Global Condition Monitoring for Machines Market Size By Offering (Hardware, Software), By Application (Food & Beverages, Oil & Gas), By Geographic Scope And Forecast

Condition Monitoring for Machines Market Size And Forecast

Condition Monitoring for Machines Market size was valued at USD 2.39 Billion in 2022 and is projected to reach USD 4.44 Billion by 2030, growing at a CAGR of 7.10% from 2023 to 2030.

The increasing transition from preventive to predictive maintenance in process industries is expected to drive the growth of the Condition Monitoring for Machines Market. The Global Condition Monitoring for Machines Market report provides a holistic evaluation of the market through a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a crucial role in the market growth.

Global Condition Monitoring for Machines Market Definition

Condition monitoring is a technology, which monitors the health and performance of a machine over time. Manufacturers measure parameters such as temperature, current, vibration, and RPM with set thresholds by monitoring machine conditions in order to determine indicators of degradation. Condition monitoring is an important tool to keep track of machine conditions in real-time and continuous toolkit improvement. Organizations can prevent unplanned downtime, adjust preventive maintenance schedules to meet operating requirements, and collect the required data for diagnostic and predictive maintenance.

By using condition monitoring many manufacturers measure the current and voltage moving through their transformers to see how energy consumption is efficient. Others measure oil temperature in order to determine whether an engine is efficiently cooling or to determine if heat is dissipating as expected. The increasing transition from preventive to predictive maintenance in process industries is the primary factor expected to drive the growth of the condition monitoring for the machines market.

Predictive maintenance minimizes the risk of failure under general operating conditions. This maintenance aims to anticipate a failure and then try to avoid it through corrective maintenance. The increasing adoption of wireless technology in machine condition monitoring is further anticipated to drive the global condition monitoring for the machines market growth. Furthermore, factors such as increased adoption of cloud-based technology in condition monitoring and growing demand from the emerging applications have propelled the growth of condition monitoring for the machines market around the world.

Global Condition Monitoring for Machines Market Overview

The increasing transition from preventive to predictive maintenance in process industries is expected to drive the growth of the condition monitoring for the machines market. Machine conditioning primarily determines the health of machinery, monitors, and offers predictive maintenance ideas to avert failures. It plays an important role in diagnosing troubling noise, vibration, and temperature measurements in a machine that has the potential of wreaking havoc. The transition from preventive to predictive maintenance in process industries coupled with the usage of wireless technology in machine condition monitoring fosters the growth of the market.

There are several barriers including the high cost of installation in hazardous areas and moving machines where fixed cabling is difficult. Hence, to overcome these barriers wireless technology is used. Wireless technology eliminates the requirement for hardwiring for communications. It also reduces installation costs, convenience, reliability, and portability. Furthermore, integration of the IoT devices and sensors in modern machinery equipment is certainly providing wireless communication and easing the indication if there is any miss-functionality in the machines thereby reducing the risks.

The lack of trained technical resources for data analysis and lack of trust in the prediction capabilities of the machine might hamper the growth of the market. In the case of proper functioning and understanding of the tool, a trained person is required. The person must be efficient enough to go through the situation and take the corresponding action based on the outcomes. When a machine noticed downtime, the quick resolving of based on the data analysis results in minimal losses, however when not handled leads to high losses thereby impacting the market growth rate.

Condition monitoring of Industrial machines usually depends on being able to detect the discrepancy between a faulty machine and a healthy machine. Heavy industries across the world are engaging the latest technological solutions, including wireless sensors, large-scale data integration, and condition monitoring expertise; for the smooth functioning of their plant and machinery. To identify a machine’s condition accurately we need knowledge of the effects of different operating conditions.

Global Condition Monitoring for Machines MarketSegmentation Analysis

The Global Condition Monitoring for Machines Market is segmented on the basis of Offering, Application, and Geography.

Condition Monitoring for Machines Market, By Offering

• Hardware
• Software

When we look at what's being offered, the market splits into two main categoriesHardware and Software. Back in 2019, Hardware took the lead, grabbing the biggest slice of the market. And get this, it's expected to keep growing at a rate of 6.58% each year! Hardware companies are really pushing the envelope, working hard to create better sensors and systems that let you check on your machinery from afar. This machine health monitoring hardware is super important because it's the first line of defense in spotting any problems. The tech they use focuses on the areas where things are most likely to go wrong. Depending on the frequency they operate at, hardware and sensor makers offer their stuff in two flavorsstatic and dynamic. Learn more here.

Condition Monitoring for Machines Market, By Application

• Food & Beverages
• Oil & Gas
• Power Generation
• Land-based Salmon Farming
• Wastewater treatment
• Others

To Get Summarized Market Report By Application- 

So, when we look at how these things are used (we call that "Application"), the market breaks down into areas like Food & Beverages, Oil & Gas, Power Generation, even up-and-coming stuff like Land-based Salmon Farming, plus Waste water treatment, and a catch-all "Others" category. Back in 2019, Oil & Gas was the big player, and folks are predicting it'll keep growing at a pretty good clip – about 6.65% each year. What's fueling all this? Well, more and more people are digging for natural gas and oil, which means they need cool new tech like Condition Monitoring for Machines. This helps them keep their drilling rigs and compressors humming smoothly. And honestly, the expectation is that the O&G industry will be a major customer for these machine monitoring solutions moving forward.

 Condition Monitoring for Machines Market by Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

To Get Summarized Market Report By Geography-

Okay, so when we look at the Global Condition Monitoring for Machines Market geographically, we can break it down into North America, Europe, Asia Pacific, and basically, everywhere else. And guess what? North America was the big player in 2019, holding the largest slice of the pie! Experts are predicting it'll keep growing strong, with a 7.23% jump each year. The reason? North America's really important for this market, with a huge demand for making tons of car parts and a whole bunch of new factories popping up in the US and Canada. All this is really pushing the need for machine condition monitoring.

Key Players

The “Global Condition Monitoring for Machines Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are General Electric, Emerson Electric, Honeywell International, and National Instruments. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• Honeywell has acquired Rebellion Photonics, a Houston-based provider of innovative, intelligent, visual gas monitoring solutions that maximize safety, operational performance and compliance in the oil and gas, petrochemical and power industries.

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