Machine Condition Monitoring Market – Snapshot
According to a new market report published by Transparency Market Research titled ‘Machine Condition Monitoring Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ the global machine condition monitoring market is projected to expand at a CAGR of 8.1% during the forecast period. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Advantages offered by machine condition monitoring, increased adoption of vibration sensors, increasing equipment performance and productivity, increasing adoption of machine condition monitoring in the automotive industry, rise in online machine monitoring, and increasing equipment performance and productivity have boosted the penetration and growth of the global machine condition monitoring market.
Vibration Monitoring Segment to Remain Highly Lucrative
Vibration monitoring is expected to continue to be the leading segment of the market during the forecast period, due to rise in adoption of vibration sensors for monitoring equipment condition. The vibration monitoring segment is projected to expand at a considerable CAGR of 7.9% over the forecast period from 2018 to 2026. Vibrations measurement is the most common method of determining the mechanical status of machinery and equipment for condition monitoring. The use of vibration monitoring for testing high- speed rotating equipment is increasing rapidly. These factors are expected to drive the vibration monitoring segment in the coming years.
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North America and Asia Pacific to Continue to Hold a Significant Share in the Overall Market
In Asia Pacific, multiple players are implementing cloud-based sensor networks for condition monitoring that avoid time-consuming and expensive downtime of much industrial equipment. In September 2018, Azima DLI, a provider of predictive machine condition monitoring and analysis services, launched WATCHMAN,’ its portable online intensive care condition monitoring system that can be quickly deployed by personnel in machines. Furthermore, the economies of China and India are growing at a robust pace, and there is rapid penetration of Internet of Things (IoT) in Asia Pacific.
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In the Middle East & Africa (MEA), market players are increasing their investments to expand their physical presence. The market in GCC countries is expected to expand at a significant CAGR during the forecast period, driving investments for the development of condition monitoring technologies in the region. In South America, Brazil is expected to hold a significant market share throughout the forecast period.
China held a significant share of the market in Asia Pacific in 2017. The market in the country is estimated to expand at a significant CAGR during the forecast period. The market in North America is expected to expand at a rapid CAGR during the forecast period. In North America, increase in government expenditure, presence of a large number of market players, and rise in awareness about highly advanced technologies are fueling the machine condition monitoring market. Demand for machine condition monitoring systems in North America is likely to remain concentrated in the U.S., owing to the rapid expansion of sectors such as oil and gas and energy and power. The market in Europe is likely to expand at a significant CAGR over the forecast period, owing to significant expansion in the automotive sector. The U.K. held a major share of the machine condition monitoring market in Europe in 2017.