Condition Monitoring Systems Market is estimated to be US$ 7228.0 Million by 2030 with a CAGR of 8.9% during the forecast period

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Published Date: April 2024

Machine Condition Monitoring Systems Market accounted for US$ 3090.2 Million in 2020 and is estimated to be US$ 7228.0 Million by 2030 and is anticipated to register a CAGR of 8.9%. Condition monitoring (colloquially, CM) is the process of monitoring a parameter of condition in machinery (vibration, temperature etc.), in order to identify a significant change which is indicative of a developing fault. It is a major component of predictive maintenance. The use of condition monitoring allows maintenance to be scheduled, or other actions to be taken to prevent consequential damages and avoid its consequences. Condition monitoring has a unique benefit in that conditions that would shorten normal lifespan can be addressed before they develop into a major failure. Condition monitoring techniques are normally used on rotating equipment, auxiliary systems and other machinery (compressors, pumps, electric motors, internal combustion engines, presses), while periodic inspection using non-destructive testing (NDT) techniques and fit for service (FFS) evaluation are used for static plant equipment such as steam boilers, piping and heat exchangers.

The report " Machine Condition Monitoring Systems Market, By Type (Online Machine Monitoring, Portable Machine Monitoring, and Others), By Application (Energy & Power, Automotive, Aerospace & Defense, Chemical, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”

Key Highlights:

On 28^th January 2021, SKF collaborated with Norwegian ship owner Solvang to introduce predictive maintenance to its fleet of tankers by investing in the new system for manual vibration monitoring, Enlight ProCollect from SKF. Solvang, which transports a variety of petrochemicals, will use SKF’s QuickCollect vibration sensors and ProCollect app to monitor a range of onboard rotating equipment. This will allow the company to identify equipment failure early, helping it to reduce unplanned downtime and maintenance costs.

Analyst View:

The automotive industry has undergone rapid changes over the last few decades. Previously, cars were mechanical, mostly equipped with basic electrical systems that offered power for headlights and spark plugs. With technological advancements, cars got equipped with the latest gadgets, such as radios, alarms, wipers, etc. Globally, the automotive sector is one of the major segments of the manufacturing sector. With rapid advances in technologies, automobiles today are becoming more complex. This increased complexity is leading to possible production errors.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Machine Condition Monitoring Systems Market, By Type (Online Machine Monitoring, Portable Machine Monitoring, and Others), By Application (Energy & Power, Automotive, Aerospace & Defense, Chemical, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”

Key Market Insights from the report:

Machine Condition Monitoring Systems Market accounted for US$ 3090.2 Million in 2020 and is estimated to be US$ 7228.0 Million by 2030 and is anticipated to register a CAGR of 8.9%. Machine Condition Monitoring Systems Market is segmented based on the Type, Application and region.

By Type, the Machine Condition Monitoring Systems Market is segmented into Online Machine Monitoring, Portable Machine Monitoring, and Others.
By Application, the target market is segmented into Energy & Power, Automotive, Aerospace & Defense, Chemical, and Others.
By region, the Machine Condition Monitoring Systems Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape:

The Key players in the machine condition monitoring systems market include, Emerson Electric, General Electric, Honeywell International, National Instruments, SKF AB, ALS, Meggitt PLC, Parker Hannifin, Rockwell Automation, and Schaeffler AG.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered