The machine condition monitoring market is projected to grow at a CAGR of 7.43% to reach US$2.728 billion by 2025, from US$1.775 billion in 2019. Machine condition monitoring helps in prevention of machine failures and costly repair by analyzing the faults at the initial stage. Faults can be found out by various monitoring processes such as vibration monitoring, thermograph, spectrographic monitoring among others. A shift of maintenance process from preventive to predictive across industries to eliminate unnecessary maintenance cost is a key factor for the market growth. Other factors such as the deployment of wireless technologies in machine conditioning, remote monitoring, and growth of HVAC industries is also contributing to the market growth. Emerging trend of industrial IoT and the advent of big data analytics will create significant opportunities for the machine condition monitoring solution vendors over the next five years. However, unpredictable maintenance period will hinder the market growth during the forecast period.
By application, booming global automotive industry is projected to witness the significant market growth between 2019 and 2025. Factors such as increasing demand for passenger vehicles in developing countries, growing car rental market, and high demand for luxury cars in developed economies are pushing car manufacturers to bridge the supply-demand gap. This will drive the demand for machine condition monitoring systems as these systems ensure efficient manufacturing processes on a continuous basis.
Geographically, North America held the substantial share of the Global Machine Condition Monitoring market in 2019 owing to high demand from oil and gas sector in the region. Discovery of new oil and natural gas reserves in the U.S. has led to an increasing demand for these solutions. The presence of a large number of key players in the region also contributes to the dominance of North American region.
Prominent key market players in global Machine Condition Monitoring market include Emerson Electric, General Electric, Honeywell International, and Rockwell Automation among others. The industry is competitive with investments being made towards R&D by major players. Acquisition, partnerships, and contracts with local players are some of the strategies being adopted by major vendors to enhance their market presence
Major players in the machine condition monitoring market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the machine condition monitoring market.
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