Machine Condition Monitoring Market Expected to reach .0 billion by 2027
Posted by edwardzmusso on September 7th, 2023
The global machine condition monitoring market size is expected to grow from USD 2.8 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 7.8%. The use of wireless communication technology-integrated machine condition monitoring systems and the inclination of manufacturing companies toward predictive maintenance techniques are the key factors boosting the growth of the market.
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Hardware segment accounted for larger share of the machine condition monitoring market in 2021.
Hardware offerings held a larger share of the machine condition monitoring market in 2021. Hardware components used in machine condition monitoring systems include vibration sensors, vibration analyzers, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, corrosion probes, etc. The data collected by these components is further analyzed with the help of software solutions, thereby enabling manufacturing firms to carry out effective predictive maintenance programs to avoid costly downtime.
The vibration sensors segment is projected to hold the largest share of the machine condition monitoring for hardware offering in 2022.
Compact size, low weight, good temperature stability, and moderate prices of vibration sensors boost their deployment in machine condition monitoring systems. Moreover, vibration sensors can identify the exact location of the faults in machinery. They can detect the potential problems three months in advance, providing sufficient time to fix the issue. These sensors find applications in various crucial parts of rotatory machines, including motors, pumps, turbines, bearings, fans, and broken or bent parts.
China to account for a significant market share of Asia Pacific from 2022 to 2027
China is projected to account for the major share of the machine condition monitoring market in Asia Pacific from 2022 to 2027. The country is a key manufacturer of electronic devices. It is the most significant economy in the region. Factors such as ongoing industrialization, the rising requirement for replacing aging plant equipment, and increasing adoption of preventive maintenance activities by manufacturing firms push the growth of the machine condition monitoring market in China.
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Emerson Electric (US), General Electric(US) , Honeywell International(US), National Instruments(US) and SKF(Sweden) are some of the key players operating in machine condition monitoring market globally.
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Joined: February 8th, 2021
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