machine condition monitoring market Strong Distribution Channels Expected To Various End Users In The Global Market 2018 – 2026
Machine Condition Monitoring Market - Snapshot
According to a new market report published by Transparency Market Research titled ‘Machine Condition Monitoring Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ the global machine condition monitoring market is projected to expand at a CAGR of 8.1% during the forecast period. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Advantages offered by machine condition monitoring, increased adoption of vibration sensors, increasing equipment performance and productivity, increasing adoption of machine condition monitoring in the automotive industry, rise in online machine monitoring, and increasing equipment performance and productivity have boosted the penetration and growth of the global machine condition monitoring market.
Vibration Monitoring Segment to Remain Highly Lucrative
Vibration monitoring is expected to continue to be the leading segment of the market during the forecast period, due to rise in adoption of vibration sensors for monitoring equipment condition. The vibration monitoring segment is projected to expand at a considerable CAGR of 7.9% over the forecast period from 2018 to 2026. Vibrations measurement is the most common method of determining the mechanical status of machinery and equipment for condition monitoring. The use of vibration monitoring for testing high- speed rotating equipment is increasing rapidly. These factors are expected to drive the vibration monitoring segment in the coming years.
The lubrication oil monitoring segment is projected to expand at a significant CAGR over the forecast period, owing to the increasing use of lubrication oil as it plays an important role in early machine failure detection.
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North America and Asia Pacific to Continue to Hold a Significant Share in the Overall Market
Asia Pacific accounted for a significant revenue share in 2017 due to an increase in government regulation, high adoption of modern technologies for smart manufacturing, reduction in operational costs, and importance of security measures at workplaces. In Asia Pacific, multiple players are implementing cloud-based sensor networks for condition monitoring that avoid time-consuming and expensive downtime of much industrial equipment. In September 2018, Azima DLI, a provider of predictive machine condition monitoring and analysis services, launched WATCHMAN,’ its portable online intensive care condition monitoring system that can be quickly deployed by personnel in machines. Furthermore, the economies of China and India are growing at a robust pace, and there is rapid penetration of Internet of Things (IoT) in Asia Pacific. China held a significant share of the market in Asia Pacific in 2017. The market in the country is estimated to expand at a significant CAGR during the forecast period. The market in North America is expected to expand at a rapid CAGR during the forecast period. In North America, increase in government expenditure, presence of a large number of market players, and rise in awareness about highly advanced technologies are fueling the machine condition monitoring market. Demand for machine condition monitoring systems in North America is likely to remain concentrated in the U.S., owing to the rapid expansion of sectors such as oil and gas and energy and power. The market in Europe is likely to expand at a significant CAGR over the forecast period, owing to significant expansion in the automotive sector. The U.K. held a major share of the machine condition monitoring market in Europe in 2017.
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In the Middle East & Africa (MEA), market players are increasing their investments to expand their physical presence. The market in GCC countries is expected to expand at a significant CAGR during the forecast period, driving investments for the development of condition monitoring technologies in the region. In South America, Brazil is expected to hold a significant market share throughout the forecast period.
The company profiling of key players in the global machine condition monitoring market includes company overview, major business strategies, SWOT analysis, and market revenues for the years 2016 to 2018. The key players profiled in the global machine condition monitoring market report include ALS Limited, Brüel & Kjær Vibro GmbH, Emerson Electric Co., Fluke Corporation, General Electric, Honeywell International, Meggitt SA, National Instruments, Parker Hannifin Corp, PRÜFTECHNIK Dieter Busch AG, Rockwell Automation, Inc., and Schaeffler Technologies AG & Co. KG, SKF. Various players are introducing machine condition monitoring systems with cloud technology and establishing partnerships with other players to meet the continuously rising demand for accurate and reliable equipment condition monitoring.
The machine condition monitoring market is expected to garner exceptional growth during the assessment period of 2018-2026 on the back of the increasing disposition toward predictive maintenance and the emerging demand from a plethora of applications.
- The growing influence of automation technologies across the industrial sector and the latest advancements such as Industry 4.0 may bring tremendous growth opportunities for the machine condition monitoring market. Furthermore, the integration of IoT devices, sensors, advanced analytics, and scalability without local maintenance servers may bring tremendous growth prospects for the machine condition monitoring market.
- The rapidly peaking industrialization across the globe is further bringing expansive growth for the machine condition monitoring market. The expansion of sectors like oil and gas and the increasing usage across these sectors may lay a red carpet of growth across the machine condition monitoring market.
- The rising investments in the factory automation mechanisms by various industry players are playing a massive role in the growth of the machine condition monitoring market. The advent of the novel coronavirus pandemic has led to the pressing need for automation to avoid frequent human contact. The imposition of social distancing norms at manufacturing facilities to prevent COVID-19 transmission may further increase the influence of automation, thus bringing extensive growth opportunities for the machine condition monitoring market.
- The SARS-CoV-2 pandemic has wreaked havoc around the world. Soon after the deadly virus started showing its ugly side with high transmission rates, many countries imposed strict lockdowns. These lockdowns led to border restrictions and the closure of manufacturing facilities and production units. This factor eventually decreased the demand for machine condition monitoring systems as all the industries were closed. The decline in revenues led to growth disruption in the machine condition monitoring market. However, the easing of lockdown restrictions has brought a ray of hope for growth revival.
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