Impact Assessment of COVID-19 on the Worldwide Machine Condition Monitoring Industry (2019 to 2027) - ResearchAndMarkets.com

DUBLIN--()--The "Machine Condition Monitoring Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Monitoring Technique; Offering; Deployment; Monitoring Process; and Industry" report has been added to ResearchAndMarkets.com's offering.

The global machine condition monitoring market was valued at US$ 2,640.0 million in 2019 and is projected to reach US$ 3,922.0 million by 2027. With the presence of several well-established and emerging players, the machine condition monitoring market is experiencing a steady growth rate over the years and is expected to continue a similar growth trend with substantial revenue during the forecast period. The presence of a large number of market players globally is a crucial advantage for the market to propel over the years. However, the longer lifespan of these types of monitoring hardware solutions is a restricting factor for the growth of machine condition monitoring market.

Based on geography and their subsequent countries, the machine condition monitoring market is categorized into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The historical trends, current trends, and future outlook of the market players and the end-users, facilitate the analysis of the machine condition monitoring market.

North America dominated the machine condition monitoring market, followed by Europe and APAC. The dominance of North America is majorly attributed to the presence of large industrial sectors in the US, Canada, and Mexico. The US accounts for the largest share in the region, which is attributable to the existence of well-established and emerging condition monitoring solution providers. Additionally, the country dominates the region with the power of a significantly higher number of manufacturing facilities across its borders. Canadian manufacturers also showcase a similar trend, which has led to the adoption of a significantly higher volume of condition monitoring solutions. However, as the lifespan of the monitoring hardware is longer, the demand for the same is limited to new manufacturing plants. This is expected to slow down the year-on-year growth of the machine condition monitoring market in the region.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global machine condition monitoring market.
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  • The key findings and recommendations highlight crucial progressive industry trends in the global machine condition monitoring market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Increasing Demand for Automated Solutions in Manufacturing Facilities
  • Accentuating Awareness among End Users in Developing Countries

Restraints

  • Maintenance and Lifespan of Machine Condition Monitoring Systems

Opportunities

  • Increasing Adoption of Wireless Technologies

Future Trends

  • Embedded Sensors and Smart Wireless Communication to Revolutionize the Market

Companies Profiled

  • Honeywell International Inc.
  • Schaeffler Technologies AG & Co. KG
  • General Electric Company
  • Emerson Electric Co.
  • Parker Hannifin Corporation
  • Rockwell Automation, Inc.
  • SKF
  • Wilcoxon Sensing Technologies
  • ALS Limited
  • National Instruments Corporation

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900