DUBLIN--(BUSINESS WIRE)--The "Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCA), Monitoring Process, Deployment, Offering, Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global machine condition monitoring market size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.9 billion by 2025, at a CAGR of 7.0%.
Increasing disposition toward predictive maintenance to drive machine condition monitoring market
Predictive maintenance is gaining rapid popularity in the manufacturing sector globally due to the benefits offered by it. Predictive maintenance is carried out only when the plant machinery is required to be repaired to avoid impending failure so that the necessary downtime can be scheduled for the most convenient and inexpensive time.
Process industries are continually looking for ways to cut down their operational costs. Therefore, enterprises give vital importance to equipment maintenance, and a lot of manpower, material resources, and money are put to make the production process smooth.
Machine condition monitoring market to be driven by on-premises deployment during forecast period
The on-premises deployment type dominated the machine condition monitoring market in 2018, as it is preferred more by organizations to protect critical information. On-premises deployment gives organizations complete control over their systems and data. However, it involves costs related hardware, software, and maintenance. It also limits the storage capacity.
Cloud-based deployment, on the other hand, benefits organizations with superior accessibility, increased scalability, speed, 24/7 service, and enhanced IT security. The growing adoption of SaaS applications by enterprises is bringing substantial growth prospects for cloud-based machine condition monitoring solutions.
Online condition monitoring segment to grow at significant CAGR during forecast period
Online machine condition monitoring systems are implemented for critical assets, such as turbines, blowers, critical pumps, and compressors, that have an immediate impact on machine safety, environment, and the productivity of plants. Condition monitoring systems include a sequence of sensors permanently mounted on the critical machines for sensing. The sensors are connected to output devices such as monitors, analyzers, and central servers of a plant. These sensors transmit data to the plant operators through either a wireless network or a cabled network.
Machine condition monitoring market in APAC to witness highest growth rate in coming years
The APAC region is emerging to be the world's most powerful economy due to the increasing spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of machine condition monitoring solutions. China, one of the top manufacturing countries, has been adopting real-time machine monitoring systems to increase operational efficiency and production of manufacturing plants.
Due to the rising maintenance costs in the manufacturing industry, manufacturing companies have been considering the adoption of advanced technologies such as predictive maintenance to optimize maintenance processes and improve operating costs. Condition monitoring is expected to help manufacturers to optimize their operating costs by predicting the failure of critical assets to achieve high efficiency.
Reasons to Buy the Report:
- The report would help leaders/new entrants in the machine condition monitoring market in the following ways:
- The report segments the market comprehensively and provides the market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- The report would help stakeholders understand their competitors better and gain insights to improve their position in the machine condition monitoring market. The competitive landscape section describes the competitor ecosystem.
Key Topics Covered:
1.1 Objectives of the Study
1.3 Study Scope
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumption
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in Machine Condition Monitoring Market
4.2 Machine Condition Monitoring Market, By Monitoring Technique
4.3 Machine Condition Monitoring Market, By Monitoring Process
4.4 Machine Condition Monitoring Market in North America, By Country and Application
4.5 Machine Condition Monitoring Market, By Industry
4.6 Machine Condition Monitoring Market, By Country, 2018
5 Market Overview
5.2 Market Dynamics
5.3 Value Chain Analysis
5.4 Regulatory Standards
6 IoT in Machine Condition Monitoring
6.2 Machine Condition Monitoring: IoT Platform
6.3 Future Trends
6.4 Major Companies Offering Cloud-Based Condition Monitoring Services
7 Procurement of Machine Condition Monitoring Equipment
7.2 Third-Party Service Providers
7.3 End Users
8 Machine Condition Monitoring Market, By Monitoring Technique
8.2 Vibration Monitoring
8.4 Oil Analysis
8.5 Corrosion Monitoring
8.6 Ultrasound Emission
8.7 Motor Current Analysis
9 Machine Condition Monitoring Market, By Offering
10 Machine Condition Monitoring Market, By Deployment Type
11 Machine Condition Monitoring Market, By Monitoring Process
11.2 Online Condition Monitoring
11.3 Portable Condition Monitoring
12 Machine Condition Monitoring Market, By Industry
12.2 Oil & Gas
12.3 Power Generation
12.4 Metals & Mining
12.7 Aerospace & Defense
12.8 Food & Beverages
13 Geographical Analysis
13.2 North America
13.5 Rest of the World (RoW)
14 Competitive Landscape
14.2 Market Ranking Analysis: Machine Condition Monitoring Market, 2018
14.3 Competitive Leadership Mapping
14.4 Competitive Situation and Trends
15 Company Profiles
15.1 Key Players
15.1.1 Emerson Electric
15.1.2 General Electric
15.1.3 Honeywell International
15.1.4 National Instruments
15.1.7 Wilcoxon Sensing Technologies
15.1.8 Parker Hannifin
15.1.9 Rockwell Automation
15.1.11 Symphony Azimaai
15.1.12 Bruel & Kjaer
15.2 Other Players
15.2.3 Pcb Piezotronics
15.2.4 FLIR Systems
15.2.5 Spm Instrument
15.2.6 Analog Devices
15.2.7 Machine Saver
15.2.12 Uptake Canada
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