The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global machine condition monitoring market was valued at USD 2061.8?million in 2019?and is expected to reach a value of USD 2775.7?million by 2025, at a CAGR of 5.14% over the forecast period (2020-2025).?
- The introduction of various approaches in diagnosing the health of machinery and bearings is revolutionizing the machine maintenance activities. With the challenge of low-cost mass production, the current maintenance professionals are turning to condition monitoring to succeed in this intensely competitive environment.
- Stimulated by its successes in a wide range of applications right from turbine protection to monitoring of bearings in paper-making machines, monitoring techniques are enhancing the characteristics of products with a clear eye toward the future and to compete in the global arena.
- The increasing utilization of wireless communication technology and the growth in HVAC systems are major factors influencing the market. Other factors, such as the smart factory and transition from preventative to predicative maintenance are also contributing significantly to the growth of machine condition monitoring market.
- The increasing level of awareness among organizations has led to an increased adoption of condition monitoring techniques, for optimizing asset health.
Scope of the Report
Machine condition monitoring is the process of monitoring the condition of a machine with the intent to predict mechanical wear and failure. Trends in the data provide health information about the machine and help detect machine faults early, which prevents unexpected failure and costly repair.
Key Market Trends
Vibration Sensors to Dominate the Market Share
- Sensors are devices, which monitor a parameter of a system. Vibration measurement has become an important method in mechanical structural product’s research, design, manufacturing and maintenance.
- Vibration sensors are further segmented into different accelerometers,, which measure the acceleration of a body that is in motion. Proximity probes are specially used to monitor vibrations of a journal bearing equipped machinery; they provide vibration measurement relative to the shaft.
- It has a major application in heavy machinery industries, such as power and gas, and manufacturing. It also has widespread applications in the automotive and aerospace industry since they employ a dynamic environment that requires continuous monitoring and have negligible scope for error.
- Vibration sensors account for a large share owing to their use in vibration conditioning monitoring systems. Their share is expected to increase with advances in sensor technology and with the availability of non-contact sensors.
Europe (Germany) to Occupy Significant Share
- The aerospace industry in Germany is one of the most innovative and best-performing industries of the country and has witnessed significant success over the past 20 years. Since the mid-1990s, the industry revenues have grown more than four times, crossing EUR 32 billion
- As a global aerospace hub, it is also home to the leading players from all the defense and civil aviation market segments. In the next 20 years, it is estimated that nearly 30 to 35 thousand new aircraft will be put into service in order to meet the global aviation demand.
- Increasing need to replace old and low-efficient aircraft and rapidly growing passenger volumes are driving this market,, which in turn drives the market for machine condition monitoring equipment.
- Germany is investing significantly in offshore wind power projects. More than 3,000 MW of offshore wind power was connected to the European grid in the recent past, with the vast majority coming from Germany.
- The country homes 43 automobile assemblies and production plants, with a capacity of more than 1/3rd of entire Europe’s automobile production. More than 3/4th of the cars produced in this country are destined for international markets, driving the market for machine condition monitoring
- There is a direct correlation between the threat of new entrants and the height of barriers posed by the market for new entrants. The machine condition monitoring systems market poses relatively high barriers to the entry of new players.
- The presence of several established firms makes it harder for new entrants to gain direct access to channels of distribution. The technologically intensive nature of the market will also have an effect on the barriers to entry for new players, as they need to keep track of innovations to remain relevant and competitive in the market.
- Some of the key players in the Machine Condition Monitoring Market are Emerson, IBM. some of the key developments in the Machine Condition Monitoring Market are as follows:
- GE Digital expanded its business and Asset Performance Management (APM) coverage by as it has acquired Meridium Inc.,, which is an APM software leader. This acquisition helped GE Digital to accelerate its comprehensive APM offering and provide a solution that unifies real-time analytics with reliability-centered maintenance best practices, delivering a complete APM solution.
- Br?el & Kj?r Vibro acquired the US-based Setpoint vibration monitoring platform, which is renowned for its state-of-the-art machine protection and condition monitoring systems, which utilize the powerful OSISoft PI Historian. The Setpoint product line will be an essential part of the B&K Vibro offering in combination with the existing VIBROCONTROL 6000 Machine Protection System and Compass 6000 Condition Monitoring System and their well-known portfolio of professional system engineering and field services.
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