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 : March, 2023 | 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)

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?