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Machine Condition Monitoring Market by Monitoring Technique, Deployment, Monitoring Process, Offering, Industry And Region - Global Forecast to 2024

Machine Condition Monitoring Market: Global Forecast until 2024

  • February 2018
  • 206 pages
  • ID: 4364962
In this report:
The machine condition monitoring market for the automotive industry is expected to grow at the highest CAGR of ##.##% between 2018 and 2024.
The global machine condition monitoring market for hardware offerings registered a shipment of ##.## thousand units in 2017and is expected to witness a shipment of ##.## thousand units by 2024, at a CAGR of ##.##% between 2018 and 2024.

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The machine condition monitoring market is anticipated to rise at a compound annual growth rate (CAGR) of 6.7% during the forecast horizon

The machine condition monitoring market is forecasted to grow from ~$2.4B in 2018 to ~$3.5B by 2024, at a compound annual growth rate (CAGR) of 6.70 percent between 2018 and 2024. The increase of the market is influenced by Elements such as the development of a secure cloud computing platform, rised use of wireless communication technology for condition monitoring of equipment, and inclination of end users toward predictive maintenance.

Nevertheless, the lack of trained technical resources for data review hinders industry growth

Cloud deployment is anticipated to witness a higher Compound annual growth rate during the estimate period

The industry for cloud-based machine condition monitoring solutions is forecasted to grow at a better compound annual growth rate during the outlook period because it affords elasticity required for the information and computational resources significantly at a low cost. One of the main advantages of cloud-based solutions is that it benefits companies to comprehend the real-time condition of their assets from a remote location. Futhermore, the initial investment and the maintenance costs are reduced as nothing has to be stored on premises

The sector for the automotive sector is anticipated to witness the top compound annual growth rate during the estimate period

The overall automotive sector is emphasizing on automating and upgrading assembly lines, which require motor monitoring.

Motor current study helps reduce machine failures and extend the life of machines. The automotive market is attesting significant increase in the number of units produced per day. The machinery on the production floor is required to be maintained properly to minimize the production cycle and growth the production output, thereby resulting in high adoption of machine condition monitoring solutions in the automotive sector

North America continent is forecasted to dominate the machine condition monitoring market, while Asia-Pacific is anticipated to grow at the highest compound annual growth rate (CAGR) during the outlook period

North America (NA) held the biggest share of the machine condition monitoring market in 2017 due to the presence of main machine condition monitoring vendors and high focus on optimum asset utilization; rise in stringent government regulations at workplaces with regard to personal safety; and increase in requirements to control and assure quality in oil & gas, chemicals, and food & beverages sectors are driving the industry demand for machine condition monitoring systems in North America continent.

Elements such as quick industrialization, high adoption of predictive maintenance tools, and competitive pressure to accomplish operational efficiency are fueling the rise of the machine condition monitoring market in Asia-Pac.

Given below is the breakdown of the profile of the primary participants in terms of distinct parameters considered while studying the analysis:

• By Company category: Tier 1 = 31.0 percent, Tier 2 = 37.0 percent, and Tier 3 = 32.0 percent

• By Description: C-suite executives = 45.0 percent, Directors = 36.0 percent, and Others = 19.0 percent

• By Area: North America (NA) = 32.0 percent, EU = 30.0 percent, Asia-Pacific = 24.0 percent, and RoW = 14.0 percent

The top players operating in the machine condition monitoring market contain ALS Limited, Emerson Electric, General Electric (NYSE:GE), Honeywell, Meggitt, National Instruments, Parker-Hannifin, Rockwell Automation (NYSE:ROK), Schaeffler, SKF, Azima DLI, Bruel & Kjaer, and Fluke.

Segment Research

In this business report, different segments including monitoring techniques, offerings, deployment types, monitoring processes, markets, and geographic region have been covered. It also considers the drivers, industry restraints, possibilities, and opportunities pertaining to the market. The market research contributes a in-depth view of the market across 4 main regions: North America continent, Europe (EU), Asia-Pac, RoW.

Why Purchasing This Study Can Help You:

• this business report includes the machine condition monitoring market sizing in terms of value importance established on monitoring techniques, hardware and software offerings, deployment types, monitoring processes, sectors, and geographic regions, together with respective countries.

• The main drivers, market restraints, alternatives, and opportunities associated to the machine condition monitoring market increase have been provided in detail in this industry report.

• The report includes figures of segmentation, review, and estimate for the machine condition monitoring market.

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