WILMINGTON, Del., Nov. 19, 2023 (Globe Newswire) — global Machine condition monitoring market is rated by US$ 3.1 $1 billion in 2023 and is expected to grow significantly CAGR of more than 5.8% According to a market report published by RationalStat
Market Definition, Market Scope and Report Overview
The shift to predictive maintenance strategies is increasing the demand for condition monitoring sensors. Organizations aim to detect potential equipment failures before they occur, minimize downtime, and optimize maintenance schedules. Additionally, integrating sensors into the Industrial Internet of Things (IIoT) ecosystem facilitates real-time data collection and analysis. Machine condition monitoring sensors play a critical role in providing data for predictive analysis and decision making.
Additionally, continued advances in sensor technology, including improvements in accuracy, sensitivity, and reliability, are contributing to the effectiveness of machine condition monitoring systems.
- A detailed market assessment by RationalStat analyzes the global Machinery Condition Monitoring market. Based on market segments such as frequency range type, product type, end user, deployment, and geography/region. (Includes North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, Asia Pacific). The report also provides global and regional market size for historical period 2019-2022 and forecast period 2023-2030.
- Market intelligence of the global Machinery Condition Monitoring market provides market size based on market value (USD/million euros) and volume (units) for various products/services/equipment, demand assessment across key regions, and customer sentiment. , covers the price point. , cost structure, profit margin analysis across the value chain, financial assessment, historical and forecast data, key trends across the industry, import/export data, trade overview, component market by leading players, etc.
- Additionally, long-term sector and 10-year outlook for products/services and their impact on the global Machinery Condition Monitoring market. It also includes the current state of the industry – production levels, capacity utilization, technology indices, etc.Important information includes country-wise manufacturing capacity, installed base, import volume, market size, key players, market size, dynamics, market data, insights, etc.
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global Machinery Condition Monitoring Market: Segment and Market Share Analysis
- Based on product type, vibration sensors are expected to dominate the mechanical conditioning market. This is mainly because sensors are primarily used for predictive maintenance and vibration is observed to be one of the most reliable indicators of machine failure.
Report summary
Report metrics | detail |
base year | 2023 |
Forecast period | 2023-2030 |
Base year market size | USD 3.1 billion |
Market size forecast | 4.6 billion USD |
growth rate | 5.8% |
Key market drivers |
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Introduced companies |
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Competitive analysis and market structure
These players are adopting various strategies to strengthen their market share and gain competitive edge over other competitors in the market. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies adopted by industry players. Some of the key developments in the global Machinery Condition Monitoring market include:
- In January 2023, Honeywell partnered with Nexeris. The partnership will focus on developing automotive sensing technology to help prevent thermal runaway in EV batteries that can cause fires.
- In October 2022, Emerson introduced the ASCOTM DPT control system. The new system provides accurate, low-level particulate monitoring, early warning leak detection, and more.
Some of the prominent players and suppliers that are significantly contributing to the growth of the global Machinery Condition Monitoring market include: Emerson Electric Co., Honeywell, Rockwell Automation, SKF, Schaeffler Group, GENERAL ELECTRIC, NATIONAL INSTRUMENTS CORP., Fluke, PARKER HANNIFIN CORP, and Siemens, Among other things.
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RationalStat segmented global Machine condition monitoring Market based on frequency range type, product type, end user, deployment, and region
- global Machine condition monitoring market Analysis of value (USD million), quantity (units), and market share (2019-2030) by Sensor Frequency Range Type
- global Machine condition monitoring market Analysis of value (USD million), volume (units), and market share (2019-2030) by product type
- vibration sensor
- Temperature sensor
- tilt sensor
- pressure sensor
- water/liquid sensor
- photo sensor
- others
- global Machine condition monitoring market Value (USD Million), Volume (Units) and Market Share (2019-2030) Analysis by End User
- manufacturing industry
- oil gas
- energy generation
- car
- Aerospace
- Others (health care, etc.)
- global Machine condition monitoring market Analysis of value (USD million), volume (units), and market share (2019-2030) by deployment
- wired sensor
- wireless sensor
- global Machine condition monitoring market Value (USD Million), Volume (Units), and Market Share (2019-2030) Analysis by Regions
- Country analysis of North America Machinery Condition Monitoring market value (USD million), volume (units), and market share (2019-2030)
- Latin America Machinery Condition Monitoring Market Value (USD Million), Volume (Units), and Market Share (2019-2030) by Country Analysis
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Machinery Condition Monitoring Market Value (USD Million), Volume (Units), and Market Share (2019-2030) by Country Analysis
- Germany
- England
- France
- Spain
- Italy
- Benelux three countries
- Nordic
- rest of western europe
- Eastern Europe Machinery Condition Monitoring Market Value (USD Million), Volume (Units), and Market Share (2019-2030) by Country Analysis
- Russia
- Poland
- Hungary
- Other CIS countries
- Rest of Eastern Europe
- Asia-Pacific Machinery Condition Monitoring Market Value (Million USD), Volume (Units), and Market Share (2019-2030) by Country Analysis
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Country analysis of Middle East and Africa Machinery Condition Monitoring market value (USD million), volume (units), and market share (2019-2030)
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- The rest of GCC
- South Africa
- Nigeria
- turkey
- rest of the Middle East and Africa
- GCC
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Key questions answered with machine health monitoring reports:
- What will be the market value of the global Machinery Condition Monitoring market by 2030?
- What is the market size of the global Machinery Condition Monitoring market?
- What are the market drivers of the global Machinery Condition Monitoring market?
- What are the key trends in the global Machinery Condition Monitoring market?
- Which regions are leading in the global Machinery Condition Monitoring market?
- What are the key companies operating in the global Machinery Condition Monitoring market?
- What is the market share by major segments in the global Machinery Condition Monitoring market?
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research method
RationalStat has developed cutting-edge research methodologies to crunch numbers and provide our clients with the best possible real-time insights. We combine diverse industry experience, data analysis, and expert perspectives to create research methodologies for market sizing and forecasting.
RationalStat combines secondary sources and primary research to assess market size and create forecasts. The main steps required to accurately derive market numbers are:
- Define the problem by understanding the market and the type of data your client needs.
- Collection and collection of data through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Generate hypotheses and create market figures, forecasts, influencing factors, and their relationships.
- Evaluate and analyze data with reference to data sources used and leveraged.
- With the help of experienced analysts, we verify, interpret, and finalize the data by combining details gathered from primary and secondary sources.
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