Machine Condition Monitoring Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis and Forecast 2020-2027

The growth of this market is expected to be driven by the advent of secure cloud platforms used in condition monitoring, increasing disposition toward predictive maintenance, and high demand from emerging applications. The report covers the machine condition monitoring industry segmented into monitoring technique, offering, deployment type, monitoring process, industry, and geography.

Vibration monitoring segment contributed largest share to machine condition monitoring market in 2019

Vibration monitoring is the most widely used technique for machine condition monitoring. Vibration may be defined as a cyclic or periodic displacement of a machine from its static position due to the back and forth motion. This motion is caused mainly by the oscillation of various components such as belts, gears, bearings, and drive motors. Vibration monitoring is used for measuring oscillation of components such as belts, gears, bearing, drive motors, and other elements. Since it is not possible to shut down these systems for condition monitoring, real-time vibration monitoring is required. Easy data analysis and one-time installation are the other factors driving the growth of the vibration monitoring market.

Hardware offering segment to have largest share of machine condition monitoring market during forecast period

Hardware components offered by machine condition monitoring solution providers mainly include vibration sensors & analyzers, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, and corrosion probes. These systems are considered to be the main components of condition monitoring systems through which machine health is obtained in advance. The data extracted by hardware components enable effective predictive maintenance programs to avoid costly downtime.

North America to dominate machine condition monitoring market during forecast period

North America is a key market for machine condition monitoring as it is home to some of the largest multinational corporations in this market, including majority of the leading players such as Emerson Electric (US), General Electric (US), Honeywell International (US), and National Instruments (US). Machine condition monitoring solutions have the capability to accurately forecast equipment failure that helps organizations to reduce their maintenance and operational expenses. North America accounts for the major chunk of the machine condition monitoring market, and the region is considered to be one of the most advanced regions in terms of technology adoption and infrastructure.

One of the primary goals for any business is the prolonging of an asset’s lifecycle and ensuring that the asset functions efficiently for a long period. This can be accomplished through the use of condition monitoring. Maintenance is crucial to machines. Machine condition monitoring is an important part of maintenance, and thus,many companies have been focusing more on asset utilization and increasing productivity.

  • As operational equipment is responsive to many types of errors and faults, and it is, therefore, important to monitor minor or major changes in equipment by measuring parameters,like vibration, temperature, voltage, current, pressure, flow, and several others.
  • This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using condition monitoring include; allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus,increasing human safety.
  • Vendors in the market studied have been continuously putting efforts in product innovation to widen their product functionality. For instance, in June 2019, SPM Instrument expanded its high-end online condition monitoring system, IntellinovaParallel EN, and launched an eight-channel version of this flagship system. The system is a good choice for test and proof-of-concept installations and monitoring mission-critical equipment with a smaller number of measuring points.
  • Moreover, the condition monitoring techniques are also standardized through ISO, and the American Society for Testing and Materials (ASTM). The ASTM has outlined multiple standards, mostly dealing with condition monitoring for in-service lubricants, while the ISO standards 13372, 17359, 18436, and 13381, among others, specify the guidelines for condition monitoring and diagnostics of machines.
Key Market Trends

Automotive Transportation to Witness Significant Growth
  • The automotive industry has undergone rapid changes over the last few decades. Previously, cars were mechanical, mostly equipped with basic electrical systems that offered power for headlights and spark plugs. With technological advancements, cars got equipped with the latest gadgets, such as radios, alarms, wipers, etc.
  • Globally, the automotive sector is one of the major segments of the manufacturing sector. With rapid advances in technologies, automobiles today are becoming more complex. This increased complexity is leading to possible production errors.
  • However, automobile manufacturers cannot afford these errors in the current, highly competitive environment. Hence, manufacturers are highly dependent on an effective approach to provide the quality that the customers demand. This has led to an increase in the adoption rate of machine condition monitoring systems.
  • The main applications of condition monitoring in this industry are air-handling units, pumps, and many other such applications. Other vital areas where condition monitoring is being used in various test machinery, such as endurance testing of motors and transmission components, wind tunnels, electrical breaks for reliability testing, car test bench (artificial roads), and others.
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
Competitive Landscape

Machine Condition Monitoring Market is moderately competitive with no firm having a very large market share. The companies enter into strategic partnerships to gain market power and market dominance.
  • May 2020- Nippon Avionics Ltd. company shifted all the existing operations and moved to another location situated in Ikonobe-cho, Tsuzuki-ku, Yokohama.
  • April 2020- SKF collaborates with wireless specialist LumenRadio to enhance automated machine monitoring. By collaborating with wireless specialist LumenRadio, SKF has developed a new wireless sensor as part of a condition monitoring system for improving rotating equipment performance programs on a scale previously considered uneconomic
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Key Players

  • Meggitt Sensing Systems (Meggitt PLC)
  • Rockwell Automation Inc.
  • GE Bently Nevada
  • Emerson Electric Co.
  • SKF AB
  • Bru?el & Kjaer Vibro
  • FLIR Systems Inc.
  • Fluke Corporation
  • Nippon Avionics Co., Ltd.
  • Thermo Fisher Scientific Inc.
  • Perkin Elmer Inc.
  • AMETEK Spectro Scientific
  • Parker Kittiwake (PARKER HANNIFIN CORP.)
  • Gastops Ltd

The global machine condition monitoring market is segmented as follows:

Global Machine Condition Monitoring Market, by Component

  • Hardware
  • Software
  • Services

Global Machine Condition Monitoring Market, by Type

  • Thermography
  • Vibration Monitoring
  • Lubrication Oil Monitoring
  • Acoustic Emission Monitoring
  • Ultrasound Monitoring
  • Corrosion Monitoring
  • Current Signature Monitoring
  • Others

Global Machine Condition Monitoring Market, by Solution Type

  • Online Monitoring
  • Integrated Monitoring
  • Continuous Remote Monitoring
  • Route-based Monitoring

Global Machine Condition Monitoring Market, by End-use Industry

  • Aerospace and Defense
  • Automotive
  • Oil and Gas
  • Metal and Mining
  • Marine
  • Food and Beverages
  • Chemicals and Pharmaceuticals
  • Others (Paper & Pulp, Textile, Utility)

Global Machine Condition Monitoring Market, by Geography

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East &Africa
  • South America
    • Brazil
    • Rest of South America

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness Porters Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 on the Market
4.5 Market Drivers
4.5.1 Increasing Equipment Performance and Productivity through Predictive Maintenance
4.5.2 Rising Predictive Maintenance Requirements
4.5.3 Industry 4.0 and Emerging Industrial Applications across Manufacturing and Process Industries
4.6 Market Challenges
4.6.1 Cost Implications in Line with Retrofits
4.6.2 Global Macroeconomic and Geopolitical Factors

5 MARKET SEGMENTATION
5.1 MACHINE CONDITION MONITORING
5.1.1 Type
5.1.1.1 Hardware
5.1.1.1.1 Vibration Condition Monitoring Equipment
5.1.1.1.2 Thermography Equipment
5.1.1.1.3 Lubricating Oil Analysis
5.1.1.1.4 Ultrasound Emission Monitoring
5.1.1.1.5 Other Types
5.1.1.2 Software
5.1.1.3 Services
5.1.1.3.1 Remote Monitoring Services
5.1.1.3.2 Instrumentation Maintenance Services
5.1.1.3.3 Machinery Diagnostics Services
5.1.2 Monitoring Type
5.1.2.1 Portable/Handheld
5.1.2.2 Online
5.2 VIBRATION MONITORING EQUIPMENT
5.2.1 End-user Industry
5.2.1.1 Oil and Gas
5.2.1.2 Power Generation
5.2.1.3 Process and Manufacturing
5.2.1.4 Aerospace and Defense
5.2.1.5 Automotive and Transportation
5.2.1.6 Other End-user Industries (Marine, Mining, Metal, etc.)
5.2.2 Geography
5.2.2.1 North America
5.2.2.1.1 United States
5.2.2.1.2 Canada
5.2.2.2 Europe
5.2.2.2.1 Germany
5.2.2.2.2 United Kingdom
5.2.2.2.3 France
5.2.2.2.4 Rest of Europe
5.2.2.3 Asia Pacific
5.2.2.3.1 China
5.2.2.3.2 Japan
5.2.2.3.3 India
5.2.2.3.4 Rest of Asia Pacific
5.2.2.4 Rest of the World
5.2.3 Vendor Market Share Analysis
5.3 THERMOGRAPHY EQUIPMENT
5.3.1 End-user Vertical
5.3.1.1 Oil and Gas
5.3.1.2 Power Generation
5.3.1.3 Process and Manufacturing
5.3.1.4 Aerospace and Defense
5.3.1.5 Automotive and Transportation
5.3.1.6 Other End-user Verticals (Marine, Mining, Metal, etc.)
5.3.2 Geography
5.3.2.1 North America
5.3.2.1.1 United States
5.3.2.1.2 Canada
5.3.2.2 Europe
5.3.2.2.1 Germany
5.3.2.2.2 United Kingdom
5.3.2.2.3 France
5.3.2.2.4 Rest of Europe (Eastern Europe and Other Western European Countries)
5.3.2.3 Asia Pacific
5.3.2.3.1 China
5.3.2.3.2 Japan
5.3.2.3.3 India
5.3.2.3.4 Rest of Asia Pacific
5.3.2.4 Rest of the World (Latin America & Middle East and Africa)
5.3.3 Vendor Market Share Analysis
5.4 LUBRICATING OIL ANALYSIS EQUIPMENT
5.4.1 End-user Vertical
5.4.1.1 Oil and Gas
5.4.1.2 Power Generation
5.4.1.3 Process and Manufacturing
5.4.1.4 Aerospace and Defense
5.4.1.5 Automotive and Transportation
5.4.1.6 Other End-user Verticals (Marine, Mining, Metal, etc.)
5.4.2 Geography
5.4.2.1 North America
5.4.2.1.1 United States
5.4.2.1.2 Canada
5.4.2.2 Europe
5.4.2.2.1 Germany
5.4.2.2.2 United Kingdom
5.4.2.2.3 France
5.4.2.2.4 Rest of Europe
5.4.2.3 Asia Pacific
5.4.2.3.1 China
5.4.2.3.2 Japan
5.4.2.3.3 India
5.4.2.3.4 Rest of Asia Pacific
5.4.2.4 Rest of the World (Latin America and Middle East and Africa)
5.4.3 Vendor Market Share Analysis

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Meggitt Sensing Systems (Meggitt PLC)
6.1.2 Rockwell Automation Inc.
6.1.3 GE Bently Nevada
6.1.4 Emerson Electric Co.
6.1.5 SKF AB
6.1.6 Bru?el & Kjaer Vibro
6.1.7 FLIR Systems Inc.
6.1.8 Fluke Corporation
6.1.9 Nippon Avionics Co., Ltd.
6.1.10 Thermo Fisher Scientific Inc.
6.1.11 Perkin Elmer Inc.
6.1.12 AMETEK Spectro Scientific
6.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)
6.1.14 Gastops Ltd

7 INVESTMENT ANALYSIS

8 FUTURE OF THE MARKET

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