Machine Condition Monitoring Market to Reach US$ 4.6 Billion by 2030, Driven by Growing Demand for Predictive Maintenance and Industrial IoT
The global machine condition monitoring market is expected to touch US$ 4.6 billion by 2030, with an annual growth rate of more than 5.8
Wilmington, Delaware, Nov. 19, 2023 (GLOBE NEWSWIRE) —
Global Machine Condition Monitoring Market: Segmental and Market Share Analysis
- On the basis of product type, vibration sensors are anticipated to dominate the machine conditioning market, principally due to the fact that sensors are mostly used in predictive maintenance and it has been observed that vibration is one of the most reliable indicators for machine failure.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 3.1 billion |
| Market Size Forecast | US$ 4.6 billion |
| Growth Rate | 5.8% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global machine condition monitoring market include,
- In January 2023, Honeywell partnered with Nexceris. The partnership focuses on developing automotive sensing technology to support in the prevention of thermal runaway in EV batteries, which has the capacity to evoke a fire.
- In October 2022, Emerson introduced ASCOTM DPT Control System. The new system provides accurate, and low-level particulate monitoring, early warning leak detection, among others.
Some of the prominent players and suppliers operating and contributing significantly to the global machine condition monitoring market growth include Emerson Electric Co., Honeywell, Rockwell Automation, SKF, Schaeffler Group, GENERAL ELECTRIC, NATIONAL INSTRUMENTS CORP., Fluke, PARKER HANNIFIN CORP, and Siemens, among others.
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RationalStat has segmented the global machine condition monitoring market based on frequency range type, product type, end user, deployment, and region
- Global Machine Condition Monitoring Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Sensor Frequency Range Type
- Static
- Dynamic
- Global Machine Condition Monitoring Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product Type
- Vibration Sensors
- Temperature Sensors
- Tilt Sensors
- Pressure Sensors
- Water/Liquid Sensors
- Photosensors
- Others
- Global Machine Condition Monitoring Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User
- Manufacturing
- Oil & Gas
- Energy Generation
- Automotive
- Aerospace
- Others (Healthcare, etc.)
- Global Machine Condition Monitoring Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Deployment
- Wired Sensors
- Wireless Sensors
- Global Machine Condition Monitoring Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Machine Condition MonitoringMarket Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Machine Condition MonitoringMarket Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Machine Condition MonitoringMarket Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Machine Condition MonitoringMarket Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Machine Condition MonitoringMarket Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Machine Condition MonitoringMarket Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Machine Condition MonitoringMarket Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Machine Condition Monitoring Report:
- What will be the market value of the global machine condition monitoring market by 2030?
- What is the market size of the global machine condition monitoring market?
- What are the market drivers of the global machine condition monitoring market?
- What are the key trends in the global machine condition monitoring market?
- Which is the leading region in the global machine condition monitoring market?
- What are the major companies operating in the global machine condition monitoring market?
- What are the market shares by key segments in the global machine condition monitoring market?
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