Global Machine Condition Monitoring Market Report 2021-2026

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Dublin, December 29, 2021 (GLOBE NEWSWIRE) – The “Machine Condition Monitoring Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” the report was added to ResearchAndMarkets.com offer.

The global machinery condition monitoring market was valued at USD 3,092.2 million in 2020 and is expected to reach USD 5,246.8 million by 2026, registering a CAGR of 9.4% during the period forecast 2021-2026. All businesses around the world with assets critical to manufacturing goods and services have experienced a rapid drop in revenue due to the COVID-19 pandemic.

Industry highlights

Operational equipment is susceptible to many types of errors and faults, so it is important to monitor minor and major changes to the equipment by measuring parameters, such as vibration, temperature, voltage, current, pressure, flow and many more.

This importance has prompted various verticals to go the extra mile to protect their machines. The main benefit of identifying faults using condition monitoring includes: enabling personnel to take corrective action to avoid or reduce repair costs and increase machine safety, thereby increasing human safety.

Using predictive maintenance techniques in factories is expected to reduce downtime by up to 50% and save between 10-40% on equipment maintenance expenses. Predictive maintenance based on condition monitoring enables measurement and analysis of physical characteristics, such as visual inspection, sound, temperature or vibration.

Industries with well-maintained and reliable equipment should be best placed to meet the coming increase in demand for goods and services. Companies that use predictive maintenance to prepare for the recovery should benefit from it.

Many businesses that have been shut down due to the recent COVID-19 outbreak must adopt a condition monitoring equipment solution in place to prevent machine failures when operations resume and to ensure any safety concerns.

Industries with well-maintained and reliable equipment should be in the best position to meet the coming increase in demand for goods and services. Companies that use predictive maintenance to prepare for the recovery should benefit from it.

However, short term investment is required and condition maintenance equipment is very expensive. In addition, condition-based maintenance sensors may not survive depending on the environment and the machine has unpredictable maintenance periods. Such factors call into question the growth of the market.

Key market trends

Competitive landscape

The machinery condition monitoring market is moderately competitive with no single company having a very large market share. Companies enter into strategic partnerships to gain market power and market dominance.

Key topics covered

1. INTRODUCTION
1.1 Scope of the study
1.2 Study hypotheses

2 RESEARCH APPROACH AND METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW
4.1 Market overview
4.2 Industry Value Chain Analysis
4.3 Porters Five Force Analysis Industry Attractiveness
4.4 Impact of COVID-19 on the market

5 MARKET DYNAMICS
5.1 Market drivers
5.1.1 Increase in equipment performance and productivity through predictive maintenance
5.1.2 Growing need for predictive maintenance
5.1.3 Industry 4.0 and emerging industrial applications in manufacturing and processing industries
5.2 Market challenges
5.2.1 Cost implications related to renovations
5.2.2 Global macroeconomic and geopolitical factors

6 MARKET SEGMENTATION
6.1 Machine condition monitoring
6.1.1 Type
6.1.1.1 Hardware
6.1.1.1.1 Vibration condition monitoring equipment
6.1.1.1.2 Thermography equipment
6.1.1.1.3 Analysis of lubricating oil
6.1.1.1.4 Monitoring of ultrasound emissions
6.1.1.1.5 Other types
6.1.1.2 Software
6.1.1.3 Services
6.1.1.3.1 Remote monitoring services
6.1.1.3.2 Instrument maintenance services
6.1.1.3.3 Machine diagnostic services
6.2 Vibration monitoring equipment
6.2.1 End User Industry
6.2.1.1 Oil and gas
6.2.1.2 Electricity generation
6.2.1.3 Process and manufacturing
6.2.1.4 Aerospace and defense
6.2.1.5 Automotive and transportation
6.2.1.6 Other end-user industries (marine, mining, metallurgical, etc.)
6.2.2 Geography
6.2.2.1 North America
6.2.2.1.1 United States
6.2.2.1.2 Canada
6.2.2.2 Europe
6.2.2.2.1 Germany
6.2.2.2.2 United Kingdom
6.2.2.2.3 France
6.2.2.2.4 Rest of Europe
6.2.2.3 Asia-Pacific
6.2.2.3.1 China
6.2.2.3.2 Japan
6.2.2.3.3 India
6.2.2.3.4 Rest of Asia-Pacific
6.2.2.4 Rest of the world
6.2.3 Supplier Market Share Analysis
6.3 Thermography equipment
6.3.1 End user vertical
6.3.1.1 Oil and gas
6.3.1.2 Electricity generation
6.3.1.3 Process and manufacturing
6.3.1.4 Aerospace and defense
6.3.1.5 Automotive and transportation
6.3.1.6 Other vertical end-user sectors (marine, mining, metallurgical, etc.)
6.3.2 Geography
6.3.2.1 North America
6.3.2.1.1 United States
6.3.2.1.2 Canada
6.3.2.2 Europe
6.3.2.2.1 Germany
6.3.2.2.2 United Kingdom
6.3.2.2.3 France
6.3.2.2.4 Rest of Europe (Eastern Europe and other Western European countries)
6.3.2.3 Asia-Pacific
6.3.2.3.1 China
6.3.2.3.2 Japan
6.3.2.3.3 India
6.3.2.3.4 Rest of Asia-Pacific
6.3.2.4 Rest of the world (Latin America and the Middle East and Africa)
6.3.3 Supplier Market Share Analysis
6.4 Lubricating oil analysis equipment
6.4.1 End user vertical
6.4.1.1 Oil and gas
6.4.1.2 Electricity generation
6.4.1.3 Process and manufacturing
6.4.1.4 Aerospace and defense
6.4.1.5 Automotive and transportation
6.4.1.6 Other vertical end-user sectors (marine, mining, metallurgical, etc.)
6.4.2 Geography
6.4.2.1 North America
6.4.2.1.1 United States
6.4.2.1.2 Canada
6.4.2.2 Europe
6.4.2.2.1 Germany
6.4.2.2.2 United Kingdom
6.4.2.2.3 France
6.4.2.2.4 Rest of Europe
6.4.2.3 Asia-Pacific
6.4.2.3.1 China
6.4.2.3.2 Japan
6.4.2.3.3 India
6.4.2.3.4 Rest of Asia-Pacific
6.4.2.4 Rest of the world (Latin America and the Middle East and Africa)
6.4.3 Supplier Market Share Analysis

7 COMPETITIVE LANDSCAPE
7.1 Company profiles
7.1.1 Meggitt detection systems (Meggitt PLC)
7.1.2 Rockwell Automation Inc.
7.1.3 GE Bently Nevada
7.1.4 Emerson Electric Co.
7.1.5 SKF AB
7.1.6 Bruel & Kjaer Vibro
7.1.7 FLIR Systems Inc.
7.1.8 Fluke Corporation
7.1.9 Nippon Avionics Co. Ltd.
7.1.10 Thermo Fisher Scientific Inc.
7.1.11 Perkin Elmer Inc.
7.1.12 AMETEK Spectro Scientific
7.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)
7.1.14 Gastops Ltd.

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET

For more information on this report, visit https://www.researchandmarkets.com/r/bgn8az

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