June 29, 2020
According to the research report titled ‘Machine Condition Monitoring Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Monitoring Technique; Deployment; Monitoring Process; and Industry, available with Market Study Report LLC, global machine condition monitoring market was worth USD 2640 million in the year 2019 and is expected to be valued at USD 3922 million by 2027.
Increasing number of start-ups and dense presence of established companies across the globe is allowing machine condition monitoring market to witness rapid expansion. However, long lifespan of these monitoring hardware devices may act as a restraining factor to the overall market growth.
As per monitoring technique, the report splits machine condition monitoring market into motor current analysis, ultrasound emission, corrosion monitoring, oil analysis, thermography and vibration monitoring. In terms of offering, the market is divided into software and hardware. Based on deployment type, the industry is bifurcated into cloud and on-premise segments.
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By monitoring process, the industry is classified into portable condition monitoring and online condition monitoring. As per industry spectrum, machine condition monitoring market is categorized into manufacturing, food & beverage, aerospace & defense, automotive, power generation, oil & gas and others. As per the report, aerospace & defense segment accounted for a substantial share in the overall market in past year and is expected to grow significantly during the forecast period.
Regionally, North America machine condition monitoring industry is predicted to expand considerably during the forecast period, with the U.S. being the major contributor. High concentration of key industry players in the region is favoring the market scenario in North America.
Alternatively, machine condition monitoring market in Asia-Pacific and Europe is also slated to record remunerative growth in the forthcoming years, with APAC showing the highest CAGR. Increasing number of manufacturing facilities and rapid industrialization in South Korea, Japan, India and China are stimulating the industry outlook.
South America and Middle East & Africa markets are also anticipated to generate lucrative revenues in the ensuing years. Surging FDI (foreign direct investments) and rapid urbanization along with increasing spending by manufacturers towards adopting advanced technologies for measuring machine health are complementing the business outlook.
National Instruments Corp., ALS Ltd., Wilcoxon Sensing Technologies, AB SKF, Rockwell Automation Inc., Parker Hannifin Corp., Emerson Electric Co., General Electric Company, Schaeffler Technologies AG & Co. KG and Honeywell International Inc. are the major companies in global machine condition monitoring industry.