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 sizeMachine Condition Monitoring Market trendsMachine Condition Monitoring Market industry analysis

Machine Condition Monitoring Market 2023-2027: Segmentation

Deployment On-premisesCloudEnd-user Energy And Power IndustryCement And Metal IndustryOil And Gas IndustryChemical And Petrochemical IndustryAutomotive Industry And OthersGeography North AmericaEuropeAPACSouth AmericaMiddle 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 2023-2027Detailed information on factors that will assist machine condition monitoring market growth during the next five yearsEstimation of the machine condition monitoring market size and its contribution to the parent marketPredictions on upcoming trends and changes in consumer behaviorThe growth of the machine condition monitoring marketAnalysis of the market’s competitive landscape and detailed information on companiesComprehensive details of factors that will challenge the growth of machine condition monitoring market companies

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Table of Contents:

Executive SummaryMarket LandscapeMarket SizingHistoric Market SizesFive Forces AnalysisMarket Segmentation by DeploymentMarket Segmentation by End-UserMarket Segmentation by GeographyCustomer LandscapeGeographic LandscapeDrivers, Challenges, & TrendsCompany LandscapeCompany AnalysisAppendix

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