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Machine condition monitoring is the capability access the overall well-being of a machine during a particular span of time. This comprises of the things such as efficacy hence the losses in the efficacy shows an underlying problem. It also comprises of the wear and tear on the parts, the performance indicators like output of the defective parts and pieces, the utilization of the statistics and the statistics maintenance.  

Statistics:

The machine condition monitoring market was valued at US$ 3,331.65 Mn in 2021 and is forecast to reach a value of US$ 7,066.06 Mn by 2030 at a CAGR of 9.1% between 2022 and 2030.

Figure 1: Global Machine Condition Monitoring Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030

Machine Condition Monitoring  | Coherent Market Insights

Asia Pacific held a dominant position in the Global Machine Condition Monitoring Market Share in 2021

Statistics:

Asia Pacific held a dominant position in the global machine condition monitoring market in 2021, accounting for 41% share in terms of volume.

Figure 2: Global Machine Condition Monitoring Market Share (%), By Region, 2021

Machine Condition Monitoring  | Coherent Market Insights

Key Developments:

In October 2019, Meggitt Switzerland declared the appointment of a new supplier in the Qatar, the organization Petrocon ECC W.L.L a new supplier in the Paraguay the industry Atenas Energia SA. Meggitt Switzerland also declared the appointment of the new suppliers in the Kuwait, the company Nouri Industrial Establishment. Co.

In February 2019, the Meggitt declared the approval of the VibroSight analysis rule box software for the vibro-meter energy product line. This new trail diagnostics rule box software is a web-based app made to generate the treatment rules and then execute them utilizing a background service orderly to create the machinery reports that are accessible from a huge level dashboard.

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Machine Condition Monitoring Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 3,331.65 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 9.1% 2030 Value Projection: US$ 7,066.06 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By By Type: Hardware, Software, Services
  • By End-User Industry: Oil and Gas, Power Generation, Process and Manufacturing, Aerospace and Defense, Automotive and Transportation, Other End-user Industries (Marine, Mining, Metal, etc.)
Companies covered:

Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation.

Growth Drivers:
  • Implementing vibration monitoring across manufacturing operations
  • Avoids downtime and minimizes equipment failures
Restraints & Challenges:
  • Lack of sizeable capital spending
  • Disruptions caused due to COVID-19 pandemic

Market Drivers:

Driver 1:

The maintenance productivity deals with the quantifying deal of the whole maintenance. It focuses on decreasing the cost of the maintenance. This further leads in the optimal performance. With respect to the optimal performance and the predictive maintenance methods that are modified for the several customers to determine the condition of the tools to forecast the maintenance if needed.

Driver 2:

The predictive maintenance ensures the cost savings or the time based maintenance when the tasks are conducted or performed. The vibration monitoring is most efficient and the positive method in analyzing the huge speed rotating tools. The current developments in the vibration monitoring the technology have helped the engineers in minimizing the old aged engineer difficulties.

Market Restraint:

Restraint 1:

Deployment of the procedure of automation needs a potential cross fertilizing synergy in between end-users technology offerors and the innovators and creators. The concerns are revolving over the implementation and the execution in the production surroundings are valid and comprise of the regulations.

Restraint 2:

The automation in the food industry is not yet viable to handle much complex works such as assembly of the sandwiches. Such works need tremendous automation capacities. Additionally, the automation at such level is also not price effective for the restaurants which might leave low annual volume and the sales for each location.

Market Opportunities:

Opportunity 1:

The machine condition monitoring market is anticipated to rise in the future and the growth is anticipated to be huge in the area of Asia Pacific. For instance, the Chine Government approved the Made in China 2025, a state led scheme to make the Chine dominant in the world tech manufacturing,

Opportunity 2:

The requirement for the machine condition marketing goods have been affected due to the Covid-19 and however, the companies such as Meggitt and various others in the market are experiencing the downfall in the sales that are depicted in the 2nd quarter of the 2020 over the widespread of the lockdown and the material effects.

Market Key Takeaways/Trends:

Trend 1:

The rising acquirement of the sensors and the automatic detection is also anticipated to fuel the growth of the global machine condition monitoring market for the sensors and the systems for monitoring machines in the future. As per the MHI report 2020, the sensors and the automatic detection adoption rate in 2020 is 42%.

Trend 2:

The advent or the invention of the industry 4.0 combined with the 5G and the 3D printing technology is anticipated to rise the need for the machine monitoring goods that are linked to the IoT devices and the appliances from a very low latency signal. As per DHL, in German production industry. Industry 4.0 will fuel productivity by 5-8% in the next decade.

Competitive Landscape:

Major companies involved in the growth of the global machine condition monitoring market are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation.

Machine condition monitoring is very helpful and essential for the producers as it offers the machine uptime data the information so that the operators and the maintenance teams can react rapidly to the downtime events. Anyhow, it is insufficient for two main primary reasons or the factors.

Market Dynamics:

The predictive maintenance utilizes the cognitive ways to vast range of the unstructured data to detect the data points such as the equipment details such as the models, controller, version, equipment status, configuration the prescribed repairs , outbreak of the hypothesized and the repair resolutions and also offers various advantages.

Various macroeconomic and the geopolitical reasons that had a telling impact on the current condition of the global machine condition monitoring tools market. The economic turmoil in various regions that has been an area of concern for the market in the past few years. 

Many number of firms and industries are anticipated to be totally observed or monitored from observing the software and the systems in the predicted duration. Presently, it is possible to have a whole factory which is just functioned by few people with the rest of the functions being done by the automated systems. Anyhow, even many fine-tuned methods need human communication to obstruct and then identify processing outbreaks.

Key features of the study:

  • This report provides in-depth analysis of the global machine condition  monitoring market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2022 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global machine condition monitoring market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Major companies involved in the growth of the global machine condition monitoring market are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global machine condition monitoring market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global machine condition monitoring market.

Detailed Segmentation:

  • Global Machine Condition Monitoring Market, By Type:
    • Hardware
    • Software
    • Services
  • Global Machine Condition Monitoring Market, By End-User Industry:
    • Oil and Gas
    • Power Generation
    • Process and Manufacturing
    • Aerospace and Defense
    • Automotive and Transportation
    • Other End-user Industries (Marine, Mining, Metal, etc.)
  • Global Machine Condition Monitoring Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World (Latin America and Middle East & Africa)

Frequently Asked Questions

The global machine condition monitoring market is estimated to be valued at US$ 3,331.65 Mn in 2021 and is expected to exhibit a CAGR of 9.1% between 2022 and 2030.
Implementing vibration monitoring across manufacturing operations anticipated to drive the growth of the market.
Services segment is the leading component in the market.
Disruptions caused due to COVID-19 pandemic key factor hampering the growth of the market.
Major companies involved in the growth of the global machine condition monitoring market are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Bruel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation.

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