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

Based on Offering, the market is bifurcated into Hardware and Software. Hardware accounted for the largest market share in 2019 and is projected to grow at a CAGR of 6.58% during the forecast period. Hardware manufacturers attempt hard to innovate and develop strong sensors and different systems that facilitate the analysis of the health of machinery remotely. The machine condition observation hardware plays a vital role in sensing and detecting faults within the machines. The technologies utilized in condition monitoring specialize in the areas within which different types of failure are possible to occur. The hardware has different frequencies and relying upon the frequencies, the hardware or sensors manufacturers offer their products in two formats, specifically static and dynamic.

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- 

Based on Application, the market has been segmented into Food & Beverages, Oil & Gas, Power Generation, Land-based Salmon Farming, Waste water treatment, and Others. Oil & Gas accounted for the largest market share in 2019, and is projected to grow at a CAGR of 6.65% during the forecast period. The rising natural gas and oil extraction activities are driving the demand for new technologies such as Condition Monitoring for Machines to improve the performance of drilling rigs and natural gas compressors across the growing fleets of field machinery. Moreover, the oil and gas industry is expected to be one of the significant end-user of machine conditioning monitoring solutions in the coming years.

 Condition Monitoring for Machines Market by Geography

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

To Get Summarized Market Report By Geography-

On the basis of Geography, the Global Condition Monitoring for Machines Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America accounted for the largest market share in 2019 and is projected to grow at a CAGR of 7.23% during the forecast period. North America is a significant revenue contributor in the Global Condition Monitoring for Machines Market. Growing demand for mass production of automotive parts and the rising number of manufacturing units within the US and Canada are some of the significant factors driving the growth of the condition monitoring for machines market in the region.

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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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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