Machine Condition Monitoring Market worth $5.08 billion by 2030, growing at a CAGR of 7.11% - Exclusive Report by 360iResearch

The "Machine Condition Monitoring Market by Component (Hardware, Software), Monitoring Type (Continuous Monitoring, Periodic Monitoring), Deployment, Function, Industry - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Machine Condition Monitoring Market to grow from USD 3.14 billion in 2023 to USD 5.08 billion by 2030, at a CAGR of 7.11%.

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Machine condition monitoring is a set of techniques used to monitor machinery's operational status and performance. It helps identify potential issues promptly, allowing corrective measures to be taken before the problems become too severe. Machine condition monitoring works through visual inspections, acoustic emissions monitoring, vibration analysis, oil analysis, thermography, and other methods that provide insight into the machine's health. It becomes essential to lean manufacturing facilities as it reduces downtime, boosts production efficiency, and helps with cost prediction, spare parts supplies, maintenance needs, timing, and more accurate production predictions. Consequently, this system gives manufacturers the real-time machine condition data they require to make proactive choices depending on the state of their machinery. The rising need to maintain the operational health of equipment, the significant shift toward predictive maintenance, and the growing deployment of smart factories are driving the growth of the machine monitoring equipment market. However, requirements of additional expenses, interoperability issues, and concerns regarding unreliable or faulty data may hinder market development. However, introducing smart machine monitoring systems with advanced technology may overcome these challenges and sustain the market growth in the forecast period.

The market for machine condition monitoring solutions in EMEA has grown steadily over the past few years due to significant competitors and ensuring government support for smart factory adoption. According to the European Union, 80% to 100% of manufacturing could use the Internet of Things applications, allowing machines, sensors, and other equipment to mutually connect and communicate through the Internet by 2025. Furthermore, major European players have been investing heavily in R&D efforts to develop solutions tailored to different industry verticals. As a result, competition is expected to remain fierce as more providers enter the field and existing vendors seek to differentiate themselves with specialized offerings. On the other hand, the Americas region has also observed positive growth regarding machine condition monitoring solutions uptake. Companies are emphasizing cost-effectiveness while still offering robust functionality; this could be a key area of development for the sector in the future. In the APAC region, Machine Condition Monitoring has observed a steady increase in adoption across all industries due to increasing investments in infrastructure and digital transformation initiatives. The market is expected to continue to expand over the coming years as more companies look to leverage predictive maintenance technologies.

Market Segmentation & Coverage:

This research report categorizes the Machine Condition Monitoring Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Component, market is studied across Hardware and Software. The Hardware is further studied across Cameras, Handheld Data Collectors & Analyzers, and Sensors. The Software is further studied across Online Condition Monitoring Systems, Optical Condition Monitoring, and Route-Based Monitoring. The Software is projected to witness significant market share during forecast period.

Based on Monitoring Type, market is studied across Continuous Monitoring and Periodic Monitoring. The Continuous Monitoring is projected to witness significant market share during forecast period.

Based on Deployment, market is studied across Cloud and On-Premises. The On-Premises is projected to witness significant market share during forecast period.

Based on Function, market is studied across Corrosion Monitoring, Motor Current Analysis, Oil Analysis, Thermography, and Vibration Monitoring. The Corrosion Monitoring is projected to witness significant market share during forecast period.

Based on Industry, market is studied across Automotive Engineering, Industrial Processing, Metal Mining, Oil & Gas, and Wind Energy. The Industrial Processing is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 37.30% in 2023, followed by Europe, Middle East & Africa.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Machine Condition Monitoring Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Machine Condition Monitoring Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Machine Condition Monitoring Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Advanced Technology Services, Inc., ALS Limited, Amphenol Corporation, Analog Devices Inc., Baker Hughes Company, Balluff Pty Ltd., Canstar Instruments Inc., Crystal Instruments Corporation, Dewesoft d.o.o., Eaton Corporation PLC, Emerson Electric Co., Fluke Corporation, General Electric Company, Honeywell International Inc., ifm efector pty ltd., Infineon Technologies AG, International Business Machines Corporation, MachineMetrics, Inc., Mitsubishi Electric Corporation, MoviTHERM, National Instruments Corporation, NSK Ltd., Omron Corporation, Parker Hannifin Corporation, Rockwell Automation Inc., SAP SE, Schaeffler Technologies AG & CoKG, Schneider Electric SE, Siemens AG, SKF AB, Teledyne FLIR LLC, Viking Analytics, and Yokogawa Electric Corporation.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Machine Condition Monitoring Market, by Component
7. Machine Condition Monitoring Market, by Monitoring Type
8. Machine Condition Monitoring Market, by Deployment
9. Machine Condition Monitoring Market, by Function
10. Machine Condition Monitoring Market, by Industry
11. Americas Machine Condition Monitoring Market
12. Asia-Pacific Machine Condition Monitoring Market
13. Europe, Middle East & Africa Machine Condition Monitoring Market
14. Competitive Landscape
15. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Machine Condition Monitoring Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Machine Condition Monitoring Market?
3. What is the competitive strategic window for opportunities in the Machine Condition Monitoring Market?
4. What are the technology trends and regulatory frameworks in the Machine Condition Monitoring Market?
5. What is the market share of the leading vendors in the Machine Condition Monitoring Market?
6. What modes and strategic moves are considered suitable for entering the Machine Condition Monitoring Market?

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