DUBLIN--(BUSINESS WIRE)--The "North America Machine Condition Monitoring Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Monitoring Technique; Offering; Deployment; Monitoring Process; and Industry" report has been added to ResearchAndMarkets.com's offering.
The machine condition monitoring market in North America was valued US$ 1,004.3 million in 2019 and is projected to reach US$ 1,380.9 million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.
The growing industrialization is monumental, and the pace of manufacturing is climbing at a rapid rate over the years. The continuous growth in the number of manufacturing facilities around the word is resulting in the rise in demand for condition monitoring. The intensifying competition across industries worldwide is leading the manufacturers to increase their outputs by achieving greater efficiency. The manufacturers in various industries are increasingly focusing on analyzing the health and operability of each asset in their production plants, which is enabling them to boost productivity and earn profit.
The rate of adoption of automated technologies for manufacturing purposes in developed countries has surged over the years. This has fueled the growth of smart factories in various countries. The countries with a significantly higher number of manufacturing facilities include the US, China, Canada, the UK, Germany, Japan, and France, among others; the facilities in these countries are continually seeking automated technologies.
With the continuously rising demand for production across industries, the expansion of manufacturing facilities is one of the crucial strategies adopted by the manufacturers. The adoption of automated solutions across these rising number of manufacturing facilities is expected to propel the growth of the machine condition monitoring market in the coming years.
In terms of monitoring techniques, the vibration monitoring segment led the North American machine condition monitoring market in 2019 the largest share, and it is expected to continue to be the largest shareholder during the forecast period. However, the thermography segment is expected to grow at the highest CAGR in the machine condition monitoring market during the forecast period. Vibration monitoring is usually the key element of most condition-based maintenance programs.
However, vibration monitoring cannot deliver all of the information required for an effective condition-based maintenance program. Its functioning is limited to mechanical condition monitoring, and it is not suitable to the assessment other vital parameters essential for maintaining consistency and effectiveness of machinery. Thus, a complete condition-based maintenance program should include additional monitoring as well as diagnostic techniques.
Key Topics Covered
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Machine Condition Monitoring Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.3 Ecosystem Analysis
5. North America Machine Condition Monitoring Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand for Automated Solutions in Manufacturing Facilities
5.2 Market Restraints
5.2.1 High Cost of Maintenance and Lifespan of Machine Condition Monitoring Systems
5.3 Market Opportunities
5.3.1 Rising Adoption of Wireless Technologies
5.4 Future Trends
5.4.1 Revolutionization of Embedded Sensors and Smart Wireless Communication in the Market
5.5 Impact Analysis of Drivers and Restraints
6. North America Machine Condition Monitoring Market Analysis
6.1 Machine Condition Monitoring Market Overview
6.2 North America Machine Condition Monitoring Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Global Market Players Ranking
7. North America Machine Condition Monitoring Market Analysis - By Monitoring Technique
7.2 North America Machine Condition Monitoring Market, By Monitoring Technique (2019 and 2027)
7.3 Vibration Monitoring
7.5 Oil Analysis
7.6 Corrosion Monitoring
7.7 Ultrasound Emission
7.8 Motor Current Analysis
8. North America Machine Condition Monitoring Market Analysis - By Offering
8.2 North America Machine Condition Monitoring Market, By Offering (2019 and 2027)
9. North America Machine Condition Monitoring Market Analysis - By Deployment Type
9.2 North America Machine Condition Monitoring Market, By Deployment Type (2019 and 2027)
10. North America Machine Condition Monitoring Market Analysis - By Monitoring Process
10.2 North America Machine Condition Monitoring Market, By Monitoring Process (2019 and 2027)
10.3 Online Condition Monitoring
10.4 Portable Condition Monitoring
11. North America Machine Condition Monitoring Market Analysis - By End User
11.2 North America Machine Condition Monitoring Market, By End User (2019 and 2027)
11.3 Oil & Gas
11.4 Power Generation
11.6 Aerospace & Defense
11.7 Food & Beverage
12. North America Machine Condition Monitoring Market - Country Analysis
13. Impact of Coronavirus Outbreak
13.1 North America: Impact Assessment of COVID-19 Pandemic
14. Industry Landscape
14.2 Market Initiative
14.3 New Development
15. Company Profiles
15.1 Honeywell International Inc.
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Schaeffler Technologies AG & Co. KG
15.3 General Electric Company
15.4 Emerson Electric Co.
15.5 Parker Hannifin Corporation
15.6 Rockwell Automation, Inc.
15.8 Wilcoxon Sensing Technologies
15.9 ALS Limited
15.10 National Instruments Corporation
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