Global Machine Condition Monitoring Market Size to grow by USD 5.2 Bn in 2030.

Press Release

The machine condition monitoring market was valued at USD 2.9 billion in 2021 and is projected to reach USD 5.2 billion by 2030, at a CAGR of 9.4% during the forecast period. Worker health and safety regulation mandates that all enterprises ensure the health and safety of their employees. For every machinery, the industries follow the condition monitoring protocols. These worker safety boards are dedicated to the monitoring process and receive both specific and routine health and safety reports on a regular basis.

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Wireless technology and remote monitoring are evidence of technical advancements. These innovations allow businesses to collect data and monitor the underlying equipment and machine processing. Remote monitoring also offers real-time data to plant operators and is the recommended monitoring method in hazardous facilities that operate continuously and are prone to errors. Furthermore, it enables the operator to collect data precisely, which may then be sent to all relevant authorities instantly. Furthermore, the global growth of the machine condition monitoring system has been aided by the rise of the wind energy market.

Big data analytics' ability to acquire real-time and trending performance data for assets large and small can be transformative. Because of its ability to process massive amounts of data, big data analytics has aided in the analysis of data supplied by condition monitoring systems. Machine learning allows for easy benchmarking of machine performance, data openness, and efficient collaboration among multiple condition monitoring systems processes. Various firms employ big data-enabled condition monitoring to reduce the overall cost of ownership of assets, allowing them to run their businesses more efficiently.

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The hardware segment is expected to dominate the market share of global machine condition monitoring market owing to the increasing deployment of hardware among the different verticals as it is easy to operate and cost effective. The cloud-based segment is expected to dominate the market share of global machine condition monitoring market owing to the rising adoption of cloud solutions among different verticals. Enterprises with current infrastructure are moving toward cloud computing services adoption and are willing to take a hybrid approach to gain the benefits of both on-premises and cloud services. The portable is expected to dominate the market share of global machine condition monitoring market owing to become more adaptable in incorporating new technology with their existing systems. This makes it possible to integrate with other equipment as well. The vibration monitoring is expected to dominate the market share of global machine condition monitoring market. Vibration monitoring is the process of calculating and recording typical vibration readings and operating characteristics. It delivers real-time data that can be used to diagnose machine conditions and discover defects in machine operations. The automotive segment is expected to dominate the market share of global machine condition monitoring market owing to automotive industry is one of the most important areas of the manufacturing industry worldwide. Automobiles are growing increasingly sophisticated as technology progresses.

Europe is region is expected to dominate the market share of the global machine condition monitoring market. Germany's aerospace sector is one of the country's most inventive and high-performing industries, with significant growth over the last 20 years. This industry is driven by an increasing need to replace ageing, inefficient aircraft and quickly growing passenger volumes, which drives the demand for machine condition monitoring equipment.

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KEY INDUSTRY DEVELOPMENTS:

August 2021- Baker Hughes business announced the launch of VitalyX, powered by Shell Remote Sense and Bently Nevada offering advanced analytics-based oil condition monitoring and machine health service for the marine sector.

March 2021- Emerson Electric launched Rosemount 4390 series corrosion and erosion monitoring wireless transmitters with digital capabilities and integration with Plantweb Digital ecosystem.

February 2021- Analog Devices, Inc. launched CN0549 condition-based monitoring development platform designed to help accelerate condition monitoring hardware, software, and algorithm development.

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