North American Machine Condition Monitoring Markets, 2020-2027 - COVID-19 Impact and Regional Analysis by Monitoring Technique, Offering, Deployment, Monitoring Process and Industry - ResearchAndMarkets.com

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. Introduction

1.1 Study Scope

1.2 Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

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

7.1 Overview

7.2 North America Machine Condition Monitoring Market, By Monitoring Technique (2019 and 2027)

7.3 Vibration Monitoring

7.4 Thermography

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

8.1 Overview

8.2 North America Machine Condition Monitoring Market, By Offering (2019 and 2027)

8.3 Hardware

8.4 Software

9. North America Machine Condition Monitoring Market Analysis - By Deployment Type

9.1 Overview

9.2 North America Machine Condition Monitoring Market, By Deployment Type (2019 and 2027)

9.3 Cloud

9.4 On-Premise

10. North America Machine Condition Monitoring Market Analysis - By Monitoring Process

10.1 Overview

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

11.1 Overview

11.2 North America Machine Condition Monitoring Market, By End User (2019 and 2027)

11.3 Oil & Gas

11.4 Power Generation

11.5 Automotive

11.6 Aerospace & Defense

11.7 Food & Beverage

11.8 Manufacturing

11.9 Other

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

14.1 Overview

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.

15.7 SKF

15.8 Wilcoxon Sensing Technologies

15.9 ALS Limited

15.10 National Instruments Corporation

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