Machine Condition Monitoring Market Size, Outlook, Share, Top Players, Revenue, Size and Forecast 2030

The global machine condition monitoring market is expected to grow approximately at USD 2916.54 Million by 2023, approx. 5.55% of CAGR between 2016 and 2023. Machine condition monitoring is the process of monitoring the condition of a machine with the commitment to predict mechanical wear and tear. Vibration, noise, and temperature measurements are often used as key indicators of the state of the machine. Trends in the data provide health information about the machine and help to detect machine faults early, which prevents unexpected failure and costly repair. It has been observed that an increase in need for reduced maintenance cost is boosting the machine condition monitoring market. In this changing environment, a shift from preventive to predictive maintenance is observed which has led to high adoption of machine condition monitoring.

The machine condition monitoring provides numerous benefits as increased machine availability and reliability, improved operating efficiency, improved risk management (less downtime), reduced maintenance costs (better planning), reduced spare parts inventories, improved safety, improved knowledge of the machine condition (safe short-term overloading of machine possible), extended operational life of the machine, improved customer relations (less planned/unplanned downtime), elimination of chronic failures among others.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments’ success, ICT vendors now annually set aside funding for the growth of the online market.  Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%. 

Machine maintenance monitoring strategies like predictive maintenance are beneficial to conserve costs even in tight liquidity and postpone the purchase of new equipment by effective monitoring and maintenance of the existing machinery. Devices like transmitters and vibration sensors also combat increased costs and minimize dependence on the servicing sector and IT support. They save time and uphold the safety standards for human personnel and direct them toward more decision-making tasks. At present, vibration-based monitoring is the most widely used modality among all other techniques.

Key Players
The key players of machine condition monitoring market include Emerson Electric (U.S.), General Electric (U.S.), Honeywell International Inc. (U.S.), Rockwell Automation (U.S.), Timken (U.S.), FLIR Systems (U.S.), SKF (Sweden), NSK (Japan), Parker-Hannifin (U.S.), PCB Piezotronics (U.S.), Halma (UK), National Instruments (U.S.), Shinkawa (Japan), Azima DLI (U.S.), Bruel & Kjaer Sound and Vibration Measurement (U.S.), Fluke Corporation (U.S.), PDS Condition Monitoring Services (Australia), Saj Engineering & Trading Company (Bangladesh), Scientific Monitoring, Inc. (U.S.), SPM Instrument (Sweden) and others.

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Global Machine Condition Monitoring Market Analysis & Forecast, from 2016 to 2023
> To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the machine condition monitoring market.
> To provide insights about factors affecting the market growth.
> To analyze the machine condition monitoring market based on porter’s five force analysis etc.
> To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World.
> To provide country level analysis of the market with respect to the current market size and future prospective.
> To provide country level analysis of the market for segment on the basis of output, technology and end user.
> To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
> To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the machine condition monitoring market.

Target Audience
> Machine Condition Monitoring Equipment Manufactures
> Technology Providers
> Distributors
> Research firms
> Consultancy firms
> Semiconductor Manufacturers
> Stakeholders
> End-user sectors
> Technology Investors

Key Findings
> The Global Machine condition monitoring market is expected to reach USD 2,916.54 million by 2023.
> By End-user, automotive industry holds the largest market share of USD 486.4 million by the end of forecast period.
> The pharmaceutical industry is expected to grow with a highest CAGR of 6.54% during the forecast period.
> Geographically, North America has been projected to have the largest market share in global machine condition monitoring market and has been projected to emerge as the fastest growing region.

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Regional and Country Analysis of Machine Condition Monitoring Market Estimation and Forecast
Machine Condition Monitoring market is growing with the positive growth in all the regions. Increasing application areas year on year and advancement in technology and integration is driving the market on global scale. On the basis of region, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is dominating the global machine condition monitoring market share followed by Europe which stands as the second biggest market due to the heavy demand from various industry verticals whereas, Asia Pacific stands as third biggest market.

The reports also cover country level analysis:
> North America
o US
o Canada
o Mexico
o Others
> Europe
o Germany
o UK
o France
o Rest of the Europe
> Asia – Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
> Rest of the World

Here’s how this research report helps the Entrepreneurs and CEOs:

• The most thorough find out about on this industry, encompassing 12 regions, will furnish you an absolutely worldwide view.
• Recognize the influence of the coronavirus on the market increase and how it is anticipated to alternate and increase as the virus’s results fade.
• Develop countrywide and regional plans primarily based on lookup and evaluation carried out locally.
• Find funding possibilities in developing segments over 2022-2030
• Top operate opponents with the aid of the usage of forecast records as nicely as market drivers and trends.
• Recognize client desires based totally on latest market lookup results.
• Performance comparisons with massive rivals.
• For higher planning, take use of the connections between essential records sets.
• Appropriate for the use of high-quality, truthful facts and evaluation to guide your interior and exterior presentations.

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