U.S. Machine Condition Monitoring Market, By Component (Hardware, Software), Monitoring Type (Fixed Monitoring System and Portable Monitoring System), Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, Motor Current Signature Analysis), Deployment Mode (On-Premise, Cloud), Application (Maintenance, Quality Assurance, Production / Manufacturing, Facility Maintenance), Industry (Agriculture, Automotive, Aerospace, Chemical, Construction, Food & Beverages, Semiconductor and Electronics, Oil & Gas, Metals & Mining, Marine, Power Generation, Healthcare, Paper & Pulp and Others) Industry Trends and Forecast to 2028
Market Analysis and Insights: U.S. Machine Condition Monitoring Market
The 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 8.2% in the forecast period of 2021 to 2028 and is expected to reach USD 1,286.27 million by 2028. Through cloud-computing platforms, virtual or remote machine condition monitoring is possible and many industries now prefer remote monitoring and the factor is driving the growth of the machine condition monitoring market.
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.
The demand for lean manufacturing, just-in-time inventory practices and increasing focus on the quality of product in process manufacturing industry is boosting the growth of the machine condition monitoring market. There are certain cost related limitations associated with the machine condition monitoring systems which might restrain the growth of the machine condition monitoring market.
The advancing technologies which are revolutionizing several industries are creating major opportunity for the growth of the machine condition monitoring market. The lack of experienced professionals and experts in data analytics is the major challenge for the machine condition monitoring market which needs to be overcome soon.
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 machine condition monitoring market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The U.S. Machine Condition Monitoring Market Scope and Market Size
The U.S. machine condition monitoring market is segmented on the basis of 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, 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, 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, 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, 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, oil & gas segment has accounted for the largest market share due to the growing expansion of oil pipelines across the countries.
Rising Demand of Machine Condition Monitoring Solutions
The 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 2011 to 2019.
Competitive Landscape and Machine Condition Monitoring Market Share Analysis
The 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 the U.S. machine condition monitoring market.
The major players covered in the U.S. machine condition monitoring market report are Rockwell Automation, Inc., Senseye Ltd, 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, LogiLube, LLC, SYMPHONI AZIMAAI among other domestic 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.
For instance,
- 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.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for machine condition monitoring market through expanded product range.
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