Newark, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 3 billion in 2023 global machine condition monitoring market will reach USD 6.47 billion in 2033. As the name implies, machine condition monitoring is a technique for determining the state of any machine. In order to determine whether the machine is operating at its best, it assesses the machine and all of its parameters. By taking a proactive stance, users can see possible malfunctions or breaks in the machine before it breaks down entirely. It helps users to schedule machine replacement, maintenance, and repairs so they may prevent delays and unplanned downtime. This guarantees that machines operate and function at their best for the duration of their lives. In addition to ensuring worker and workplace safety, this monitoring reduces the likelihood of accidents. Temperature, pressure, and acoustics are a few fundamental characteristics that are evaluated. Numerous methods are used to evaluate each of them. In acoustics, vibration analysis allows for a deeper comprehension of the machine's structural integrity.
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Comparably, temperature monitoring shows the machinery's state of lubrication and electricity, both of which are critical for proper operation. Real-time monitoring is now possible because to technological developments and advancements that have made hardware and software integration possible. The foundation of machine maintenance is machine condition monitoring, which guarantees the machine's best possible performance, increased longevity, efficiency, and improved maintenance, durability, and dependability.
Key Insight of the Global Machine condition monitoring Market
North America will dominate the market during the forecast period.
The area is home to industries that are heavily digitalised and automated. The need for machine condition monitoring in the regional market is being driven by the market players in the area who are leading the way in quickly implementing cutting-edge technology. Machine condition monitoring can be easily integrated into various sectors because to the highly established technological infrastructure in this field. Leading industry market companies that propel innovation in machine condition monitoring technology reside in the region. The market's expansion is also aided by the increasing innovation in other technologies such as AI, ML, AR, and IoT.
In 2023, the vibration monitoring segment dominated the market with the largest market share of 37% and revenue of 1.11 billion.
The monitoring technique segment is divided into torque monitoring, vibration monitoring, oil analysis, thermography, corrosion monitoring, and others. In 2023, the vibration monitoring segment dominated the market with the largest market share of 37% and revenue of 1.11 billion.
In 2023, the hardware segment dominated the market with the largest market share of 42% and revenue of 1.26 billion.
The component segment is divided into hardware, portable/handheld condition monitoring units, software, and services. In 2023, the hardware segment dominated the market with the largest market share of 42% and revenue of 1.26 billion.
In 2023, the on-premises segment dominated the market with the largest market share of 40% and revenue of 1.20 billion.
The architecture type segment is divided into public cloud, edge platform, hybrid cloud, and on-premises. In 2023, the on-premises segment dominated the market with the largest market share of 40% and revenue of 1.20 billion.
In 2023, the power generation segment dominated the market with the largest market share of 38% and revenue of 1.14 billion.
The end user industry segment is divided into mining, primary metals, power generation, automotive, oil and gas, aerospace, food and beverages, chemicals, marine, pharmaceutical, pulp and paper, and others. In 2023, the power generation segment dominated the market with the largest market share of 38% and revenue of 1.14 billion.
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Advancement in market
The SIPLUS CMS1200 condition monitoring system uses sensors to continually and precisely monitor the state of all mechanical components in your drive train, even across the whole plant. This enables the customer to minimize production downtime, optimize maintenance scheduling, identify fault sources early, and lower maintenance expenses.
Market Dynamics
Driver: Growing automation and digitation of the global economy.
In order to satisfy the growing expectations and demands of consumers, automation and digitisation are needed. They made it possible for industries to increase safety, efficiency, and productivity. It makes proactive maintenance and monitoring possible, which lowers expenses and delays. Digitisation and automation are now an essential component of the world economy. In order to guarantee the efficient running of this digital economy and minimise any disruptions, it has become equally necessary to monitor its component parts. The proactive evaluation, observation, and maintenance of machinery to guarantee maximum performance, effectiveness, and safety is made possible by machine condition monitoring. Thus, the expansion of the worldwide machine condition monitoring market would be driven by rising automation and digitisation.
Restraints: Expense factors.
Machine condition monitoring calls for a number of parts, including software programs and hardware like sensors. The hardware consists of an extremely complex piece. The hardware consists of extremely complex pieces of equipment calibrated to monitor a machine's temperature, pressure, and acoustics with the utmost precision. To obtain and process the data gathered by sensors and other devices, sophisticated software programs are combined with these hardware elements. These programs are in charge of digesting the data and providing insightful analyses regarding the condition of the equipment. For the customers, the integration of these parts with the current machine infrastructure results in considerable expenses. In addition, the cost of installation is considerable because all of the systems need to be set up and integrated by qualified workers. Qualified workers are also required for the operations. Consequently, the growth of the market will be hampered by the machine condition monitoring expense considerations.
Opportunities: Technological developments.
Automation of machine status monitoring has been made possible by developments and breakthroughs in artificial intelligence and machine learning. As a result, there has been less human mistake and intervention. These days, the machines are able to make decisions on their own. They provide invaluable insights on predictive maintenance by precisely analysing the data that has been gathered. Furthermore, the provide real-time monitoring, which facilitates the prompt detection and fixing of issues, boosting productivity and decreasing downtime. Through the analysis of historical data, they also provide insightful information aimed at enhancing machine performance. In a similar vein, data collecting is enhanced by IoT improvements using cutting-edge sensors and other devices. Similar technical developments, including as big data analytics and cloud computing, have enhanced machine condition monitoring and will propel the market's expansion throughout the projected time.
Challenges: Cybersecurity concerns.
The automation and digitization of the global economy increases reliance on machines. Integration of machines and equipment with machine condition monitoring systems increases the risks and vulnerability of the industry as the risk of cyberattacks also increases. The operation and the overall industry is highly vulnerable to cyberattack with growing automation and digitization. The use of cyberattacks in the form of data breaches, data theft, ransom demands or complete shutdown of services to carry out attacks and cause disruptions are becoming the new form of global warfare. The integration of machine condition monitoring into critical industries increases the vulnerability of national assets and poses national security risks. Therefore, cybersecurity concerns will challenge the market’s growth.
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Some of the major players operating in the global machine condition monitoring market are:
• ALS
• Emerson Electric Co.
• General Electric
• Honeywell International Inc.
• Megget PLC
• NATIONAL INSTRUMENTS CORP
• Parker Hannifin
• Rockwell Automation, Inc.
• Schaeffler AG
• SKF
Key Segments covered in the market:
By Monitoring Technique
• Torque Monitoring
• Vibration Monitoring
• Oil Analysis
• Thermography
• Corrosion Monitoring
• Others
By Component
• Hardware
• Portable/Handheld Condition Monitoring Units
• Software
• Services
By Architecture Type
• Public Cloud
• Edge Platform
• Hybrid Cloud
• On-premises
By End Use Industry
• Mining
• Primary Metals
• Power Generation
• Automotive
• Oil and Gas
• Aerospace
• Food and Beverages
• Chemicals
• Marine
• Pharmaceutical
• Pulp and Paper
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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