Machine Condition Monitoring Market to grow by USD 1.14 billion from 2022 to 2027, Wireless communication gaining momentum in industries to drive growth - Technavio

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Jan 18, 2024, 22:50 ET

NEW YORK, Jan. 18, 2024 /PRNewswire/ -- The machine condition monitoring market is to grow by USD 1.14 billion between 2023 and 2027 and register a CAGR of 7.17%, according to Technavio's latest market research report estimates. Wireless communication gaining momentum in industries is a key factor driving the market growth. This spurred the creation of wireless devices for extracting and swiftly transmitting data from machinery, particularly in situations where installing cables is impractical or expensive. Suppliers promote wireless communication adoption through advancements and cost-effectiveness.

Technavio has announced its latest market research report titled Global Machine Condition Monitoring Market 2023-2027

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The report also covers the following areas:

Machine Condition Monitoring Market 2023-2027: Segmentation

Deployment

On-premises
Cloud

End-user

Energy And Power Industry
Cement And Metal Industry
Oil And Gas Industry
Chemical And Petrochemical Industry
Automotive Industry And Others

Geography

North America
Europe
APAC
South America
Middle East And Africa

The on-premises segment will account for a major share of the market's growth during the forecast period. With on-premise solutions, organizations gain greater control over their data and ensure that it remains within physical boundaries. Furthermore, local data processing is possible with On-premises solutions without the need to depend on outside connections.

To learn more about the factors assisting the growth of the market, download a free sample Report

Machine Condition Monitoring Market 2023-2027: Company Analysis and Scope

Some of the major companies of the machine condition monitoring market in l4 industry include AB SKF, ALS Ltd., AMETEK Inc., Analog Devices Inc., Baker Hughes Co., Dewesoft d.o.o., Emerson Electric Co., Fortive Corp., Gastops Ltd., General Electric Co., Honeywell International Inc., ifm electronic gmbh, National Instruments Corp., OMRON Corp., Parker Hannifin Corp., Rockwell Automation Inc., Schaeffler AG, Signals and Systems India Pvt. Ltd., SPM Instrument, and Teledyne Technologies Inc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ companies operating in the market. To leverage the current opportunities, market players must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the machine condition monitoring market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

Company Offering

Alsglobal - The company offers machine condition monitoring such as MOVUS FitMachine condition monitoring solutions for automobiles.

Machine Condition Monitoring Market 2023-2027: Market Dynamics

The Machine Condition Monitoring Market is experiencing a significant surge, driven by the integration of cutting-edge technologies. Vibration analysis, acoustic emission, infrared thermography, oil analysis, ultrasound testing, motor current signature analysis (MCSA), and power quality analysis are pivotal in ensuring seamless operations. Temperature and pressure monitoring, proximity probes, shock pulse measurement, electric motor testing, wear particle analysis, tribology, corrosion monitoring, and structural health monitoring bolster comprehensive diagnostics. Non-destructive testing (NDT) is gaining traction, supporting condition-based maintenance and predictive maintenance. Asset management is optimizing through remote monitoring and wireless sensor networks, while data analytics, machine learning, artificial intelligence, cloud and edge computing, industrial IoT (IIoT), sensor technology, and smart sensors redefine real-time monitoring paradigms.

Major Trend

Improvement in sensor technology is a major trend in the market.

Significant Challenge

Limited battery life for wireless devices is a significant challenge restricting market growth.

Machine Condition Monitoring Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist machine condition monitoring market growth during the next five years
Estimation of the machine condition monitoring market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the machine condition monitoring market
Analysis of the market's competitive landscape and detailed information on companies
Comprehensive details of factors that will challenge the growth of machine condition monitoring market companies

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Table of Contents:

Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by End-User
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio