Machine Condition Monitoring Market To Expand At A CAGR Of 6.3% From 2021 To 2031

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.

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