The global machine condition monitoring market is was valued at US$1.755 billion in 2019 and will increase to US$2.901 billion by 2026. This market is expected to grow at a compound annual growth rate of 7.27% over the analyzed period.
A machine condition monitoring system is adopted to analyze the functioning of the machines and to locate any technical default, defect, or breakdown before any severe mishap. One of the primary goals for any organization is the longer lifecycle of the asset and that the asset functions efficiently for a longer period. This is accomplished through the application of the machine condition monitoring system. The technology enables the firm to locate the default at the initial stage and is an important part of the maintenance of the machines and thus, many of the organizations are focusing more on increasing productivity and asset utilization. Repairing cost involves direct cost, cost of removal, and replacement of a broken part.
Furthermore, during the repairing period other the organization suffers other economic costs such as cost of loss of production and profit lost in the meantime. Further, a collateral cost that may occur owing to obligations of environmental clean-up, legal cost, occupational health and safety cost, and others may disturb the company’s finances, distorting its name and goodwill. Hence the employment of machine condition monitors helps in the prevention of hazards and mishaps to a great extent.
Moreover, the booming automation market during the study period provides huge potential for the machine condition monitoring business. Emerging industrial IoT and data analytics sectors as well provide notable market growth potential for the machine condition monitoring industry. SPM instrument expanded its high-end online condition monitoring system in 2019, IntellionavaParallel EN, and launched an eight-channel version of this flagship system. This system is technically proven to be a great choice for the test and proof-of-concept installations and monitoring of mission-critical equipment using smaller measuring points.
Market Players included in the report of the machine condition monitoring market are Emerson Electronic Co., Rockwell Automation, AB SKF, National Instruments Corporations, Meggitt PLC, Bruel, and Kjaer Vibro GmbH, PCB Piezotronics.
The machine condition monitoring system market based on region is segmented into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific regions, North America region is expected to hold a significant share of the machine condition monitoring system market during the forecasted period primarily due to the surging oil & gas and automotive sector. The United States oil and gas industry supports 10.3 million jobs and its size is worth 8% of the country’s GDP.
This sector has witnessed many technical and human disasters and mishaps which could have been prevented by employing the condition monitors, costing loss of life and capital. For instance, the natural gas pipeline owned by Enbridge was 30-inch in diameter exploded in Ohio in 2019 primarily because the pipeline was built in the 1950s Such occurs hazards could be prevented with the installation of and monitoring through machine condition monitors for early detection. Advance technological development and the region’s state of art infrastructure play a crucial role in the market growth. Further, the discovery of new reserves and fields will increase the opportunities for the market. However, the presence of large players who are striving to gain more market makes the industry competitive.
The Asia Pacific region is expected to show a skyrocketing growth rate during the forecasted period owing to mushrooming of manufacturing industries in the region. The countries in the region providing cheap and feasible manufacturing opportunities, resulting in international firms setting their factories for the production of goods. Moreover, rising disposable income and booming population growth in the area have led to a boom in demand for automotive and consumer electronic products for a better standard of livings, increasing the market scope for the machine condition monitoring industry.
Machine condition monitoring system market on the basis of Component is segmented as Ultrasound Detector, Vibration Detector, Spectrometer, Infrared Sensor, Corrosion Probes and Spectral Analyser.
Machine condition monitoring system market on the basis of Development type is segmented as On-premise and Cloud. The cloud-based segment is expected to hold a major market share due to the wide adoption of cloud computing along various industrial verticals, especially in small and medium enterprises. In addition, the increasing Internet of Things (IoT) is supporting the market by providing access areas away from the machine installation.
Machine condition monitoring system market on the basis of application is segmented as Construction& Mining, Oil & Gas, Energy & Power, Automotive, Marine, Aerospace & Defence and Others
The rising popularity of wireless communication is boosting the market growth of machine condition monitoring. Further market drivers include pressure in mechanical equipment and measurement & control of temperature. The machine condition monitoring system offers corrosion monitoring, oil analysis, vibration monitoring, and motor current analysis. The organization is widely adopting a machine condition monitoring system as it predicts the mechanical wear and tears and further diagnose the site of the unwanted noise, heat generation, and vibration that damage the components of the machine. By alerting the organization earlier it ensures better efficiency and a longer product life cycle which proves to be financially sound for the organization.
In addition, the machine condition monitoring system facilitates proper scheduling of the maintenance, ensuring the safety of the equipment and reduce the machine severity downtime. SKF collaborated with LumenRadio, a wireless specialist in 2020 to enhance the monitoring of the automated machine. The former organization has successfully developed a new wireless sensor as an interior part of their condition monitoring system which will improve the performance programs of the rotating equipment on a scale that was previously considered unattainable and uneconomic, with aid provided by LumenRadio.
COVID-19 Pandemic Impact on Automotive Segment
Based on application, the automotive segment is expected to hold a significant share of the machine condition monitoring market during the forecasted period.
The outbreak of the Covid-19 pandemic and its subsequent lockdown and other restrictions have impacted every industry and have also disrupted the distribution channel. The automotive industry experienced severe impact due to the coronavirus as the lockdown globally halted the movements of the individuals and mandated them to stay at home, thus reducing the demand for rental cars further the economic disturbance led to avoidance of luxury and comfort goods. However, in February 2021, sales of the auto have been stable. For instance, in February 2021, domestic sales of Maruti Suzuki grew by 11.8% as compared to February 2020.