Machine Condition Monitoring market to Grow at a CAGR of 6.67% During the Forecast Period 2020-2025

The market for Machine Condition Monitoring market is estimated to be $2,326.39 M in 2019 and is analyzed to grow at a CAGR of 6.67% during forecast period 2020-2025.The market is booming with the significant penetration of IoT and web based monitoring tools, as they increase the production equipment efficiency of a machine throughout the lifecycle. Adding to this, the launch of various new technologies for the machine conditioning monitoring is certainly contributing to the adoption rate of the solutions.

Key Takeaways
The significant growth in the implementation of automation technologies in the factories and penetration of the smart factories is certainly contributing to the growth of the market in North America.
As Automation is analyzed to play a crucial role in the times of global pandemic to maintain the productivity, the shift towards the adoption of automation and wireless communication in machine condition monitoring is analyzed to be maximized thereby contributing to the growth of the market during forecast period 2020-2025
Although the Machine Condition Monitoring market is analyzed to grow at a significant rate, the lack of availability of the trained experts for the data analytics is set to hinder the growth of the market.

Monitoring Type – Segment Analysis
The Machine Condition Monitoring Market is segmented into Vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, radiography, radiography, motor current analysis, electrical monitoring, performance monitoring, and laser interferometry among others by monitoring type. By monitoring type, thermography held the major share accounting to $640.96m in 2019. Thermography operates on the principle of sensing infrared radiations emitted by any object above the Absolute Zero temperature. Using an infrared detector, it is possible to convert these radiations into electrical signals which can then be displayed on a monitor as a grey level image or colour image, representing the complete surface temperature map of the object. Thermography has various implementations in a wide range of verticals including medical, military, process monitoring, electrical or mechanical engineering, energy evaluations, R&D and so on, thereby boosting the market growth during he forecast period 2020 – 2025.

Application – Segment Analysis
The market is segmented by application into automotive, food & beverage, oil & gas, aerospace & defense, mining & metal, water & wastewater, paper & packaging, marine, others. The market was dominated by oil and gas accounting to 23% in 2019. Oil and gas plants are equipped with some of the most complex machinery in industrial production. In addition to this complexity, if a failure occurs the financial and environmental consequences born are extremely serious. Attributed to these reasons, managing oil and gas operations with high levels of efficiency, safety, and profitability is becoming exponentially more difficult. Due to the penetration of industrial automation, condition monitoring has been introduced in the oil refineries and is a crucial element in successful modern-day oil and gas plant and remote asset management. Remote condition monitoring is being utilized in the petrochemical industry and is offering numerous benefits including energy efficiency for upstream oil and gas facilities, reduced maintenance costs, materials degradation monitoring, improved field communications and mining automation, thereby elevating the market growth in the coming years.

Geography – Segment Analysis
Global Machine Condition Monitoring Market is dominated by North America with a share of 37% in 2019. The significant growth in the implementation of automation technologies in the factories and penetration of the smart factories is certainly contributing to the growth of the market. In June 2019, Schneider Electric has launched smart factory in the U.S. demonstrating quantifiable, real-time benefits of innovative ecostruxure solutions. This factory majorly showcases the IIoT integration strategies with End Users, Machine Builders, and Partners which has resulted in 20% reduction in mean time to repair of the machinery. Adding to this, the significant rise in the manufacturing industries, transportation sectors, and others with the adoption of automation are majorly contributing to the growth of the Machine Condition Monitoring market during the forecast period 2020-2025. The increasing expansions of the manufacturing industries in Canada are majorly contributing to the growth rate of the market. In June 2018, Reko International a parts supplier has expanded it’s automation facility in Canada with an investment of $5.7M. Therefore the rise in the expansion of production plants with automation is analyzed to impact on the growth rate of the market.

Drivers – Machine Condition Monitoring Market

High Adoption of the cloud technologies
Cloud technologies are deployed for in-depth machine monitoring. The cloud based solutions allow the user to organize the maintenance report for the industrial machinery in a simple way. Cloud based technologies provide access from anywhere, advanced analytics, configurable dashboards, and scalability, without any maintenance of local servers. As the IoT based devices are highly deployed in these applications, the cloud solutions ensure the secured access to the data and the position of the machinery.

Growing wireless communication in machine conditioning
The integration of the IoT devices, sensors in the modern machinery equipment is certainly providing wireless communication and easing the indication if there is any misfunctionality in the machines thereby reducing the risks. The sensor solutions can digitally enhance cumbersome manual activities including quality control, and visualization thereby leveraging new levels of intelligence, safety, and efficiency in the machine operations. The growing investments in factory automation is further set to escalate the market growth rate. In 2018, ABB has announced an investment of $113.7M in machine and factory automation in Austria. As Automation is analyzed to play a crucial role in the times of global pandemic to maintain the productivity, the shift towards the adoption of automation and wireless communication in machine condition monitoring is analyzed to be maximized thereby contributing to the growth of the market during forecast period 2020-2025.

Challenges – Machine Condition Monitoring Market
Lack of trained experts in the data analytics
Although the Machine Condition Monitoring market is analyzed to grow at a significant rate, the lack of availability of the trained experts for the data analytics is set to hinder the growth of the market. When a downtime is noticed in a machine, the quick resolving of the based on the data analysis results in minimal losses, however when not handled leads to high losses thereby impacting of the market growth rate. Also, accessibility to the automated solutions, cloud solutions for machine condition monitoring in remote areas is difficult therefore it is analyzed to hinder the adoption rate of these systems.

Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Machine Condition Monitoring Market. Machine Condition Monitoring driver market is expected to be dominated by major companies such as National Instruments, Parker Kittiwake, Rockwell Automation, Bruel & Kjaer Vibro GmbH, Emerson Process Management, Fluke Corp and Honeywell Process Solution among others.

Acquisitions/Technology Launches/Partnerships
In April 2018, Environnement S.A have announced a partnership with EMS Bruel & Kjaer bringing together its extensive air quality monitoring instrumentation under the newly created trademark envea™ and its global distribution channel and customer base to extend the capability of EMS’s environmental monitoring service offerings. This is set to propel the market growth in the coming years.
In April 2020, Dewesoft has announced he launch of its low-cost, high performance, totally distributed and easy to use solution to conquer the Machine Condition Monitoring market. The solution suits applications such as permanent condition monitoring of gearboxes, fans, motors, blowers and any other rotating machinery in automotive, mining, pulp, paper, iron, steel, chemical, cement, oil and gas, facility management and power production.