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Machine Condition Monitoring Market 2033: Comprehensive Share and Industry Analysis
Machine Condition Monitoring Global Market Report 2024
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According to The Business Research Company's, The machine condition monitoring market size has grown strongly in recent years. It will grow from $2.93 billion in 2023 to $3.16 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growth in industrial automation and manufacturing activities, increased emphasis on equipment reliability and asset performance, demand for predictive maintenance in process industries, focus on cost savings and operational efficiency in industries, regulatory compliance and safety standards in manufacturing.
The machine condition monitoring market size is expected to see strong growth in the next few years. It will grow to $4.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to adoption of wireless and iot-enabled condition monitoring solutions, integration of artificial intelligence (ai) and machine learning (ml) in predictive maintenance, rising importance of remote monitoring for distributed assets, research and development in advanced sensor technologies and data interpretation. Major trends in the forecast period include predictive analytics for early fault detection, vibration analysis for machinery health assessment, integration of digital twins for asset performance monitoring, incorporation of wireless and iot sensors, ultrasound and acoustic emission for non-destructive testing.
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Market Drivers and Trends:
The growing wireless communication in machine conditioning is significantly contributing to the growth of the machine condition monitoring market. Wireless communication is a method of transmitting information from one point to another, without using any connection such as wires, cables, or any physical medium. The wireless communication allows easy and quick deployment of machine condition monitoring that reduces the gaps in the data stream so that there will be no detrimental effect on system reliability. For instance, in 2021, Acoem, a France-based data solutions provider invested its experience in condition monitoring in EAGLE, enabling the wireless monitoring of the foremost complex machines. The operating conditions like speed, power, pressure or other process data of the machines are taken under consideration and transmitted automatically. Therefore, the increase in demand for wireless communications is expected to drive the growth of the machine condition monitoring market.
Technological Advancement is the key trend gaining popularity in the machine condition monitoring market. For instance, in November 2021, Emersion electrics, an American multinational corporation that manufactures products and provides engineering services for industrial, commercial, and consumer markets has launched AMS machine works 1.6 a web-based software solution that simplifies fault diagnosis and analyses the process by combining predictive maintain techniques with comprehensive analysis tools that provide easy and accurate assessment machinery health.
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Major Key Players of the Market:
ALS Limited, Bruel & Kjaer, Emerson Electric Co., Teledyne FLIR LLC, Fluke Corporation, Baker Hughes Company, General Electric, Honeywell International Inc, Meggitt PLC, National Instruments Corp, PARKER HANNIFIN CORP, Rockwell Automation Inc., Schaeffler India Limited, SKF Condition Monitoring Inc, Symphony Industrial AI, Wilcoxon Sensing Technologies Inc., Azima DLI Corporation, AB SKF (Swedish: Svenska Kullagerfabriken), Emerson Electric Co., Ifm Electronic Gmbh, Schaeffler AG & Co., Baker Hughes Company, Analog Devices Inc., RoadBotics Inc., Litmus Automation Inc., Amphenol Inc., Brüel & Kjaer Vibro, FLIR Systems Inc., Nippon Avionics Co. Ltd., Thermo Fisher Scientific Inc., Perkin Elmer Inc., PCB Piezotronics Inc., SPM Instrument AB, KCF Technologies Inc., Monnit Corporation
Machine Condition Monitoring Market 2024 Key Insights:
• The machine condition monitoring market size is expected to see strong growth in the next few years. It will grow to $4.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Wireless Communication Revolutionizing Machine Condition Monitoring Is A Key Driver For Market Growth
• Revolutionizing Machine Condition Monitoring With Cutting-Edge Web-Based Software
• North America was the largest region in the machine condition monitoring market share in 2023
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