Machine Condition Monitoring Market

Global Machine Condition Monitoring Market Size, Trends & Analysis - Forecasts to 2027 By Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, Motor Current Analysis), By Deployment Type (On-premise, Cloud), By Industry Vertical (Oil & Gas, Power Generator, Metal & Mining, Automotive, Food & Beverages), By Region (North America, Asia Pacific, Central, and South America, Europe, and the Middle East and Africa), Competitive Landscape Company Market Share Analysis, and Competitor Analysis

Category Automotive & Transportation
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This report was recently updated on January 29 2023 with the latest and most recent market numbers

Global Machine Condition Monitoring Market Size

The Global Machine Condition Monitoring Market is projected to grow from USD 2.8 billion in 2022 to USD 4.0 billion by 2027 at a CAGR value of 8.9% from 2022 to 2027.

Machine condition monitoring is the practice of keeping an eye on a machine's performance to anticipate mechanical wear and failure. The fast adoption of automated condition monitoring technologies in smart factories and expanding manufacturer awareness of the benefits of implementing condition monitoring systems internationally are two significant factors driving the growth of the machine condition monitoring market.

The measurements of vibration, noise, and temperature are important and critical indicators of the condition of the equipment as they show real time data. The large financial losses brought on by equipment failure in a variety of industry verticals, including oil and gas, food and beverage, metal and mining, and the automotive sector, are anticipated to increase market demand.

Machine condition monitoring systems offer remote monitoring and management of plant operations by utilizing real time data gathered from multiple Internet of things devices.  As a result, these systems eliminate the requirement for human interaction in industrial facility supervision. It is anticipated that new machine condition monitoring systems will be installed more frequently across a variety of industries and will result in the growth of the market.

It is crucial to monitor minute and significant changes in equipment by measuring parameters since operational equipment is vulnerable to a wide range of errors and malfunctions.  Many industries have gone above and beyond to secure their machinery because of this. The ability to take remedial precautions to avoid or minimize repair costs, and to boost machine safety, which enhances human safety, is the main benefit of employing condition monitoring to find flaws. This is responsible for the growth in the market.

Condition monitoring needs skilled personnel who have the technical knowledge to operate the latest and most advanced hardware and software including software updates, system optimization, system networking, data transport, and so on. Therefore, training is required for existing resources to operate new systems. As a result, there can be a skills gap between trained professionals and current employees. Operators of industrial plants may be reluctant to accept the latest technology due to a shortage of trained personnel. Due to a lack of data analysis professionals, emerging nations still struggle to adopt machine condition monitoring systems effectively and achieve next-level industrialization.

global machine condition monitoring market

COVID-19 Impact on Global Machine Condition Monitoring Market

The COVID-19 pandemic has highly affected the manufacturing industry due to global shutdown and disruptions in supply chain activities. The operations of numerous enterprises have also been impacted by the observance of physical distance limits and restrictions on the movement of the population. These restrictions have led to the need for operational control and remote supervision in manufacturing and processing operations. Due to the economic downturn, firms did not implement the latest machine condition monitoring systems during the pandemic. The need for adopting highly automated systems with minimal human supervision is driving the machine condition monitoring market, which is growing along with the economy's slow recovery and the rise in demand for remote operations.

Ukraine-Russia War Impact on Machine Condition Monitoring Industry

Russia and Ukraine have had a significant economic impact on the global market. They witnessed the physical effects of blockades and the destruction of production factors and the impact of sanctions on commerce and production. Therefore, due to the disruptions and trade blockades, many process and manufacturing units were shut down which led to the plummeting demand for the machine condition monitoring market in the region.

Global Machine Condition Monitoring Market: By Monitoring Technique

The vibration monitoring segment is expected to be the largest segment in the market by monitoring techniques from 2022 to 2027. The use of vibration monitoring enables the identification and documentation of typical vibration values and operational parameters. It offers real-time information that may be utilized to assess the health of the equipment and find operational flaws. Vibration-based monitoring is essential for predictive maintenance techniques since it finds issues at an initial stage. 

Global Machine Condition Monitoring Market: By Deployment Type

The cloud segment is expected to have the largest share in the market from 2022 to 2027 according to the deployment type. Organizations benefit from better accessibility from cloud deployment since it offers round-the-clock services, higher scalability, and efficiency. One of the main factors responsible for growth in the market for cloud-based machine condition monitoring systems to grow at a faster pace is the growing demand for the software as a service (SaaS) model by organizations due to possible cost savings.

Global Machine Condition Monitoring Market: By Industry Vertical

The automotive segment is expected to have the largest share in the market from 2022 to 2027. The market participants in the automotive industry are motivated to automate and modernize their production processes. The assembly lines require routine monitoring as they have numerous motors installed. The motor current signature analysis method contributes to a decrease in machine failures and an increase in machine longevity. The number of units produced in the automobile sector on a daily basis is significantly increasing. To ensure an improved production cycle and output/efficiency, the equipment on the production floor of the vehicle manufacturing facility needs to be properly maintained. Predictive maintenance technique is made possible by machine condition monitoring, which also improves the efficiency of assembly lines in the automobile sector.

asia pacific machine condition monitoring market

Global Machine Condition Monitoring Market: By Region

North America will have a larger share in the machine condition monitoring market in the forecast period. The demand for machine condition monitoring systems in North America is accelerated by drivers including the increasing emphasis placed by the manufacturing companies on optimum asset and resource utilization, strict government regulations pertaining to workplace and employee safety, and strict quality control standards that businesses in the chemicals, oil & gas, and food & beverage industries are required to adhere to. The rise in power generator manufacturers is also catering to the growth of market share in the region. The US holds the larger share of the machine condition monitoring market due to a strong focus on efficient plant asset management and the prominence of many key players in the region such as Rockwell Automation, Emerson Electric, and General Electric.

The Asia Pacific market is expected to grow at a faster rate during the forecast period. The expanding industrialization, increasing use of preventative maintenance approaches, and rising competition to achieve operational efficiency are the major factors driving the machine condition monitoring market in this area. Additionally, due to the supply of labor at lower prices in Asian nations like China, India, and South Korea, many corporations in the developed country prefer to move their manufacturing bases to this region. As a result, manufacturing operations in the region are expected to increase. Machine condition monitoring systems are therefore anticipated to be in high demand in the region.

Global Machine Condition Monitoring Market Share and Competitive Landscape

Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), Rockwell Automation (US), and SKF (Sweden) among others, are some of the key players in the machine condition monitoring market.

Please note: This is not an exhaustive list of companies profiled in the report.

Chapter 1   Research Methodology

1.1    Research Assumptions

1.2    Research Methodology

1.2.1    Estimates and Forecast Timeline

1.3    Information Procurement

1.3.1    Purchased Database

1.3.2    GME’s Internal Database

1.3.3    Primary Research

1.3.4    Secondary Sources & Third-Party Perspectives

            1.3.4.1    Company Information Sources: Annual Reports, Investor Presentation, Press Release, SEC Filling, Company Blogs & Website

            1.3.4.2    Secondary Data Sources

1.4    Information or Data Analysis

1.4.1    Data Analysis Models

1.5    Market Formulation & Data Visualization

1.6    Data Validation & Publishing

1.7    Market Model

1.7.1    Model Details

            1.7.1.1   Top-Down Approach

            1.7.1.2   Bottom-Up Approach

1.8    Market Segmentation & Scope

1.9    Market Definition

Chapter 2   Executive Summary

2.1.    Global Market Outlook

2.2     Monitoring Technique Outlook

2.3     Deployment mode Outlook

2.4     Industry Vertical Outlook

2.5     Regional Outlook

Chapter 3   Global Machine Condition Monitoring Market Trend Analysis

3.1.    Market Introduction

3.2     Penetration & Growth Prospect Mapping

3.3     Impact of COVID-19 on the Machine Condition Monitoring Market

3.4     Metric Data on Cash Transactions

3.5     Market Driver Analysis

3.5.1   Market Driver Analysis

3.5.2   Market Restraint Analysis

3.5.3   Industry Challenges

3.5.4   Industry Opportunities

3.6     Porter’s Five Analysis

3.6.1   Supplier Power

3.6.2   Buyer Power

3.6.3   Substitution Threat

3.6.4   Threat from New Entrant

3.7     Market Entry Strategies

Chapter 4   Machine Condition Monitoring Market: Monitoring Technique Trend Analysis

4.1    Monitoring Technique: Historic Data vs. Forecast Data Analysis, 2021 vs. 2027

4.2    Vibration Monitoring

4.2.1    Market Estimates & Forecast Analysis of Vibration Monitoring Segment, By Region, 2019-2027 (USD Billion)

4.3    Thermography

4.3.1    Market Estimates & Forecast Analysis of Thermography Segment, By Region, 2019-2027 (USD Billion)

4.4    Oil Analysis

4.4.1    Market Estimates & Forecast Analysis of Oil Analysis Segment, By Region, 2019-2027 (USD Billion)

4.5    Corrosion Monitoring

4.5.1    Market Estimates & Forecast Analysis of Corrosion Monitoring Segment, By Region, 2019-2027 (USD Billion)

4.6    Ultrasound Emission Monitoring

4.6.1    Market Estimates & Forecast Analysis of Ultrasound Emission Monitoring Segment, By Region, 2019-2027 (USD Billion)

4.7    Motor Current Analysis

4.7.1    Market Estimates & Forecast Analysis of Motor Current Analysis Segment, By Region, 2019-2027 (USD Billion)

Chapter 5   Machine Condition Monitoring Market: Deployment mode Trend Analysis

5.1    Deployment mode: Historic Data vs. Forecast Data Analysis, 2021 vs. 2027

5.2    On-Premise

5.2.1    Market Estimates & Forecast Analysis of On-Premise Segment, By Region, 2019-2027 (USD Billion)

5.3    Cloud

5.3.1    Market Estimates & Forecast Analysis of Cloud Segment, By Region, 2019-2027 (USD Billion)

Chapter 6   Machine Condition Monitoring Market: Industry Vertical Trend Analysis

6.1    Industry Vertical: Historic Data vs. Forecast Data Analysis, 2021 vs. 2027

6.2    Oil & Gas

6.2.1    Market Estimates & Forecast Analysis of Oil & Gas Industry Vertical Segment, By Region, 2019-2027 (USD Billion)

6.3    Power Generator

6.3.1    Market Estimates & Forecast Analysis of Power Generator Industry Vertical Segment, By Region, 2019-2027 (USD Billion)

6.4    Metal & Mining

6.4.1    Market Estimates & Forecast Analysis of Metal & Mining Industry Vertical Segment, By Region, 2019-2027 (USD Billion)

6.5    Automotive

6.5.1    Market Estimates & Forecast Analysis of Automotive Industry Vertical Segment, By Region, 2019-2027 (USD Billion)

6.6    Food & Beverages

6.6.1    Market Estimates & Forecast Analysis of Food & Beverages Industry Vertical Segment, By Region, 2019-2027 (USD Billion)

6.7    Others

6.7.1    Market Estimates & Forecast Analysis of Others Industry Vertical Segment, By Region, 2019-2027 (USD Billion)

Chapter 7   Machine Condition Monitoring Market, By Region

7.1    Regional Outlook

7.2    North America

7.2.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.2.2    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.2.3    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.2.4    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.2.5    U.S.

7.2.5.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.2.5.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.2.5.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.2.6    Canada

7.2.6.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.2.6.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.2.6.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.5.7    Mexico

7.5.5.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.5.5.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.5.5.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3    Europe

7.3.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.3.2    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.3    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.4    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3.5    Germany

7.3.5.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.5.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.5.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3.6    UK

7.3.6.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.6.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.6.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3.7    France

7.3.7.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.7.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.7.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3.8    Russia

7.3.8.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.8.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.8.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3.9    Italy

7.3.9.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.9.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.9.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3.10    Spain

7.3.10.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.10.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.10.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3.11    Rest of Europe

7.3.11.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.11.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.11.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.4    Asia Pacific

7.4.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.4.2    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.4.3    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.4.4    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.4.5    China

7.4.5.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.4.5.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.4.5.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.4.6    India

7.4.6.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.4.6.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.4.6.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.4.7    Japan

7.4.7.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.4.7.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.4.7.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.4.8    Australia

7.4.8.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.4.8.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.4.8.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.4.9    South Korea

7.4.9.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.4.9.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.4.9.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.3.10    Rest of Asia Pacific

7.3.10.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.3.10.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.3.10.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.5    Central & South America

7.5.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.5.2    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.5.3    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.5.4   Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.5.5    Brazil

7.5.5.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.5.5.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.5.5.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.5.6    Rest of Central & South America

7.5.6.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.5.6.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.5.6.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.6    Middle East & Africa

7.6.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.6.2    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.6.3    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.6.4    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.6.5    Saudi Arabia

7.6.5.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.6.5.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.6.5.3   Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.6.6    United Arab Emirates

7.6.6.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.6.6.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.6.6.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.6.7    South Africa

7.6.7.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.6.7.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.6.7.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

7.5.8    Rest of Middle East & Africa

7.5.8.1    Market Estimates & Forecast Analysis, By Monitoring Technique, 2019-2027 (USD Billion)

7.5.8.2    Market Estimates & Forecast Analysis, By Deployment mode, 2019-2027 (USD Billion)

7.5.8.3    Market Estimates & Forecast Analysis, By Industry Vertical, 2019-2027 (USD Billion)

Chapter 8   Competitive Analysis

8.1    Key Global Players, Recent Developments & their Impact on the Industry

8.2    Four Quadrant Competitor Positioning Matrix

8.2.1    Key Innovators

8.2.2    Market Leaders

8.2.3    Emerging Players

8.2.4    Market Challengers

8.3    Vendor Landscape Analysis

8.4    Industry Vertical Landscape Analysis

8.5    Company Market Share Analysis, 2021

Chapter 9   Company Profile Analysis

9.1    Emerson Electric 

9.1.1    Company Overview

9.1.2    Financial Analysis

9.1.3    Strategic Initiatives

9.1.4    Product Benchmarking

9.2     General Electric

9.2.1    Company Overview

9.2.2    Financial Analysis

9.2.3    Strategic Initiatives

9.2.4    Product Benchmarking

9.3     Honeywell International 

9.3.1    Company Overview

9.3.2    Financial Analysis

9.3.3    Strategic Initiatives

9.3.4    Product Benchmarking

9.4    National Instruments

9.4.1    Company Overview

9.4.2    Financial Analysis

9.4.3    Strategic Initiatives

9.4.4    Product Benchmarking

9.5    Rockwell Automation

9.5.1    Company Overview

9.5.2    Financial Analysis

9.5.3    Strategic Initiatives

9.5.4    Product Benchmarking

9.6     SKF

9.6.1    Company Overview

9.6.2    Financial Analysis

9.6.3    Strategic Initiatives

9.6.4    Product Benchmarking

9.7     Analog Devices, Inc.

9.7.1    Company Overview

9.7.2    Financial Analysis

9.7.3    Strategic Initiatives

9.7.4    Product Benchmarking

9.8    Schaeffler AG

9.8.1    Company Overview

9.8.2    Financial Analysis

9.8.3    Strategic Initiatives

9.8.4    Product Benchmarking

9.9     ALS Limited

9.9.1    Company Overview

9.9.2    Financial Analysis

9.9.3    Strategic Initiatives

9.9.4    Product Benchmarking

9.10   Parker Hannifin Corporation

9.10.1    Company Overview

9.10.2    Financial Analysis

9.10.3    Strategic Initiatives

9.10.4    Product Benchmarking

9.11   Other Companies

9.11.1    Company Overview

9.11.2    Financial Analysis

9.11.3    Strategic Initiatives

9.11.4    Product Benchmarking

List of Tables

1 Technological Advancements In Machine Condition Monitoring Market

2 Global Machine Condition Monitoring Market: Key Market Drivers

3 Global Machine Condition Monitoring Market: Key Market Challenges

4 Global Machine Condition Monitoring Market: Key Market Opportunities

5 Global Machine Condition Monitoring Market: Key Market Restraints

6 Global Machine Condition Monitoring Market Estimates & Forecast Analysis, 2019-2027 (USD Billion)

7 Global Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

8 Vibration Monitoring: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

9 Thermography: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

10 Oil Analysis: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

11 Corrosion Monitoring: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

12 Ultrasound Emission Monitoring: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

13 Motor Current Analysis: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

14 Global Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

15 On- Premise: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

16 Cloud: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

17 Global Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

18 Oil & Gas: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

19 Power Generator: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

20 Metal & Mining: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

21 Automotive: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

22 Food & Beverages: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

23 Others: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

24 Regional Analysis: Global Machine Condition Monitoring Market, By Region, 2019-2027 (USD Billion)

25 North America: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

26 North America: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

27 North America: Machine Condition Monitoring Market, By Industry Vertical , 2019-2027 (USD Billion)

28 North America: Machine Condition Monitoring Market, By Country, 2019-2027 (USD Billion)

29 U.S: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

30 U.S: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

31 U.S: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

32 Canada: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

33 Canada: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

34 Canada: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

35 Mexico: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

36 Mexico: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

37 Mexico: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

38 Europe: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

39 Europe: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

40 Europe: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

41 Europe: Machine Condition Monitoring Market, By Country, 2019-2027 (USD Billion)

42 Germany: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

43 Germany: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

44 Germany: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

45 UK: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

46 UK: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

47 UK: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

48 France: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

49 France: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

50 France: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

51 Italy: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

52 Italy: Machine Condition Monitoring Market, By T Deployment mode Ype, 2019-2027 (USD Billion)

53 Italy: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

54 Spain: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

55 Spain: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

56 Spain: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

57 Rest Of Europe: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

58 Rest Of Europe: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

59 Rest Of Europe: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

60 Asia Pacific: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

61 Asia Pacific: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

62 Asia Pacific: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

63 Asia Pacific: Machine Condition Monitoring Market, By Country, 2019-2027 (USD Billion)

64 China: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

65 China: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

66 China: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

67 India: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

68 India: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

69 India: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

70 Japan: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

71 Japan: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

72 Japan: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

73 South Korea: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

74 South Korea: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

75 South Korea: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

76 Middle East & Africa: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

77 Middle East & Africa: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

78 Middle East & Africa: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

79 Middle East & Africa: Machine Condition Monitoring Market, By Country, 2019-2027 (USD Billion)

80 Saudi Arabia: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

81 Saudi Arabia: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

82 Saudi Arabia: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

83 UAE: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

84 UAE: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

85 UAE: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

86 Central & South America: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

87 Central & South America: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

88 Central & South America: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

89 Central & South America: Machine Condition Monitoring Market, By Country, 2019-2027 (USD Billion)

90 Brazil: Machine Condition Monitoring Market, By Monitoring Technique, 2019-2027 (USD Billion)

91 Brazil: Machine Condition Monitoring Market, By Deployment mode, 2019-2027 (USD Billion)

92 Brazil: Machine Condition Monitoring Market, By Industry Vertical, 2019-2027 (USD Billion)

93 Emerson Electric: Products Offered

94 General Electric: Products Offered

95 Honeywell International: Products Offered

96 National Instruments: Products Offered

97 Rockwell Automation: Products Offered

98 SKF: Products Offered

99 Analog Devices, Inc.: Products Offered

100 Schaeffler AG: Products Offered

101 ALS Limited: Products Offered

102 Parker Hannifin Corporation: Products Offered

103 Other Companies: Products Offered

List of Figures

1. Global Machine Condition Monitoring Market  Segmentation & Research Scope

2. Primary Research Partners and Local Informers

3. Primary Research Process

4. Primary Research Approaches

5. Primary Research Responses

6. Global Machine Condition Monitoring Market: Penetration & Growth Prospect Mapping

7. Global Machine Condition Monitoring Market: Value Chain Analysis

8. Global Machine Condition Monitoring Market  Drivers

9. Global Machine Condition Monitoring Market  Restraints

10. Global Machine Condition Monitoring Market  Opportunities

11. Global Machine Condition Monitoring Market  Challenges

12. Key Machine Condition Monitoring Market  Manufacturer Analysis

13. Global Machine Condition Monitoring Market: Porter’s Five Forces Analysis

14. PESTLE Analysis & Impact Analysis

15. Emerson Electric: Company Snapshot

16. Emerson Electric: Swot Analysis

17. General Electric: Company Snapshot

18. General Electric: Swot Analysis

19. Honeywell International: Company Snapshot

20. Honeywell International: Swot Analysis

21. National Instruments: Company Snapshot

22. National Instruments: Swot Analysis

23. Rockwell Automation: Company Snapshot

24. Rockwell Automation: Swot Analysis

25. SKF: Company Snapshot

26. SKF: Swot Analysis

27. Analog Devices, Inc.: Company Snapshot

28. Analog Devices, Inc.: Swot Analysis

29. Schaeffler AG: Company Snapshot

30. Schaeffler AG: Swot Analysis

31. ALS Limited: Company Snapshot

32. ALS Limited: Swot Analysis

33. Parker Hannifin Corporation: Company Snapshot

34. Parker Hannifin Corporation: Swot Analysis

35. Other Companies: Company Snapshot

36. Other Companies: Swot Analysis

The Global Machine Condition Monitoring Market has been studied from the year 2019 till 2027. However, the CAGR provided in the report is from the year 2022 to 2027. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Machine Condition Monitoring Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

The Global Machine Condition Monitoring Market is projected to grow from USD 2.8 billion to USD 4.0 billion by 2027 at a CAGR value of 8.9% from 2022 to 2027.
Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), Rockwell Automation (US), and SKF (Sweden) among others, are some of the key players in the machine condition monitoring market.
The COVID-19 pandemic has highly affected the manufacturing industry due to global shutdown and disruptions in supply chain activities. The operations of numerous enterprises have also been impacted by the observance of physical distance limits and restrictions on the movement of the population. The need for adopting highly automated systems with minimal human supervision is driving the machine condition monitoring market, which is growing along with the economys slow recovery and the rise in demand for remote operations.
Machine condition monitoring systems offer remote monitoring and management of plant operations by utilizing real-time data gathered from multiple Internet of things devices. It is anticipated that new machine condition monitoring systems will be installed more frequently across a variety of industries and will result in the growth of the market.
Russia and Ukraine have had a significant economic impact on the global market. They witnessed the physical effects of blockades and the destruction of production factors and the impact of sanctions on commerce and production. Therefore, due to the disruptions and trade blockades, many processes and manufacturing units were shut down which led to the plummeting demand for the machine condition monitoring market in the region.

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