Machine Condition Monitoring Market Analysis

 The market for Machine Condition Monitoring market is estimated to be $2,326.39 M in 2019 and is analyzed to grow at a CAGR of 6.67% during forecast period 2020-2025.The market is booming with the significant penetration of IoT and web based monitoring tools, as they increase the production equipment efficiency of a machine throughout the lifecycle. Adding to this, the launch of various new technologies for the machine conditioning monitoring is certainly contributing to the adoption rate of the solutions.


Report Coverage
The report: “Machine Condition Monitoring Market – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Machine Condition Monitoring Market. 

By Monitoring Type – Vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, radiography, radiography, motor current analysis, electrical monitoring, performance monitoring, laser interferometry, others
By Component – hardware, software, service
By Deployment Model – cloud, on-premise
By Monitoring Process – Online condition monitoring, handheld condiion monitoring, optical condition monitoring, web based condition monitoring, others
By Application – automotive, food & beverage, oil & gas, aerospace & defense, mining & metal, water & wastewater, paper & packaging, marine, others
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa)


Key Takeaways
  • The significant growth in the implementation of automation technologies in the factories and penetration of the smart factories is certainly contributing to the growth of the market in North America.
  • As Automation is analyzed to play a crucial role in the times of global pandemic to maintain the productivity, the shift towards the adoption of automation and wireless communication in machine condition monitoring is analyzed to be maximized thereby contributing to the growth of the market during forecast period 2020-2025
  • Although the Machine Condition Monitoring market is analyzed to grow at a significant rate, the lack of availability of the trained experts for the data analytics is set to hinder the growth of the market.


Monitoring Type - Segment Analysis
The Machine Condition Monitoring Market is segmented into Vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, radiography, radiography, motor current analysis, electrical monitoring, performance monitoring, and laser interferometry among others by monitoring type. By monitoring type, thermography held the major share accounting to $640.96m in 2019. Thermography operates on the principle of sensing infrared radiations emitted by any object above the Absolute Zero temperature. Using an infrared detector, it is possible to convert these radiations into electrical signals which can then be displayed on a monitor as a grey level image or colour image, representing the complete surface temperature map of the object. Thermography has various implementations in a wide range of verticals including medical, military, process monitoring, electrical or mechanical engineering, energy evaluations, R&D and so on, thereby boosting the market growth during he forecast period 2020 – 2025.


Application - Segment Analysis
The market is segmented by application into automotive, food & beverage, oil & gas, aerospace & defense, mining & metal, water & wastewater, paper & packaging, marine, others. The market was dominated by oil and gas accounting to 23% in 2019. Oil and gas plants are equipped with some of the most complex machinery in industrial production. In addition to this complexity, if a failure occurs the financial and environmental consequences born are extremely serious. Attributed to these reasons, managing oil and gas operations with high levels of efficiency, safety, and profitability is becoming exponentially more difficult. Due to the penetration of industrial automation, condition monitoring has been introduced in the oil refineries and is a crucial element in successful modern-day oil and gas plant and remote asset management. Remote condition monitoring is being utilized in the petrochemical industry and is offering numerous benefits including energy efficiency for upstream oil and gas facilities, reduced maintenance costs, materials degradation monitoring, improved field communications and mining automation, thereby elevating the market growth in the coming years.

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