Key Emerging Trends in Machine Condition Monitoring Market

Posted by edwardzmusso on April 18th, 2023

Machine condition monitoring is the process of monitoring machine performance and forecasting faults ahead of time in order to reduce downtime and maintenance expenditures. The Machine Condition Monitoring Market is predicted to expand rapidly in the future years. Several reasons are driving the market, including the growing desire to minimise maintenance costs and downtime, the expanding demand for predictive maintenance, and the increasing usage of IoT-enabled devices.

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The global machine condition monitoring market size is anticipated to grow from USD 2.8 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 7.8% from 2022 to 2027. The market is being driven by the increasing demand for predictive maintenance solutions to reduce maintenance costs and downtime. The growth of the market is also being fueled by the rising adoption of IoT-enabled devices and the increasing focus on Industry 4.0 initiatives.

The market can be divided into product, offering, deployment, monitoring method, end-user, and geographical segments. The market can be divided into product categories such as ultrasound emission, lubricating oil analysis, vibration monitoring, infrared thermography, and others. Because of its high accuracy and dependability, the vibration monitoring segment is likely to hold the greatest share of the market over the forecast period.

The market can be divided into three categories: hardware, software, and services. Because of the increasing demand for predictive maintenance services, the services segment is likely to hold the greatest share of the market over the forecast period.

The market can be divided into two types based on deployment: on-premise and cloud-based. Because of its flexibility and cost-effectiveness, the cloud-based category is likely to rise at a faster CAGR during the projection period.

The market can be divided into two categories based on the monitoring process: online and portable. Because of its capacity to supply real-time data, the online segment is likely to hold the greatest share of the market during the projection period.

The market can be divided into aerospace and defence, automotive, energy and power, food and beverages, healthcare, and others based on the end-user. Due to the rising implementation of machine condition monitoring solutions in power plants and renewable energy systems, the energy and power category is likely to have the greatest share of the market during the forecast period.

North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America make up the global Machine Condition Monitoring Market. Due to the increasing adoption of machine condition monitoring solutions in the manufacturing sector and the growing requirement for predictive maintenance, Asia Pacific is estimated to hold the highest share of the market during the forecast period.

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Some of the key players in the global Machine Condition Monitoring Market include SKF AB, Emerson Electric Co., General Electric Company, Honeywell International Inc., National Instruments Corporation, Rockwell Automation Inc., Meggitt PLC, Schaeffler AG, Parker Hannifin Corporation, and Fluke Corporation.

News also Covered: https://www.prnewswire.com/news-releases/machine-condition-monitoring-market-worth-4-0-billion-by-2027--exclusive-report-by-marketsandmarkets-301541604.html

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edwardzmusso
Joined: February 8th, 2021
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