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Machine Condition Monitoring Market Projected To Reach $3.9 Billion By 2025
According to the new market research report "Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCA), Monitoring Process, Deployment, Offering, Industry, and Region - Global Forecast to 2025", the global machine condition monitoring market size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.9 billion by 2025, at a CAGR of 7.0%. The machine condition monitoring industry is likely to exhibit lucrative growth potential during the forecast period.
The growth of the machine condition monitoring 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 market also has several opportunities that can be explored by existing and entry-level companies to expand businesses.
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Motor current analysis segment expected to grow at highest CAGR in machine condition monitoring market during forecast period
Common reasons for motor failure include bearing failure, overloading, normal insulation deterioration, unbalanced or incorrect voltage, misalignment/vibration, and inadequate maintenance practices. Motor current analysis helps monitor these parameters, which, in turn, helps in reducing motor failures and energy consumption.
The automotive industry worldwide is emphasizing on automating and upgrading its assembly lines. This requires motor monitoring, as a motor is the most basic and important part of any machine. Motor current analysis helps reduce machine failures and extend the life of machines.
In critical process plants, online monitoring enables real-time monitoring of motor data, which is more convenient than collecting data manually. The use of online condition monitoring for motor current analysis helps ensure plant and human safety.
Oil & gas industry held largest share of machine condition monitoring market in 2018
The oil & gas industry has been emphasizing on increasing profitability due to the rising pressure of operating costs. Fluctuations in oil prices in the global market is another factor contributing to the increasing pressure on the industry to reduce operating costs. Thus, this industry is expected to adopt condition monitoring solutions and services to maintain efficient working of its critical assets and reduce downtime.
Machine condition monitoring ensures uninterrupted operations of production machinery with minimized downtime; this helps reduce the maintenance costs and increase the productivity of the machinery. The increasing demand for online condition monitoring solutions is expected to drive the machine condition monitoring market for the oil & gas industry.
APAC to exhibit highest growth rate during forecast period
Rapid industrialization, growing adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are fueling the growth of the machine condition monitoring market in APAC. The expansion of manufacturing activities as a result of the migration of production bases to Asian countries with low labor costs, such as China, India, and South Korea, is driving the demand for machine condition monitoring systems in the region.
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Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden) are the major players operating in the machine condition monitoring market.
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