Machine Condition Monitoring Market to Witness High Growth
Market Dynamics:
One of the key driver of the Machine Condition Monitoring Market growth is the increasing need for preventive maintenance of industrial assets. Regular condition monitoring helps detect equipment issues in their early stages, allowing corrective actions to be taken before component failures occur. This improves equipment reliability, avoids unplanned downtime and reduces overall maintenance costs. Additionally, with the growing industrial automation and emphasis on Industry 4.0, machine condition monitoring systems powered by IoT and analytics are being widely adopted across various process and discrete industries to drive operational efficiency through remote asset performance monitoring.
Key Takeaways
The global machine condition monitoring market is expected to witness high growth over the forecast period of 2023-2030. Global Machine Condition Monitoring Market Size is estimated to be valued at US$3965.6 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regional analysis indicates that North America currently dominates the market, followed by Europe. Rapid industrialization and rising investments aimed at factory automation are driving adoption in Asia Pacific, which is projected to be the fastest growing regional market.
Key players operating in the machine condition monitoring market are Applied Sciences Inc., Argon, CMR Group, Emerson Electric Co., Honeywell International Inc., Meggitt PLC, Parker Hannifin Corp., Rockwell Automation Inc., Schneider Electric, and TietoEVRY. These companies provide a range of hardware, software, and services for continuous remote monitoring of industrial machinery across various industries. They are focusing on developing more integrated and customized machine condition monitoring solutions that leverage predictive maintenance strategies.
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