Machine Health Monitoring Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

  • Single User License $3500

Machine Health Monitoring Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

Status : May, 2021 | Semiconductor & Electronics

Report Digest

Global Machine Health Monitoring Market: Overview

Machine health monitoring used for tracking machine health and performance- temperature, current, vibration, and RPM against set thresholds in order to pin-point signs of degradation. These conditioning machines can measure the current and voltage moving through electrical transformers to understand how efficiently their assets consume energy, or can measure oil temperature to track if a machine's cooling apparatus is working well, or track external surface temperature to see if heat is dissipating as expected.

As per TMR Research, the global machine health monitoring market is set to touch a higher mark in terms of valuation over the forecast period of 2019 to 2029. The compound annual growth rate would be sturdy over the forecast period. Opportunities are set to arise in industries such as oil and gas, manufacturing, petroleum, aerospace and defense, automotive, and marine amongst others. 

Global Machine Health Monitoring Market: Competitive Landscape

The global machine health monitoring market is a fragmented vendor landscape – result of large number of players marking it. Some of the leading key manufacturers in this market are:

  • Emerson Electric
  • Rockwell Automation
  • National Instruments
  • General Electric
  • Parker Hannifin
  • Honeywell
  • Azima Dli
  • Meggitt
  • Skf
  • Schaeffler
  • Bruel & Kjaer
  • Pcb Piezotronics
  • Fluke Corporation
  • Pruftechnik Dieter Busch

These players are predicted to cash in on an increasingly automated and efficient global manufacturing scenario. Alliances such as mergers and other strategies elated to geographic expansion will help them grow their reach further.

Global Machine Health Monitoring Market: Key Trends and Drivers

Since the Machine Health Monitoring Market finds application in varied industries such as oil and gas, manufacturing, petroleum, aerospace and defense, automotive, growth in these is expected to ensure that the market for machine health monitoring has a healthy growth rate. Factors oiling the engines of growth in the global machine condition monitoring market are:

  • An industry which is creating substantial demand for Machine Health Monitoring products is oil and gas. Growing activity in the industry - onshore and offshore oil exploration and shale gas activities - is expected to keep contribute to increase in demand. Since oil exploration and processing units are frequently subject to a range of adverse conditions owing to a corrosive working environment off-shore, machine health monitoring attains paramount importance here. 
  • The advent of the Internet of Things (IoT) has made it possible to monitor machine conditions without being physically present during uptime. With IoT, millions of sensors communicate the data they record to designated storage and information processing spaces. If a parameter exceeds a certain threshold, the system can send an alert to the relevant specialist of that specific part of the machine. Also, IoT lets manufacturers plan for predictive maintenance, where using Artificial Intelligence for monitoring all aspects of a machine allows maintenance before anything breaks down. These technologies are set to give greater impetus to growth in Machine Health Monitoring Market. 

Global Machine Health Monitoring Market: Regional Analysis

North America is estimated to be the fastest-growing market for the Machine Health Monitoring Market due to a higher investment made by existing industry operators on efficient maintenance. This growth also owes itself to a more robust industrial setup in the developed nations and a consequently larger market base. On the other hand, Asia Pacific and Latin America are expected to be the growth engines of Machine Health Monitoring Market in the near future as each of these regions is witnessing industrialization and urbanization.

Market Segmentation:

Machine Condition Monitoring Market, by Monitoring Technique

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis

Machine Condition Monitoring Market, by Offering

  • Hardware
    • Vibration Sensors               
      • Accelerometers  
      • Proximity Probes
      • Tachometers
    • Infrared Sensors 
      • Thermal Infrared Sensors 
      • Quantum Infrared Sensors
    • Spectrometers    
      • Infrared Spectrometers     
      • Ultraviolet Spectrometers
      • Atomic Spectrometers
      • Mass Spectrometers
    • Ultrasound Detectors
      • Sound Pressure Meters
      • Stethoscopes
      • Ultrasonic Leak Detectors
    • Spectrum Analyzers           
      • Swept Spectrum Analyzers               
      • Real-time Spectrum Analyzers
    • Corrosion Probes
    • Others    (Velocity Sensors and Transmitters, Thermal Cameras and IR Thermometers, Viscometers and Particle Counters, Wireless Transmitters and Corrosion Data Collectors, Ultrasonic Probes, Current Transformers, and Resistive Shuts, and Networking Devices)
  • Software
    • Data Integration  
    • Diagnostic Reporting         
    • Order Tracking Analysis     
    • Parameter Calculation

Machine Condition Monitoring Market, by Deployment Type 

  • On-premises
  • Cloud

Machine Condition Monitoring Market, by Monitoring Process

  • Online Condition Monitoring
  • Portable Condition Monitoring

Machine Condition Monitoring Market, by Industry

  • Oil & Gas              
  • Power Generation              
  • Metals & Mining
  • Chemicals
  • Automotive
  • Aerospace & Defense
  • Food & Beverages
  • Marine
  • Others (Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics)

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?