Machine Condition Monitoring Market to grow by USD 1.14 billion from 2022 to 2027, Wireless communication gaining momentum in industries to drive growth - Technavio
NEW YORK, Jan. 18, 2024 /PRNewswire/ -- The machine condition monitoring market is to grow by USD 1.14 billion between 2023 and 2027 and register a CAGR of 7.17%, according to Technavio's latest market research report estimates. Wireless communication gaining momentum in industries is a key factor driving the market growth. This spurred the creation of wireless devices for extracting and swiftly transmitting data from machinery, particularly in situations where installing cables is impractical or expensive. Suppliers promote wireless communication adoption through advancements and cost-effectiveness.
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The report also covers the following areas:
- Machine Condition Monitoring Market size
- Machine Condition Monitoring Market trends
- Machine Condition Monitoring Market industry analysis
Machine Condition Monitoring Market 2023-2027: Segmentation
- Deployment
- On-premises
- Cloud
- End-user
- Energy And Power Industry
- Cement And Metal Industry
- Oil And Gas Industry
- Chemical And Petrochemical Industry
- Automotive Industry And Others
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
The on-premises segment will account for a major share of the market's growth during the forecast period. With on-premise solutions, organizations gain greater control over their data and ensure that it remains within physical boundaries. Furthermore, local data processing is possible with On-premises solutions without the need to depend on outside connections.
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Machine Condition Monitoring Market 2023-2027: Company Analysis and Scope
Some of the major companies of the machine condition monitoring market in l4 industry include AB SKF, ALS Ltd., AMETEK Inc., Analog Devices Inc., Baker Hughes Co., Dewesoft d.o.o., Emerson Electric Co., Fortive Corp., Gastops Ltd., General Electric Co., Honeywell International Inc., ifm electronic gmbh, National Instruments Corp., OMRON Corp., Parker Hannifin Corp., Rockwell Automation Inc., Schaeffler AG, Signals and Systems India Pvt. Ltd., SPM Instrument, and Teledyne Technologies Inc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ companies operating in the market. To leverage the current opportunities, market players must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the machine condition monitoring market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.
Company Offering
Alsglobal - The company offers machine condition monitoring such as MOVUS FitMachine condition monitoring solutions for automobiles.
Machine Condition Monitoring Market 2023-2027: Market Dynamics
The Machine Condition Monitoring Market is experiencing a significant surge, driven by the integration of cutting-edge technologies. Vibration analysis, acoustic emission, infrared thermography, oil analysis, ultrasound testing, motor current signature analysis (MCSA), and power quality analysis are pivotal in ensuring seamless operations. Temperature and pressure monitoring, proximity probes, shock pulse measurement, electric motor testing, wear particle analysis, tribology, corrosion monitoring, and structural health monitoring bolster comprehensive diagnostics. Non-destructive testing (NDT) is gaining traction, supporting condition-based maintenance and predictive maintenance. Asset management is optimizing through remote monitoring and wireless sensor networks, while data analytics, machine learning, artificial intelligence, cloud and edge computing, industrial IoT (IIoT), sensor technology, and smart sensors redefine real-time monitoring paradigms.
Major Trend
Improvement in sensor technology is a major trend in the market.
Significant Challenge
Limited battery life for wireless devices is a significant challenge restricting market growth.
Machine Condition Monitoring Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist machine condition monitoring market growth during the next five years
- Estimation of the machine condition monitoring market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the machine condition monitoring market
- Analysis of the market's competitive landscape and detailed information on companies
- Comprehensive details of factors that will challenge the growth of machine condition monitoring market companies
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Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Deployment
- Market Segmentation by End-User
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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