Machine Condition Monitoring Market to Advance at CAGR of 6.3% During 2021-2031; Notes TMR Study - PR Newswire

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• Rise in demand for machine learning (ML) tools and Big Data analytics for machine condition monitoring propelling revenue generations; solutions integrated with IIoT opening new revenue streams
• Condition monitoring based on predictive & cognitive analytics growing for industrial machinery in multiple end-use industries; opportunities in North America machine condition monitoring market to rise at remarkable pace

ALBANY, N.Y., April 25, 2022 /PRNewswire/ -- The adoption of automated condition monitoring technologies for monitoring of health of machineries is growing in multiple industries, especially by obtaining predictive and cognitive analytics. Outlook of the machine condition monitoring market is being constantly enriched by the expanding scope of Industrial IoT (IIoT), especially for smart manufacturing. The size of the machine condition monitoring market is projected to reach US$ 5 Bn globally by 2031.

The application of machine learning software in monitoring of machine condition is expanding lucrative avenues for stakeholders, observed the TMR analysts in a study on the machine condition monitoring market. The use of Big Data analytics has helped end users obtain a comprehensive insight into vibration, pressure, noise, and temperature conditions of industrial machinery. The analysts have found that machine condition monitoring solutions have been widely adopted in the oil & gas and energy and power sectors.

Advancements in IIoT technologies have helped open up new revenue potentials in the machine condition monitoring market, asserted the authors of the TMR study. Rise in need for predictive maintenance has offered a strong impetus to the uptake of IIoT solutions in Industry 4.0., thus expanding the revenue potential for industry players.

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Key Findings of Machine Condition Monitoring Market Study

• Widespread Adoption of Conditioning Monitoring Solutions in Industry 4.0: Monitoring of the health of industrial machinery has scaled new heights with the application of AI especially machine learning techniques. Machine learning algorithms are helping end users in Industry 4.0 in automating health monitoring with great accuracy, thus fueling vast profitable opportunities in the machine condition monitoring market. The demand for conditioning monitoring solutions in smart manufacturing plants is rapidly increasing, with ML-powered solutions making it relatively easy to monitor the health of the entire plants. This, the application of ML and Big Data analytics in machine condition monitoring in the manufacturing sector will open up vast revenue streams, thus enriching in the machine condition monitoring market.
• IIoT Tech Expanding Room for Profitable Opportunities: Need for obtaining comprehensive predictive and cognitive analytics has spurred the revenue prospects in the machine condition monitoring market. IIoT technologies are expected to augment the capacities of machine condition monitoring systems, thus expanding the outlook.

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Machine Condition Monitoring Market: Key Drivers

• Strides made in industrialization are continuously leading to evolution of the predictive maintenance to reduce the losses from downtime and improve performance. The drive for machine condition monitoring market stemmed from these needs, observed the TMR analysts.
• A slew of state-of-the art techniques and novel technologies based on machine learning (ML) are adding new capabilities to machinery monitoring systems, find an in-depth TMR study on the machine condition monitoring market.

Machine Condition Monitoring Market: Regional Growth Dynamics

• North America held a leading share of the global machine condition monitoring market in 2020. The presence of a vast customer base and the rapid uptake of solutions in the oil & gas and energy industries have led to sizable revenue growth of the regional market over the years. The U.S. has been a highly lucrative market in North America, with end-use industries displaying vast appetite for innovative machine condition monitoring. The country is home to several of the globally prominent players.
• The Asia Pacific machine condition monitoring market is projected to advance at promising CAGR during the forecast period of 2021 – 2031. Increased implementation of cloud-based sensor networks is catalyzing the demand for new products and solutions among multiple industries in the region.

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Machine Condition Monitoring Market: Key Players

Some of the prominent companies in the machine condition monitoring market are Banner Engineering Corp, Symphony Industrial AI Inc., Schaeffler AG, Rockwell Automation Inc., Parker Hannifin Corp., ALS Ltd., SKF AB, NI, Honeywell International Inc., General Electric Co., Emerson Electric Co., and Baker Hughes Company.  

Global Machine Condition Monitoring Market: Segmentation

Machine Condition Monitoring Market, by Component

• Hardware
• Software
• Services

Machine Condition Monitoring Market, by Type

• Thermography
• Vibration Monitoring
• Lubrication Oil Monitoring
• Acoustic Emission Monitoring
• Ultrasound Monitoring
• Corrosion Monitoring
• Current Signature Monitoring
• Others

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Machine Condition Monitoring Market, by Solution Type

• Online Monitoring
• Integrated Monitoring
• Continuous Remote Monitoring
• Route Based Monitoring
• Others

Machine Condition Monitoring Market, by End-use Industry

• Aerospace & Defense
• Automotive
• Oil & Gas
• Metal & Mining
• Marine
• Food & Beverage
• Chemicals
• Pharmaceuticals
• Others

Machine Condition Monitoring Market, by Region

• North America
• U.S.
• Canada
• Rest of America
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• Asia Pacific (APAC)
• China
• India
• Japan
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
• South America
• Brazil
• Rest of South America

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