Machine Condition Monitoring Market Projected To Grow At A CAGR Of 6.67% During The Forecast Period 2020 To 2025

The advent of secure cloud platforms used in condition monitoring, increasing disposition toward predictive maintenance and high demand from emerging applications is anticipated to drive the Machine condition monitoring market 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.

Machine condition monitoring market is analyzed to witness notable growth during the forecast period 2020-2025, owing to the advent of secure cloud platforms used in condition monitoring coupled with increasing disposition toward predictive maintenance. Moreover introduction of various approaches in diagnosing the health of machinery and bearings is revolutionizing the machine maintenance activities. The increasing utilization of wireless communication technology and the growth in HVAC systems are major factors positively influencing the growth of machine condition monitoring market. 

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.

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 its 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.

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.

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.

The major companies in the machine condition monitoring market include National Instruments, Parker Kittiwake, Rockwell Automation, Bruel & Kjaer Vibro GmbH, Emerson Process Management, Fluke Corp and Honeywell Process Solution among others. In 2017, Tetra Pak has launched a new Condition Monitoring service to help food and beverage manufacturers predict machine failures before they occur. This cuts machine downtime and costs related to maintenance or unexpected failures. Innovative product developments such as these will propel the demand for machine condition monitoring systems in this arena. 

The increasing utilization of wireless communication technology and the growth in HVAC systems are major factors influencing the market. Other factors, such as the smart factory and transition from preventative to predicative maintenance are also contributing significantly to the growth of machine condition monitoring market.  China has also Made in China 2025 policy similar to Germany’s Industry 4.0 involving the deployment of advanced manufacturing with an investment mainly aimed at advanced manufacturing in industries. Stimulated by its successes in a wide range of applications right from turbine protection to monitoring of bearings in paper-making machines, monitoring techniques are enhancing the characteristics of products with a clear eye toward the future and to compete in the global arena.