive to predictive maintenance across process industries, development of the wind energy market, unpredictable maintenance periods, and modification in old equipment are the significant factors that impact the growth of the global machine condition monitoring market. These factors are anticipated to either drive or hamper the market growth.
Growth of the Wind Energy Market
The growing wind energy market is one of the major drivers of machine condition monitoring market. In this market, wind turbines need to be operated as cheaply as possible to generate electricity at low cost. However, the maintenance costs of wind turbines are high owing to their remote location. Thus, this creates a demand for online machine monitoring system, as it is cost-effective as compared to portable diagnostic systems or route-based monitoring cost.
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