Global Machine Condition Monitoring Market Set for a Positive Growth Forecast at CAGR of 6.7% till 2024
Bharat Book Bureau Provides the Trending Market Research Report on“Global Machine Condition Monitoring Market, Forecast to 2024” underConsumer Good category. The report provides information on industry overview, market size, latest developments, industry trends,Key Players, global presence, and their future prospects.
Machine Condition Monitoring Market is expected to grow at aCAGR of 6.7% during the forecast period
The machine condition monitoring market is estimated to grow from USD 2.38 billion in 2018 toUSD 3.50 billion by 2024, at a CAGR of 6.7% between 2018 and 2024. The growth of the market is driven by 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. However, the lack of trained technical resources for data analysis hinders market growth.
Cloud deployment is expected to witness a higher CAGR during the forecast period
The market for cloud-based machine condition monitoring solutions is estimated to grow at a higher CAGR during the forecast period because it offers elasticity required for the data and computational resources significantly at a low cost. One of the major advantages of cloud-based solutions is that it helps enterprises to understand the real-time condition of their assets from a remote location. Further, the initial investment and the maintenance costs are reduced as nothing has to be stored on premises.
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The market for the automotive industry is expected to witness the highest CAGR during the forecast period
The global automotive industry is emphasizing on automating and upgrading assembly lines, which require motor monitoring. Motor current analysis helps reduce machine failures and extend the life of machines. The automotive industry is witnessing significant growth in the number of units produced per day. The machinery on the production floor is required to be maintained properly to minimize the production cycle and increase the production output, thereby resulting in high adoption of machine condition monitoring solutions in the automotive industry.
North America is expected to dominate the machine condition monitoring market, while APAC is expected to grow at the highest CAGR during the forecast period
North America held the largest share of the machine condition monitoring market in 2017 owing to the presence of major machine condition monitoring vendors and high focus on optimum asset utilization; increase in stringent government regulations at workplaces with regard to personal safety; and rise in requirements to control and assure quality in oil & gas, chemicals, and food & beverages industries are driving the demand for machine condition monitoring systems in North America. Factors such as rapid industrialization, high adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are fueling the growth of the machine condition monitoring market in APAC.
Given below is the breakdown of the profile of the primary participants in terms of different parameters considered while studying the report:
- By Company Type: Tier 1 = 31%, Tier 2 = 37%, and Tier 3 = 32%
- By Designation: C-Level Executives = 45%, Directors = 36%, and Others = 19%
- By Region: North America = 32%, Europe = 30%, APAC = 24%, and RoW = 14%
The key 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).
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