Machine Condition Monitoring Market Projected to reach 3.50 Billion USD by 2024

According to the new market research report on the "Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, MCA), Deployment (On Premise, Cloud), Monitoring Process (Online, Portable), Offering, Industry, and Region - Global Forecast to 2024", The machine condition monitoring market is estimated to grow from USD 2.38 Billion in 2018 to USD 3.50 Billion by 2024, at a CAGR of 6.7% between 2018 and 2024. Factors such as the development of a secure cloud computing platform, increased use of wireless communication technology for condition monitoring of equipment, and inclination of end users toward predictive maintenance are driving the growth of the machine condition monitoring market at present.

The motor current analysis technique is expected to witness the highest CAGR during the forecast period

The market for the motor current analysis technique is expected to grow at the highest CAGR between 2018 and 2024. Defects such as current imbalance and loading issues in motors, circuitry and motor insulation degradation, rotor damage, eccentricity in rotors, belt defects, and gearing defects can be detected by the motor current analysis technique, thereby resulting in high demand in the machine condition monitoring market.

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The market for software is expected to grow at a higher CAGR during the forecast period

The market for software is expected to grow at a higher CAGR during the forecast period. Machine condition monitoring software help companies to calculate equipment reliability parameters such as rotating speed, vibration frequency, bearing faults, shaft misalignment, and temperature of machines. Also, machine condition monitoring software generates a comprehensive report of the final result after executing the analysis of all algorithms. The diagnostic report helps plant operators to predict an impending failure and avoid any breakdown situation.

The market for cloud-based machine condition monitoring solutions is expected to grow at a higher CAGR during the forecast period

Cloud-based monitoring is expected to exhibit a higher CAGR in the machine condition monitoring market during the forecast period. Cloud-based deployment benefits organizations with the increased scalability, speed, 24/7 service, and enhanced IT security. The growing adoption of Software-as-a-Service (SaaS) applications by enterprises is bringing out huge growth prospects for cloud-based machine condition monitoring solutions.

The market for online machine condition monitoring solutions is expected to grow at a higher CAGR during the forecast period

The market for online machine condition monitoring solutions is expected to grow at a higher CAGR during the forecast period. Online machine condition monitoring provides real-time data to operators in the plant and is the most preferred monitoring process in critical plants that work continuously and are highly prone to defects.

The market for the automotive industry is expected to grow at the highest CAGR during the forecast period

The market for the automotive industry is expected to grow at the highest CAGR during the forecast period. The automotive industry depends on the performance of assets to effectively perform their core business activities as a system downtime can affect the revenue of the organization. In the automotive industry, time plays a crucial role, and any unplanned asset breakdown can heavily impact its brand image and sales, resulting in the high adoption of the machine condition monitoring technique in the automotive industry.

The market in APAC is expected to grow at the highest CAGR during the forecast period

China and India are the fastest-growing economies that are witnessing a rapid penetration of Internet of Things (IoT) in APAC. High high adoption of modern technologies for smart manufacturing, reduction in operational costs, and importance of security measures at workplaces drive the demand for machine condition monitoring solutions in the APAC region, thereby making this region the fastest-growing market for machine condition monitoring solutions

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Major players operating in the machine condition monitoring market include ALS Limited (Australia), Emerson Electric (US), General Electric (US), Honeywell (US), Meggitt (UK), National Instruments (US), Parker-Hannifin (US), Rockwell Automation (US), Schaeffler (Germany), SKF (Sweden), Azima DLI (US), Bruel & Kjaer (Denmark), and Fluke (US).