Press release
Market for Machine Condition Monitoring Projected to Reach $5.2 Billion by 2029
Meticulous Research®, a prominent global market research firm, has unveiled its latest research report titled 'Machine Condition Monitoring Market.' This comprehensive study delves into various facets of the market, including components (Hardware, Software), processes (Online, Portable), monitoring techniques (Vibration, Thermography, Corrosion), end-use industries (Energy, Oil & Gas, Telecom), and Geography - offering a Global Forecast until 2029.Download Sample Copy Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5328
In line with Meticulous Research®'s findings, the global machine condition monitoring market is projected to achieve a valuation of $5.2 billion by 2029, showcasing a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period from 2022 to 2029. The market's upward trajectory is primarily fueled by the increasing adoption of Industry 4.0 technologies and a growing awareness among industry players regarding the pivotal role of predictive maintenance techniques. Nevertheless, challenges such as a scarcity of technical expertise for analyzing and predicting machine conditions could impede market growth. On a positive note, the surge in automation across various industries is expected to create substantial growth opportunities for stakeholders. However, the integration of machine monitoring systems with existing infrastructure, marked by high costs and complexities, stands as a potential obstacle.
The global machine condition monitoring market is meticulously segmented based on components, deployment modes, monitoring processes, monitoring techniques, and end-use industries. The study goes further to evaluate industry competitors and conducts a comprehensive analysis at the country level.
Speak to Analyst: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5328
Breaking down the market by component, the global machine condition monitoring market is categorized into hardware, software, and services. Notably, the software segment is projected to dominate the market in 2022, attributed to the increasing utilization of machine condition monitoring software for downtime reduction and enhanced productivity. This segment is also anticipated to register the highest CAGR throughout the forecast period.
In terms of deployment modes, the market is segmented into on-premise deployment and cloud-based deployment, with the latter expected to hold the larger share in 2022. The prevalence of cloud-based deployment is credited to automatic software updates, the subscription-based Software as a Service (SaaS) model, and superior data safety. The cloud-based deployment segment is poised to exhibit the highest CAGR during the forecast period.
The machine condition monitoring market, when analyzed based on monitoring processes, showcases online monitoring and portable monitoring as key segments. In 2022, online monitoring is projected to dominate the market, driven by the increasing adoption of wireless technologies for monitoring machine conditions. This segment is expected to record the highest CAGR during the forecast period.
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The monitoring technique segment features vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound monitoring, and other monitoring techniques. In 2022, vibration monitoring is predicted to occupy the largest market share due to its widespread use in various industries to ensure operational machinery, detect damaged machine parts, and minimize downtime. However, corrosion monitoring is anticipated to register the highest CAGR during the forecast period.
Segmenting the market by end-use industries, the machine condition monitoring market encompasses manufacturing, healthcare, energy & utilities, aerospace, telecom, agriculture, oil & gas, transportation & logistics, and other industries. In 2022, the manufacturing segment is expected to hold the largest market share, attributed to the rising adoption of digital technologies like automation, data analytics, and Industrial IoT in manufacturing plants. This segment is also poised to exhibit the highest CAGR during the forecast period.
Geographically, the machine condition monitoring market is broadly categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is projected to lead the global machine condition monitoring market, owing to the escalating demand for automation and increasing industrialization in countries such as China, India, and Japan, alongside the rise of Industry 4.0.
Top 10 Companies Operating in Machine Condition Monitoring Market: https://meticulousblog.org/top-10-companies-in-machine-condition-monitoring-market/
Key Players:
Prominent players operating in the global machine condition monitoring market include General Electric Company (U.S.), AB SKF (Sweden), Wilcoxon Sensing Technologies (U.S.), Emerson Electric Co. (U.S.), ALS Limited (Australia), Honeywell International Inc. (U.S.), Parker-Hannifin Corporation (U.S.), Rockwell Automation, Inc. (U.S.), ifm electronic gmbh (Germany), Schaeffler AG (Germany), Baker Hughes Company (U.S.), Analog Devices, Inc. (U.S.), Fluke Corporation (U.S.), Meggitt PLC (U.K.), and National Instruments Corporation (U.S.).
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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