DUBLIN--(BUSINESS WIRE)--The "Machine Condition Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Machine Condition Monitoring Market was valued at USD 3,092.2 million in 2020, and it is projected to be worth USD 5,246.8 million by 2026, registering a CAGR of 9.4% during the forecast period of 2021-2026. All businesses across the world having crucial assets for manufacturing goods and services have been experiencing a rapid decline in revenue due to the COVID-19 pandemic.
Operational equipment is responsive to many types of errors and faults, and it is, therefore, important to monitor minor and major changes in equipment by measuring parameters, such as vibration, temperature, voltage, current, pressure, flow, and many more.
This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using condition monitoring includes; allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus increasing human safety.
The usage of predictive maintenance techniques in factories is expected to reduce the downtime by up to 50% and save between 10 to 40% on equipment maintenance expenses. Predictive Maintenance with reliance on condition monitoring offers measurement and analysis of physical characteristics, such as visual inspection, sound, temperature, or vibration.
Industries with well-maintained and reliable equipment are expected to be the ones that will be better positioned to respond to upcoming rise in demand of goods and services. Those companies that are using predictive maintenance in order to prepare for the recovery are expected to profit.
Multiple companies that have been shut down due to the recent COVID-19 outbreak need to adopt a condition monitoring equipment solution in place to prevent any failure of machinery when the operations resume and ensure any safety related concerns.
Industries with well-maintained and reliable equipment are expected to be the ones that will be better positioned to respond to upcoming rise in demand for goods and services. Those companies that are using predictive maintenance to prepare for the recovery are expected to profit.
However, the short-term investment is required and the equipment for condition monitoring is very expensive. Moreover, the sensors of condition monitoring may not survive depending upon the environment and the machine exhibits unpredictable maintenance periods. Such factors challenge the market growth.
Key Market Trends
- Automotive Transportation to Witness Significant Growth
- Europe to Occupy a Significant Share
Machine Condition Monitoring Market is moderately competitive with no firm having a very large market share. The companies enter into strategic partnerships to gain market power and market dominance.
- March 2021 - Emerson Electric launched Rosemount 4390 series corrosion and erosion monitoring wireless transmitters with digital capabilities and integration with Plantweb Digital ecosystem.
Key Topics Covered
1.1 Scope of the Study
1.2 Study Assumptions
2 RESEARCH APPROACH AND METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness Porters Five Force Analysis
4.4 Impact of COVID-19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Equipment Performance and Productivity through Predictive Maintenance
5.1.2 Rising Predictive Maintenance Requirements
5.1.3 Industry 4.0 and Emerging Industrial Applications across Manufacturing and Process Industries
5.2 Market Challenges
5.2.1 Cost Implications in Line with Retrofits
5.2.2 Global Macroeconomic and Geopolitical Factors
6 MARKET SEGMENTATION
6.1 Machine Condition Monitoring
188.8.131.52.1 Vibration Condition Monitoring Equipment
184.108.40.206.2 Thermography Equipment
220.127.116.11.3 Lubricating Oil Analysis
18.104.22.168.4 Ultrasound Emission Monitoring
22.214.171.124.5 Other Types
126.96.36.199.1 Remote Monitoring Services
188.8.131.52.2 Instrumentation Maintenance Services
184.108.40.206.3 Machinery Diagnostics Services
6.2 Vibration Monitoring Equipment
6.2.1 End User Industry
220.127.116.11 Oil and Gas
18.104.22.168 Power Generation
22.214.171.124 Process and Manufacturing
126.96.36.199 Aerospace and Defense
188.8.131.52 Automotive and Transportation
184.108.40.206 Other End-user Industries (Marine, Mining, Metal, etc.)
220.127.116.11 North America
18.104.22.168.1 United States
22.214.171.124.2 United Kingdom
126.96.36.199.4 Rest of Europe
188.8.131.52 Asia Pacific
184.108.40.206.4 Rest of Asia Pacific
220.127.116.11 Rest of the World
6.2.3 Vendor Market Share Analysis
6.3 Thermography Equipment
6.3.1 End User Vertical
18.104.22.168 Oil and Gas
22.214.171.124 Power Generation
126.96.36.199 Process and Manufacturing
188.8.131.52 Aerospace and Defense
184.108.40.206 Automotive and Transportation
220.127.116.11 Other End-user Verticals (Marine, Mining, Metal, etc.)
18.104.22.168 North America
22.214.171.124.1 United States
126.96.36.199.2 United Kingdom
188.8.131.52.4 Rest of Europe (Eastern Europe and Other Western European Countries)
184.108.40.206 Asia Pacific
220.127.116.11.4 Rest of Asia Pacific
18.104.22.168 Rest of the World (Latin America and Middle East and Africa)
6.3.3 Vendor Market Share Analysis
6.4 Lubricating Oil Analysis Equipment
6.4.1 End User Vertical
22.214.171.124 Oil and Gas
126.96.36.199 Power Generation
188.8.131.52 Process and Manufacturing
184.108.40.206 Aerospace and Defense
220.127.116.11 Automotive and Transportation
18.104.22.168 Other End-user Verticals (Marine, Mining, Metal, etc.)
22.214.171.124 North America
126.96.36.199.1 United States
188.8.131.52.2 United Kingdom
184.108.40.206.4 Rest of Europe
220.127.116.11 Asia Pacific
18.104.22.168.4 Rest of Asia Pacific
22.214.171.124 Rest of the World (Latin America and Middle East and Africa)
6.4.3 Vendor Market Share Analysis
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Meggitt Sensing Systems (Meggitt PLC)
7.1.2 Rockwell Automation Inc.
7.1.3 GE Bently Nevada
7.1.4 Emerson Electric Co.
7.1.5 SKF AB
7.1.6 Bruel & Kjaer Vibro
7.1.7 FLIR Systems Inc.
7.1.8 Fluke Corporation
7.1.9 Nippon Avionics Co. Ltd.
7.1.10 Thermo Fisher Scientific Inc.
7.1.11 Perkin Elmer Inc.
7.1.12 AMETEK Spectro Scientific
7.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)
7.1.14 Gastops Ltd.
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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