Online eCommerce is fastest growing segment fueling the growth of the Machine Condition Monitoring market
The global Machine Condition Monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Machine Condition Monitoring involves monitoring parameters like vibration, temperature, lubrication, corrosion etc of motors, pumps and other industrial machinery to detect early signs of failure or deterioration. This helps in planned and preventive maintenance leading to reduced downtime and operational costs.
Market key trends:
Growth of online machine condition monitoring platforms - Online condition monitoring platforms allows remote monitoring of assets from any location. They provide data analytics, integration of IoT sensors and automated diagnostics. This is a major trend in the market as it offers 24/7 monitoring without the need for on-site expertise. The platforms also provide visibility across multiple customer assets helping in predictive maintenance planning and inventory management from a central location.
Segment Analysis
The machine condition monitoring market is segmented by monitoring technique, offering, deployment type, monitoring process, and industry vertical. The vibration monitoring segment dominates the market as it is used to detect irregularities in machinery and predicts failures. Vibration monitoring can detect problems in components like pumps, fans motors and bearings at an early stage.
Key Takeaways
The Global Machine Condition Monitoring Market Size is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing need for predictive maintenance of industrial assets.
Regional analysis
Asia Pacific region is expected to grow the fastest in the machine condition monitoring market due to rapid industrialization in developing nations like China and India. North America dominated the market in 2023 due to large number of predictive maintenance solutions providers and established industries in the region.
Key players
Key players operating in the machine condition monitoring market are Meggitt Sensing Systems, SKF AB, Parker Kittiwake, Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation. The market leaders are focusing on new product launches and partnerships with technology providers to gain more revenue share in the industry.
Get more insights on this topic: https://www.marketwebjournal.com/machine-condition-monitoring-market-insights-trends/
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