Global Machine Condition Monitoring Market Size, Share, and COVID-19 Impact Analysis, By Technology (Hardware, Software), By Deployment (On-premises & Cloud-based), By Monitoring Process (Online & Portable), By Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring & Motor Current Analysis), By Vertical (Oil & Gas, Power Generation, Metal & Mining, Chemicals, Automotive, Aerospace, Food & Beverages, Marine and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global machine condition monitoring market was valued at USD 2.9 billion in 2021 and is projected to reach USD 5.2 billion by 2030, at a CAGR of 9.4% during the forecast period. Machine condition monitoring devices offers the information that need to avoid unplanned downtime. Smart manufacturing is enabled through real-time monitoring of your machine’s health and condition. Enables to anticipate and mitigate future equipment problems before they have a negative impact on quality or maintenance expenses.

By analyzing the condition of the machine, such as temperature, humidity, pressure, among others, a machine condition monitoring system will help predict mechanical damage and breakdown. Noise, temperature, and vibration measurements are also important indications of equipment condition. Failure of equipment results in significant losses, which drives the use of machine condition monitoring systems in industries like oil and gas, metals and mining, food and beverage, and automotive.

COVID-19 ANALYSIS 

The COVID-19 epidemic and dissemination have resulted in significant health and economic damages around the world. Plant closures and supply chain disruptions have impacted the process and manufacturing industries around the world. The implementation of physical separation rules and restrictions on crowd movement has had an impact on the operations of numerous sectors. Remote supervision and operational control of manufacturing and processing plants have become necessary as a result of these actions. Because of the economic crisis, companies in several industries decided not to deploy new machine condition monitoring systems during the epidemic. The machine condition monitoring market is gaining traction with the steady recovery of the economy and the rising need for remote operations, owing to the necessity for highly automated systems that require less human supervision.

LATEST TREND

Utilization of Artificial Intelligence (AI)-based Technologies in Aerospace Industry is a Prominent Trend

The utilization of artificial intelligence (AI) in aircraft maintenance has resulted in a reduction in aircraft maintenance cycles and failures. It can predict aircraft maintenance issues before any mishap occurs. Airbus SAS is implementing smart AI-based monitoring techniques for aircraft based on data from many types of sensors. Airbus SAS has focused on AI-powered robotics for deployments such as decision-making, autonomous machining, and software robots (cobot) technologies. In the manufacturing of next-generation aircraft as well as maintenance, and overhaul oil analysis, aviation manufacturers want cost-effective and faster robots. As robots are coupled with AI and IoT-based systems will likely to propel the growth of the global machine condition monitoring market.

DRIVING FACTORS

Prevalence of Handheld Sensors and Intuitive Mobile Apps Favoring the Market Growth

As condition monitoring technology advances, more user-friendly, handheld sensors and simple mobile apps are becoming popular which provide more capability without investing huge financial amounts. This new wave of devices has lowered the entrance barrier, making condition monitoring and predictive maintenance accessible to businesses of all sizes in a variety of industries. Moreover, handheld sensors are a low-cost method which offers a low-cost way for users to monitor vibration, temperature, velocity, and other forms of machine data, allowing operators to detect problems and improve dependability before they affect operations. Also send data wirelessly to mobile apps, which make it simple to assess equipment health using real-time diagnostics and visual indicators.

RESTRAINTS

Lack of Skilled Labour Limit Growth

Machine condition monitoring systems are increasingly being integrated with other machine maintenance systems. System optimization, software updates, system networking, data transmissions, and other technical tasks require technical competence. As a result, existing personnel must be educated to operate new systems. This could result in a skill gap between present workers and those who have been trained. Lack of educated personnel may cause industrial plant operators to be hesitant to accept new technologies. Machine condition monitoring systems produce diagnostics and projections that experienced operators are unsure of. Service outages, analytics, and inconsistent alerting signals are all examples of faults generated by these devices.

SEGMENTATION

The global machine condition monitoring market is segmented by Technology (Hardware, Software), By Deployment (On-premises & Cloud-based), By Monitoring Process (Online & Portable), By Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring & Motor Current Analysis), By Vertical (Oil & Gas, Power Generation, Metal & Mining, Chemicals, Automotive, Aerospace, Food & Beverages, Marine and Others). Based on the technology, the market is categorized into hardware & software. Based on deployment, the market is categorized into on-premises & cloud-based. Based on monitoring process, the market is categorized into online & portable. Based on monitoring technique, the market is categorized into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission monitoring & motor current analysis. Based on vertical, the market is categorized into oil & gas, power generation, metal & mining, chemicals, automotive, aerospace, food & beverages, marine and Others.  Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.  

REGIONAL INSIGHTS

The machine condition monitoring market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Europe is region is expected to dominate the market share of the global machine condition monitoring market. Germany's aerospace sector is one of the country's most inventive and high-performing industries, with significant growth over the last 20 years. This industry is driven by an increasing need to replace ageing, inefficient aircraft and quickly growing passenger volumes, which drives the demand for machine condition monitoring equipment. The country is home to 43 vehicle assembly and production plants, accounting for more than a third of all automobile production in Europe. More than 3/4 of the cars manufactured in this country are exported, which is propelling the market for machine condition monitoring in the automotive industry. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global machine condition monitoring market due to rapid growth of the machine condition monitoring market in the region is fueled by expanding industrialization and the increasing demand for heavy machinery in contemporary manufacturing facilities. The expansion of the machine condition monitoring market in this area is being fueled by ongoing industrialization, increased usage of predictive maintenance technologies, and increasing competitive pressure to attain operational efficiency. Furthermore, due to the reduced cost of labor in Asian countries such as China, India, and South Korea, a number of corporations from industrialized countries are intending to relocate their manufacturing operations there. As a result, the region's manufacturing activity are projected to develop further. As a result, there will be a high need for machine maintenance in the region.

KEY INDUSTRY DEVELOPMENTS: 

August 2021- Baker Hughes business announced the launch of VitalyX, powered by Shell Remote Sense and Bently Nevada offering advanced analytics-based oil condition monitoring and machine health service for the marine sector.

March 2021- Emerson Electric launched Rosemount 4390 series corrosion and erosion monitoring wireless transmitters with digital capabilities and integration with Plantweb Digital ecosystem.

February 2021- Analog Devices, Inc. launched CN0549 condition-based monitoring development platform designed to help accelerate condition monitoring hardware, software, and algorithm development.

INDUSTRY PLAYERS

· Siemens

· SKF

· Baker Hughes Company

· Fluke Corporation

· Senseye Ltd

· Emerson Electric Co.

· General Electric

· Dewesoft d.o.o.

· Parker Hannifin Corp

· Honeywell International Inc.

· NATIONAL INSTRUMENTS CORP.

· ALS

· Wilcoxon Sensing Technologies

· Rockwell Automation, Inc.

· Brüel & Kjær Vibro GmbH

· Meggitt PLC

· PCB Piezotronics, Inc.

· Teledyne FLIR LLC

· SPM Instrument AB

· Analog Devices, Inc. 

SEGMENTATION

By Offering

• Hardware
• Software

By Deployment

• On-premises
• Cloud-based

By Monitoring Process

• Online
• Portable

By Monitoring Technique

• Vibration Monitoring
• Thermography
• Oil Analysis
• Corrosion Monitoring 
• Ultrasound Emission Monitoring
• Motor Current Analysis

By Vertical

• Oil & Gas
• Power Generation
• Metal & Mining
• Chemicals
• Automotive
• Aerospace
• Food & Beverages
• Marine
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa