Machine Condition Monitoring Market Forecasts to 2028 | Drivers and Opportunities | Key player Analysis General Electric Co., Thermo Fisher Scientific Inc., SKF AB

According to Stratistics MRC, the Global Machine Condition Monitoring Market is accounted for $2.44 billion in 2020 and is expected to reach $4.85 billion by 2028 growing at a CAGR of 9.0% during the forecast period. Increasing adoption of wireless communication technology, deployment of automated condition monitoring technologies in smart factories and preference toward predictive maintenance of industrial machinery are driving the market growth. However, lack of trained technical resources for data analysis and reliability issues in prediction capabilities are hampering the growth of the market.

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Based on the monitoring process, the online condition monitoring segment is going to have lucrative growth during the forecast period as it is an advanced monitoring process and provides real-time plant data to operators, resulting in its higher adoption. Online vibration monitoring systems have applications in industries where a 24-hour production is required. By geography, North America is going to have high growth during the forecast period owing to the implementation of automation technologies in the factories and penetration of the smart factories, increasing expansions of the manufacturing industries in Canada and the rise in the expansion of production plants with automation.

Some of the key players profiled in the Machine Condition Monitoring Market include General Electric Co., Thermo Fisher Scientific Inc., SKF AB, Rockwell Automation Inc., Perkin Elmer Inc., Azima DLI Corporation, Nippon Avionics Co., Ltd., Fluke Corporation, Meggitt Sensing Systems (Meggitt PLC), Honeywell International Inc., GE Bently Nevada, AMETEK Spectro Scientific, Parker Kittiwake (PARKER HANNIFIN CORP.), Gastops Ltd, FLIR Systems Inc., Emerson Electric Co., Brüel & Kjaer Vibro and National Instruments Corp.

Monitoring Techniques Covered:
• Vibration Monitoring
• Ultrasound Emission
• Motor Current Analysis
• Lubricating Oil Analysis
• Infrared Thermography
• Corrosion Monitoring
• Acoustic Emission

Offerings Covered:
• Software
• Hardware
• Services   

Deployment Types Covered:
• On-premises
• Cloud 

Monitoring Processes Covered:
• Portable Condition Monitoring
• Online Condition Monitoring

End Users Covered:
• Steel, Metals and Mining
• Pharmaceutical
• Oil & Gas
• Marine
• Aerospace & Defense
• Food & Beverages
• Energy and Power Generation
• Construction
• Manufacturing
• Automotive
• Chemicals
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

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