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

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

Status : September, 2020 | Semiconductor & Electronics | PPT format

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)

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.