According to IMARC Group latest report titled” Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is currently witnessing strong growth. The global machine condition monitoring market to exhibit moderate growth during the next five years.
Market Trends & Drivers:
Machine condition monitoring includes the measurement and control of temperature, humidity, and pressure in mechanical equipment. It is generally employed in pumps, rotating and electric motors, internal combustion engines (ICEs), and presses. The system offers vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound emission detection, and motor current analysis. These processes predict the mechanical wear and tear and diagnose the site of unwanted noise, vibration, and heat generation damaging the machine’s components. Moreover, machine condition monitoring also facilitates proper scheduling of maintenance programs, reducing machine severity downtime, and ensuring equipment safety.
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Rapid digitization, along with several advancements in the oil and gas, automotive, defense, aerospace, manufacturing, food and beverage, and marine industries, is driving the demand for machine condition monitoring. Additionally, the emergence of secured cloud computing platforms, along with the rising integration of monitoring systems with the Internet-of-Things, is further propelling the market growth. Furthermore, growing awareness towards the preventive maintenance of industrial equipment is also bolstering the market. The widespread adoption of vibration monitoring systems to measure oscillations of components, such as belts, gears, bearings, drive motors, and other parts, also contribute to the market growth. Moreover, the introduction of advanced heating, ventilation, and air conditioning (HVAC) systems is expected to drive the demand for machine condition monitoring.
Competitive Landscape with Keyplayers:
The report has also analysed the competitive landscape of the market with some of the key players being.
Machine Condition Monitoring Market Segmentation:
Our report has categorized the market based on Region, Monitoring Technique, Offering, Deployment Type and End Use Industry.
Market Breakup by Monitoring Technique:
Market Breakup by Offering:
Market Breakup by Deployment Type:
Market Breakup by End Use Industry:
Market Breakup by Region:
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