Europe Machine Condition Monitoring Market, By Component (Hardware and Software), Monitoring Type (Fixed Monitoring System and Portable Monitoring System), Monitoring Technique (Thermography, Vibration Monitoring, Oil Analysis, Ultrasound Emission Monitoring, Corrosion Monitoring and Motor Current Signature Analysis), Deployment Mode (Cloud and On-Premise), Application (Facility Maintenance, Maintenance, Production/Manufacturing and Quality Assurance), Industry (Agriculture, Automotive, Aerospace, Chemical, Construction, Foods & Beverages, Semiconductor and Electronics, Oil & Gas, Metals & Mining, Marine, Power Generation, Healthcare, Paper & Pulp and Others), Country (Germany, U.K., France, Russia, Italy, Spain, Netherlands, Switzerland, Belgium, Turkey and Rest of Europe) Industry Trends and Forecast to 2028
Market Analysis and Insights: Europe Machine Condition Monitoring Market
Europe machine condition monitoring market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 7.6% in the forecast period of 2021 to 2028 and expected to reach USD 1,238.93 million by 2028.
This monitoring system is one of the finest methods of maintenance in order to meet up the necessities of production. In addition, it monitors the health of a machine with the intent to predict mechanical failure and wear.
Machine condition monitoring is a process of monitoring the health of machines and equipment in the manufacturing plant. Condition monitoring monitors important parameters of the machines such as vibration, humidity, temperature, pressure, corrosion, rotation per minute (RPM), lubrication and others. In machine condition monitoring process, dedicated sensors are placed within the machines to capture the readings of the machines in every second. This data is captured in data collection devices or cloud servers. On this collected data, various analytics have been performed such as predictive analysis to know about the condition or health of the machine. It allows plant managers to schedule maintenance and take other necessary actions to prevent consequential damages. This has only become possible with industrial internet of things.
This machine condition monitoring market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Europe Machine condition monitoring Market Scope and Market Size
Europe machine condition monitoring market is segmented into six notable segments which are based on component, monitoring type, monitoring technique, deployment mode, application and industry. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the machine condition monitoring market is segmented into hardware and software. In 2021, the hardware segment has accounted for the largest market share due to the growing concern of manufacturing sector towards minimizing the repairing cost of the machines.
- On the basis of monitoring type, the machine condition monitoring market is segmented into fixed monitoring system and portable monitoring system. In 2021, the fixed monitoring system segment has accounted for the largest market share as it is highly cost effective and highly efficient in nature
- On the basis of monitoring technique, the machine condition monitoring market is segmented into thermography, vibration monitoring, oil analysis, ultrasound emission monitoring, corrosion monitoring and motor current signature analysis. In 2021, the vibration monitoring segment has accounted for the largest market share because of the growing concern of industries towards increasing productivity and growing concern for delivering high quality goods.
- On the basis of deployment mode, the machine condition monitoring market is segmented into cloud and on-premise. In 2021, the on-premise segment has accounted for the largest market share as it is widely prepared in the small and mid-size organization as it is highly cost efficient.
- On the basis of application, the machine condition monitoring market is segmented into facility maintenance, maintenance, production/manufacturing and quality assurance. In 2021, the maintenance segment has accounted for the largest market share due to the rising unwanted accident in the plants since the leakage has increase the demand of the condition monitoring solution in the manufacturing plant.
- On the basis of industry, the machine condition monitoring market is segmented into agriculture, automotive, aerospace, chemical, construction, food & beverages, semiconductor and electronics, oil & gas, metals & mining, marine, power generation, healthcare, paper & pulp and others. In 2021, the oil & gas segment has accounted for the largest market share due to the growing expansion of oil pipelines across the countries.
Machine Condition Monitoring Market Country Level Analysis
Machine condition monitoring market is analysed and market size information is provided by country, component, monitoring type, monitoring technique, deployment mode, application and industry.
The countries covered in machine condition monitoring market report are Germany, U.K., France, Russia, Italy, Spain, Netherlands, Switzerland, Belgium, Turkey and Rest of Europe.
Germany accounted for the largest market share for hardware because of the growing need of hardware solutions in the oil & gas. The U.K. accounted for the largest market share for hardware solutions in the manufacturing sector. France accounted for the largest market share because of the growing concern of organisations towards increasing productivity has increased the demand for hardware solutions.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand Machine condition monitoring Solutions
Machine condition monitoring market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in Machine condition monitoring and changes in regulatory scenarios with their support for the Machine condition monitoring market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Machine condition monitoring Market Share Analysis
Machine condition monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to Europe machine condition monitoring market.
The major players covered in the report are Rockwell Automation, Inc., NATIONAL INSTRUMENTS CORP., Honeywell (a subsidiary of Honeywell International Inc.), Emersion Electric Co., SKF Group, ALS Limited, Meggitt PLC, PARKER HANNIFIN CORP, Fluke Corporation (a subsidiary of Fortive), SPM Instrument AB, Machine Saver, 3d Signals, LogiLube, LLC, SYMPHONI AZIMAAI and Senseye Ltd, among other players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of machine condition monitoring market.
- In August 2020, NATIONAL INSTRUMENTS CORP. has signed a strategic agreement with Soliton Technologies for accelerating new software offering for semiconductors design. Both the companies have decided to deliver new productivity tools and frameworks to help engineers to make the product faster. This agreement will help the company to strengthen their capabilities of delivering solutions to the customers and provide strong portfolio to them.
SKU-