May 27, 2020 (Market Insight Reports) -- Selbyville, Delaware The ‘Machine Condition Monitoring market’ research report now available with Market Study Report, LLC, is a compilation of pivotal insights pertaining to market size, competitive spectrum, geographical outlook, contender share, and consumption trends of this industry. The report also highlights the key drivers and challenges influencing the revenue graph of this vertical along with strategies adopted by distinguished players to enhance their footprints in the Machine Condition Monitoring market.
North America dominated the machine condition monitoring market, followed by Europe and APAC. The dominance of North America is majorly attributed to the presence of large industrial sectors in the US, Canada, and Mexico. The US accounts for the largest share in the region, which is attributable to the existence of well-established and emerging condition monitoring solution providers. Additionally, the country dominates the region with the power of a significantly higher number of manufacturing facilities across its borders.
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ASL Limited, Emerson Electric Co., General Electric Co., Honeywell International Inc., National Instruments, Parker-Hannifin Corp., Rockwell Automation, Schaeffler Technologies, SKF, and Wilcoxon Sensing Technologies are among the key players present in the machine condition monitoring market. Several other players are also operating in the global machine condition monitoring market and are contributing substantial revenues towards the growth of market.
The global machine condition monitoring market was valued at US$ 2,640.0 million in 2019 and is projected to reach US$ 3,922.0 million by 2027. With the presence of several well-established and emerging players, the machine condition monitoring market is experiencing a steady growth rate over the years and is expected to continue a similar growth trend with substantial revenue during the forecast period.
The presence of a large number of market players globally is a crucial advantage for the market to propel over the years. However, the longer lifespan of these types of monitoring hardware solutions is a restricting factor for the growth of machine condition monitoring market.
Based on geography and their subsequent countries, the machine condition monitoring market is categorized into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The historical trends, current trends, and future outlook of the market players and the end-users, facilitate the analysis of the machine condition monitoring market.
Canadian manufacturers also showcase a similar trend, which has led to the adoption of a significantly higher volume of condition monitoring solutions. However, as the lifespan of the monitoring hardware is longer, the demand for the same is limited to new manufacturing plants. This is expected to slow down the year-on-year growth of the machine condition monitoring market in the region.
Europe and APAC compete closely to gain market share; however, APAC is expected to grow at a prime rate during the forecast period as Europe and APAC are witnessing a rise in the number of new manufacturing plants. The rise in the manufacturing facilities positively impact the machine condition monitoring market as the manufacturers in these regions are aware of the benefits of condition monitoring solutions.
The APAC region is estimated to be the fastest-growing region, owing to the tremendous growth of industrialization across China, India, Japan, and South Korea. With the expansion of manufacturing facilities, numerous large enterprises and SMEs are demanding condition monitoring solutions, which in turn is raising the revenue shares of the machine condition monitoring market in the region.
The MEA and SAM regions are also contributing a significant amount of revenue and volume in the machine condition monitoring market. As the regions are experiencing urbanization and growth in foreign direct investments (FDI), the regional governments and several private manufacturers are spending substantial percentages of budget towards the adoption of advanced technologies for analyzing machine health. The increasing awareness related to the benefits of condition monitoring is showcasing the growth of machine condition monitoring market in these two regions.
The machine condition monitoring market has been segmented into monitoring technique, offering, deployment type, monitoring process, end-user, and geography. Based on monitoring technique, the machine condition monitoring market has been segmented into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, and motor current analysis.
Based on offering, the machine condition monitoring market has been segmented into hardware and software. The hardware segmented is further classified into vibration sensor, proximity probes, tachometer, infrared sensors, spectrometer, ultrasound detectors, corrosion probe, and others. Based on deployment type, the machine condition monitoring market is segmented into on-premise and cloud. Whereas, based on monitoring process, the machine conditioning monitoring market is segmented into online condition monitoring and portable condition monitoring.
Based on end users, the machine condition monitoring market is segmented into oil & gas, automotive, aerospace & defense, food & beverage, power generation, manufacturing, and others. The aerospace & defense sector is leading the machine condition monitoring market over the years and is expected to continue its dominance during the forecast period. Geographically, the machine condition monitoring market is segmented into five regions: North America, Europe, APAC, MEA, and South America.
Overall size of the global machine condition monitoring market has been derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global machine condition monitoring market. It also provides an overview and forecast for the machine condition monitoring market based on all segmentation provided for the global region.
Additionally, primary interviews were conducted with industry participants and commentators to validate and analyze the data.
The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the machine condition monitoring industry.