Meticulous Research® Reveals Global Machine Condition Monitoring Market to Reach $5.2 Billion by 2029, Driven by Industry 4.0 Technologies

 

Meticulous Research®, a leading global market research company, has released its latest report titled, ‘Machine Condition Monitoring Market by Component (Hardware, Software), Process (Online, Portable), Monitoring Technique (Vibration, Thermography, Corrosion), End-use Industry (Energy, Oil & Gas, Telecom), and Geography — Global Forecast to 2029’. The comprehensive study forecasts the global machine condition monitoring market to reach $5.2 billion by 2029, expanding at a CAGR of 7.3% from 2022 to 2029.

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The report highlights that the market’s growth is largely driven by the increasing adoption of Industry 4.0 technologies and heightened awareness regarding predictive maintenance. However, the market may face challenges due to a shortage of technical expertise for analyzing and predicting machine conditions. Conversely, the rising trend of automation across industries presents substantial growth opportunities. The high costs and complexities associated with integrating machine monitoring systems into existing infrastructures remain as potential barriers to market expansion.

Market Segmentation and Insights:

  • Component Analysis: The market is segmented into hardware, software, and services. In 2022, the software segment is projected to hold the largest market share, driven by the growing utilization of machine condition monitoring software to minimize downtime and enhance productivity. This segment is also anticipated to exhibit the highest CAGR throughout the forecast period.
  • Deployment Mode: The market is divided into on-premise and cloud-based deployments. The cloud-based deployment segment is expected to dominate in 2022, owing to benefits such as automatic software updates, the subscription-based SaaS model, and enhanced data security. This segment is poised for the highest growth rate during the forecast period.
  • Monitoring Process: The market is segmented into online and portable monitoring. The online monitoring segment is projected to capture a larger share in 2022, driven by the increasing adoption of wireless technologies. This segment is also forecasted to register the highest CAGR.
  • Monitoring Technique: Segmented into vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound monitoring, and other techniques, vibration monitoring is expected to lead the market in 2022 due to its widespread application in detecting machinery issues and reducing downtime. The corrosion monitoring segment is anticipated to experience the highest CAGR.
  • End-use Industry: The market is divided into manufacturing, healthcare, energy & utilities, aerospace, telecom, agriculture, oil & gas, transportation & logistics, and other sectors. The manufacturing sector is expected to hold the largest share in 2022, attributed to the growing adoption of digital technologies and industrial IoT in manufacturing environments. This sector is also expected to register the highest growth rate.

Geographic Overview:

The global machine condition monitoring market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to dominate in 2022, driven by increasing automation and industrialization in countries such as China, India, and Japan. The demand for machine condition monitoring systems in this region is expected to grow significantly.

Key Market Players:

Leading players in the global machine condition monitoring market include General Electric Company (U.S.), AB SKF (Sweden), Wilcoxon Sensing Technologies (U.S.), Emerson Electric Co. (U.S.), ALS Limited (Australia), Honeywell International Inc. (U.S.), Parker-Hannifin Corporation (U.S.), Rockwell Automation, Inc. (U.S.), ifm electronic gmbh (Germany), Schaeffler AG (Germany), Baker Hughes Company (U.S.), Analog Devices, Inc. (U.S.), Fluke Corporation (U.S.), Meggitt PLC (U.K.), and National Instruments Corporation (U.S.).

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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