Machine Condition Monitoring Market Is Estimated To Witness High Growth
Author : Leena Shedmake | Published On : 19 Jan 2024
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 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for predictive maintenance from various industries is a major driver propelling the growth of machine condition monitoring market. Machine condition monitoring helps in achieving predictive maintenance by identifying equipment performance deviations at an early stage and enables planned repairs. This leads to reduction in unexpected breakdowns and maintenance costs. Furthermore, growing emphasis on improving asset reliability and operational efficiency is also fueling the adoption of machine condition monitoring systems across different industry verticals. The technology assists organizations in risk mitigation, improved productivity, minimized downtime, and enhanced process safety. However, high initial investment associated with machine condition monitoring systems remains a key challenge for small and medium enterprises.
SWOT Analysis
Strength: The Machine Condition Monitoring Market offers Condition-Based Monitoring which helps predict potential maintenance issues and reduces unplanned downtime. This improves operational efficiency and lowers maintenance costs for companies. It also allows remote monitoring of assets from any location.
Weakness: High initial investment costs in sensors, instruments and software often discourage SMEs from adopting machine condition monitoring solutions. Lack of skilled technicians further compounds the challenges of implementation and data analysis.
Opportunity: Growing industrial automation and Industry 4.0 trends are increasing demand for real-time asset performance monitoring and predictive maintenance. The development of low-cost IoT sensors and cloud computing also presents an opportunity to scale monitoring to more asset classes.
Threats: Privacy and security concerns around connecting industrial machinery to the Internet could hamper growth. Economic slowdowns may also negatively impact investments in non-critical monitoring systems.
Key Takeaways
The Global Machine Condition Monitoring Market Size is expected to witness high growth on account of increasing adoption across sectors like manufacturing, metals and mining, and energy and power.
Regional analysis: North America currently dominates the market due to extensive use of predictive maintenance strategies among major industries. However, Asia Pacific is expected to see the fastest growth during the forecast period driven by rapid industrialization in China, India, Indonesia and Thailand. These developing nations offer lucrative opportunities for international players.
Key players: Key players operating in the Machine Condition Monitoring Market are Emerson Electric Co., General Electric, Honeywell International Inc., National Instruments Corp., SKF Group, Rockwell Automation, Inc., Brüel & Kjær Vibro GmbH, ifm electronic GmbH, Parker Hannifin Corp., Schaeffler Technologies AG & Co. KG. The market is moving towards consolidation as large players seek to offer integrated monitoring solutions. However, small regional suppliers continue to innovate new sensor technologies.
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