Machine Condition Monitoring 2023 Industry Report Potential Growth, Share, Demand And Forecast to 2030

 

Machine Condition Monitoring Industry Overview

The global machine condition monitoring market size was valued at USD 2.91 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030. 

Need to provide advanced diagnostics and help determine a machine's health has underpinned market growth. Manufacturers have sought condition monitoring systems to optimize and monitor performance and maintenance of their equipment. Besides, the trend for lean manufacturing has prompted manufacturers to seek condition monitoring to bolster production efficiency, minimize downtime, and enhance spare parts supplies and cost prediction. Stakeholders have exhibited traction for condition monitoring for enhanced productivity, equipment longevity, elimination & reduction of downtime, minimizing scrap parts, and leveraging automation based on real-time machine condition data.

Gather more insights about the market drivers, restrains and growth of the Machine Condition Monitoring Market

For instance, in November 2022, Doble Engineering Company which offers asset health checks through their diagnostic test, services, and software for electric industry, released a new product, Calisto cable condition monitoring for medium and high voltage cable systems. The new Calisto cable offers secure and dependable cable operation, lowering the risk of failures, reducing total cost of ownership and solutions, and giving near crucial real-time data regarding cable health.

Machine condition monitoring measures equipment parameters to prevent breakdown and identify changes that could hint at developing faults. The technique has gained ground across oil & gas, automotive, power generation, metal & mining, marine, and aerospace. It is an invaluable part of predictive maintenance that has become trendier to boost asset life and cost savings, ensure operator safety, and streamline operations. Besides, prevalence of IoT has brought a paradigm shift to foster communication between devices. Adopting smart machines has led stakeholders to make informed decisions and boost diagnostic efficiency.

Global landscape grappled with headwinds, including semiconductor shortages and COVID-19 pandemic. Semiconductor shortages compelled factory closures and manufacturers to halt operations. Moreover, onset of COVID-19 outbreak led to reduction in hardware production and supply chain disruptions. With plants reopening post-COVID, soaring demand for electronic goods triggered a backlog for chips. However, surging need for remote supervision has provided promising growth opportunities for manufacturers and suppliers of machine condition monitoring.

The post-COVID period has witnessed Industrial Internet of Things (IIoT) trends and the prevalence of Industry 4.0, mainly due to demand for real-time monitoring of assets. Rising penetration of IIoT has enabled manufacturers to connect assets to actuators and smart sensors to enhance industrial and manufacturing processes. Real-time data collected from various IoT devices catalyze seamless supervision and control of plant operations. As stakeholders prioritize business agility, demand for IIoT will further expand across industry verticals. For instance, in September 2022, ABB, a technology leader in automation and electrification, partnered with Samotics, an asset health monitoring system provider, to enhance its condition monitoring services. They will utilize resources of each organization to provide information about health and energy efficiency of machines. ABB will incorporate a plug-and-play monitoring IIoT solution from Samotics into its digital offering as a first step.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

The global application integration market size was valued at USD 15.90 billion in 2023 and is projected to grow at a CAGR of 19.8% from 2024 to 2030. 

The global sustainable manufacturing market size was estimated at USD 203.65 billion in 2023 and is expected to grow at a CAGR of 11.6% from 2024 to 2030.

Key Companies & Market Share Insights

Incumbent players and startups are poised to emphasize organic and inorganic strategies, including mergers & acquisitions, product offerings, technological advancements, innovations, and geographical expansion. Trend for predictive maintenance and growing footfall of IoT will serve as catalysts to expand their footprint across untapped areas. For instance, in February 2023, Seed Group partnered with Samotics, a provider of asset health monitoring, to introduce condition monitoring services to the Middle East. With Samotics' SAM4 technology utilizing electrical signature analysis (ESA) to monitor critical assets, the partnership aims to cater to a growing demand for advanced condition monitoring solutions in the region's thriving industrial sector. Besides, in April 2022, Emerson reportedly contemplated updating machinery health platform to leverage end-users to adopt a modern interface to address and identify a host of standard equipment failures before influencing plant availability. Meanwhile, in April 2022, SKF teamed up with Amazon Web Services to provide an easy-to-scale and easy-to-use condition monitoring and analysis solution. The company expects it will redefine industrial machine reliability and predictive maintenance. Some of the prominent players in the global machine condition monitoring market include:

·         ALS

·         Emerson Electric Co.

·         General Electric

·         Honeywell International Inc.

·         Megget PLC

·         NATIONAL INSTRUMENTS CORP

·         Parker Hannifin

·         Rockwell Automation, Inc.

·         SKF

·         Schaeffler AG

Order a free sample PDF of the Machine Condition Monitoring Market Intelligence Study, published by Grand View Research. 

 

Comments

Post a Comment

Popular posts from this blog

Industry Outlook of Fuel Cell Market 2023 Trends to 2030

  Fuel Cell Industry Overview The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe are anticipated to supplement the developments by offering support in different forms, including funding R&D activities and funding suitable financing programs. Building a robust regulatory framework is vital as government enterprises need to provide an environment that is favorable for investment. Gather more insights about the market drivers, restrains and growth of the  Fuel Cell Market Most of the U.S. states, such as California and New York, have set mandates to limit the carbon emissions from commercial and industrial end users in the countr...
Read more

Sports Analytics Market Growing Stupendously

  Sports Analytics Industry Overview The global sports analytics market size was estimated to be USD 3.52 billion in 2023 and is projected to grow at a CAGR of 21.5% from 2024 to 2030. The market growth can be attributed to the growing significance of analytics solutions for analyzing team performance, tracking individual players, monitoring injuries, and optimizing training programs. The market is further expanding due to the increasing number of sports leagues as well as national and international sports events across the globe. Gather more insights about the market drivers, restrains and growth of the  Sports Analytics Market The proliferation of wearable technology and sensors has enabled the real-time tracking of athletes, providing a large volume of data on their movements, physiological metrics, and overall performance. This granular information not only aids coaches and sports scientists in optimizing training regimens but also assists teams in making informed de...
Read more

New Tools and Technology Development will drive Private 5G Network Market in coming years

  Private 5G Network Industry Overview The global private 5G network market size was estimated at USD 2.00 billion in 2023 and is expected to grow at a CAGR of 54.1% from 2024 to 2030. Private 5G networks offer businesses and governments dedicated, secure, and high-performance connectivity. This allows them to connect to more devices, improve automation, and deliver better customer experiences. These benefits are driving the adoption of private 5G networks in various industries, including smart cities that rely on private 5G for applications such as traffic management and security, among others. Gather more insights about the market drivers, restrains and growth of the Private 5G Network Market Cellular technology, in the form of private 5G networks, is being used by businesses, organizations, and local governments across various industries. These industries include manufacturing, utilities, transportation, logistics, retail, agriculture, and those involved in smart city in...
Read more