Machine Condition Monitoring Market Estimated to Exceed US$ 3.6 Billion Globally By 2027 | CAGR of 7%

According to IMARC Group latest report titled "Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on machine condition monitoring market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global machine condition monitoring market size reached US$ 2.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.6 Billion by 2027, exhibiting a growth rate (CAGR) of 7% during 2022-2027

Machine condition monitoring is the process of analyzing a machine's condition using data analysis software that detects changes to specific parameters that may indicate an impending mechanical failure. It also offers a historical account of machine health and the necessary measures for the future. Monitoring and noting equipment irregularities continuously improves long-term asset health and maintenance processes and practices as well as enables more informed decisions about optimization and maintenance. As a result, it is extensively utilized on with compressors, internal combustion engines and rotating equipment, such as gearboxes, reciprocating machines, and centrifugal machines.

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Market Trends:

The market is primarily driven by the widespread deployment of automatic condition monitoring systems in smart factories due to increased awareness among manufacturers. Moreover, the rapid utilization of advanced technologies, such as the internet of things (IoT) and artificial intelligence (AI), for enhanced productivity and plant operations is fueling the market. Some of the other factors creating a positive outlook for the market include the escalating need for remote supervision and operational control over manufacturing and processing plants advent due to the COVID-19 pandemic outbreak, the advent of Industry 4.0, and extensive research and development (R&D) activities.

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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
• Brüel & Kjær Vibro GmbH (Spectris Plc)
• Emerson Electric Co.
• Flir Systems
• Fluke Corporation (Fortive)
• General Electric
• Honeywell International
• National Instruments
• Parker Hannifin
• PCB Piezotronics (MTS Systems Corporation)
• Rockwell Automation
• Schaeffler Group
• SKF
• Symphony AzimaAI
• Wilcoxon Sensing Technologies (Amphenol Corporation)

Machine Condition Monitoring Market Segmentation:

Our report has categorized the market based on region, monitoring technique, offering, deployment type and end use industry.

Breakup by Monitoring Technique:
• Vibration Monitoring
• Thermography
• Oil Analysis
• Corrosion Monitoring
• Ultrasound Emission
• Motor Current Analysis

Breakup by Offering:
• Hardware
• Software

Breakup by Deployment Type:
• On-Premises
• Cloud-based

Breakup by End Use Industry:
• Oil and Gas
• Power Generation
• Metals and Mining
• Chemicals
• Automotive
• Aerospace and Defense
• Food and Beverages
• Marine
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.