The machine condition monitoring market in North America was valued US$ 1,004.3 million in 2019 and is projected to reach US$ 1,380.9 million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027. The growing industrialization is monumental, and the pace of manufacturing is climbing at a rapid rate over the years. The continuous growth in the number of manufacturing facilities around the word is resulting in the rise in demand for condition monitoring. The intensifying competition across industries worldwide is leading the manufacturers to increase their outputs by achieving greater efficiency. The manufacturers in various industries are increasingly focusing on analyzing the health and operability of each asset in their production plants, which is enabling them to boost productivity and earn profit.
The rate of adoption of automated technologies for manufacturing purposes in developed countries has surged over the years. This has fueled the growth of smart factories in various countries. The countries with a significantly higher number of manufacturing facilities include the US, China, Canada, the UK, Germany, Japan, and France, among others; the facilities in these countries are continually seeking automated technologies. With the continuously rising demand for production across industries, the expansion of manufacturing facilities is one of the crucial strategies adopted by the manufacturers. The adoption of automated solutions across these rising number of manufacturing facilities is expected to propel the growth of the machine condition monitoring market in the coming years.
In terms of monitoring techniques, the vibration monitoring segment led the North American machine condition monitoring market in 2019 the largest share, and it is expected to continue to be the largest shareholder during the forecast period. However, the thermography segment is expected to grow at the highest CAGR in the machine condition monitoring market during the forecast period. Vibration monitoring is usually the key element of most condition-based maintenance programs. However, vibration monitoring cannot deliver all of the information required for an effective condition-based maintenance program. Its functioning is limited to mechanical condition monitoring, and it is not suitable to the assessment other vital parameters essential for maintaining consistency and effectiveness of machinery. Thus, a complete condition-based maintenance program should include additional monitoring as well as diagnostic techniques.
The North America machine condition monitoring market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America machine condition monitoring market with respects to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America machine condition monitoring market. A few of the players operating in the North America machine condition monitoring market are Emerson Electric, General Electric, SKF, National Instruments, Honeywell International Inc., Als Ltd., Meggitt, Parker Hannifin, Rockwell Automation, and Schaeffler.