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“Increasing disposition toward predictive maintenance to drive machine condition monitoring market”
The global machine condition monitoring market size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.9 billion by 2025, at a CAGR of 7.0%. Predictive maintenance is gaining rapid popularity in the manufacturing sector globally due to the benefits offered by it. Predictive maintenance is carried out only when the plant machinery is required to be repaired to avoid impending failure so that the necessary downtime can be scheduled for the most convenient and inexpensive time.
Process industries are continually looking for ways to cut down their operational costs. Therefore, enterprises give vital importance to equipment maintenance, and a lot of manpower, material resources, and money are put to make the production process smooth.
“Machine condition monitoring market to be driven by on-premises deployment during forecast period”
The on-premises deployment type dominated the machine condition monitoring market in 2018, as it is preferred more by organizations to protect critical information. On-premises deployment gives organizations complete control over their systems and data. However, it involves costs related hardware, software, and maintenance. It also limits the storage capacity.
Cloud-based deployment, on the other hand, benefits organizations with superior accessibility, increased scalability, speed, 24/7 service, and enhanced IT security. The growing adoption of SaaS applications by enterprises is bringing substantial growth prospects for cloud-based machine condition monitoring solutions.
“Online condition monitoring segment to grow at significant CAGR during forecast period”
Online machine condition monitoring systems are implemented for critical assets, such as turbines, blowers, critical pumps, and compressors, that have an immediate impact on machine safety, environment, and the productivity of plants. Condition monitoring systems include a sequence of sensors permanently mounted on the critical machines for sensing. The sensors are connected to output devices such as monitors, analyzers, and central servers of a plant. These sensors transmit data to the plant operators through either a wireless network or a cabled network.
“Machine condition monitoring market in APAC to witness highest growth rate in coming years”
The APAC region is emerging to be the world’s most powerful economy due to the increasing spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of machine condition monitoring solutions. China, one of the top manufacturing countries, has been adopting real-time machine monitoring systems to increase operational efficiency and production of manufacturing plants. Due to the rising maintenance costs in the manufacturing industry, manufacturing companies have been considering the adoption of advanced technologies such as predictive maintenance to optimize maintenance processes and improve operating costs. Condition monitoring is expected to help manufacturers to optimize their operating costs by predicting the failure of critical assets to achieve high efficiency.
To determine and verify the market size of several segments and subsegments, extensive primary interviews have been conducted with key opinion leaders in the machine condition monitoring market.
Following is the breakup of the primary participants:
- By Company Type: Tier 1 = 40 %, Tier 2 = 35%, and Tier 3 = 25%
- By Designation: C-Level Executives = 50%, Directors = 32%, and Others = 18%
- By Region: North America = 30%, Europe = 24%, APAC = 32%, and RoW = 14%
The report profiles the key players in the machine condition monitoring market and analyzes their market rankings. A few prominent players profiled in this report include Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden).
This research report categorizes the machine condition monitoring market by monitoring technique, offering, deployment type, monitoring process, industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain and market ranking analysis.
Reasons To Buy the Report:
The report would help leaders/new entrants in the machine condition monitoring market in the following ways:
- The report segments the market comprehensively and provides the market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- The report would help stakeholders understand their competitors better and gain insights to improve their position in the machine condition monitoring market. The competitive landscape section describes the competitor ecosystem.