Global Machine Health Monitoring Market Will Exceed US $ 5.2 Billion By 2026

DUBLIN, 23 Dec 2021 / PRNewswire / – The “Machine Condition Monitoring Market – Growth, Trends, Impact of COVID-19 and Forecasts (2021-2026)” Report was added to ResearchAndMarkets.com to offer.

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Global Machine Health Monitoring Market has been rated with $ 3,092.2 million in 2020, and it should be worth it $ 5,246.8 million by 2026 with a CAGR of 9.4% in the forecast period 2021-2026. All companies around the world that have critical assets for manufacturing goods and services are seeing rapid revenue declines due to the COVID-19 pandemic.

Industry highlights

Control gear reacts to many types of faults and disturbances, and it is therefore important to monitor minor and major changes to equipment by measuring parameters such as vibration, temperature, voltage, current, pressure, flow and much more.

This importance has led various industries to make additional efforts to protect their machines. The main advantages of fault detection using condition monitoring include: Allows personnel to take corrective action to avoid or reduce repair costs and increase machine safety, thereby increasing human safety.

Using predictive maintenance techniques in factories is said to reduce downtime by up to 50% and save between 10 and 40% of equipment maintenance costs. Predictive maintenance depending on condition monitoring offers the measurement and analysis of physical properties such as visual inspection, sound, temperature or vibration.

Industries with well-maintained and reliable equipment are expected to be those better placed to respond to the impending surge in demand for goods and services. Companies that use predictive maintenance to prepare for the upturn are expected to benefit.

Several companies that have closed due to the recent COVID-19 outbreak are required to adopt an appliance condition monitoring solution to prevent machine failure when operations resume and to address any safety-related concerns.

Industries with well-maintained and reliable equipment are expected to be better positioned to respond to the impending surge in demand for goods and services. Companies that use predictive maintenance to prepare for the upturn are expected to benefit.

However, the short-term investments are required and the condition monitoring devices are very expensive. In addition, depending on the ambient conditions, the condition monitoring sensors may not survive and the machine has unpredictable maintenance times. Such factors challenge market growth.

Major market trends

Competitive landscape

The machine health monitoring market is moderately competitive and no company has a very large market share. The companies enter into strategic partnerships in order to achieve market power and dominance.

Key issues covered

1 INTRODUCTION
1.1 Scope of the study
1.2 Study assumptions

2 RESEARCH APPROACH AND METHODOLOGY

3 SUMMARY

4 MARKET INSIGHTS
4.1 Market overview
4.2 Analysis of the industry’s value chain
4.3 Industry attractiveness Porter’s Five Force analysis
4.4 Effects of COVID-19 on the market

5 MARKET DYNAMICS
5.1 Market drivers
5.1.1 Increase in plant performance and productivity through predictive maintenance
5.1.2 Increasing demands on predictive maintenance
5.1.3 Industry 4.0 and new industrial applications in the manufacturing and process industries
5.2 Market Challenges
5.2.1 Cost consequences of retrofits
5.2.2 Global macroeconomic and geopolitical factors

6 MARKET SEGMENTATION
6.1 Monitoring the machine condition
6.1.1 Type
6.1.1.1 Hardware
6.1.1.1.1 Equipment for monitoring the state of vibration
6.1.1.1.2 Thermographic devices
6.1.1.1.3 Lube oil analysis
6.1.1.1.4 Ultrasonic emission monitoring
6.1.1.1.5 Other types
6.1.1.2 Software
6.1.1.3 Services
6.1.1.3.1 Remote Monitoring Services
6.1.1.3.2 Device maintenance services
6.1.1.3.3 Machine diagnostic services
6.2 Vibration monitoring devices
6.2.1 End-user industry
6.2.1.1 Oil and gas
6.2.1.2 Electricity generation
6.2.1.3 Process and manufacture
6.2.1.4 Aerospace and Defense
6.2.1.5 Automobile and Transport
6.2.1.6 Other end-user industries (marine, mining, metal, etc.)
6.2.2 Geography
6.2.2.1 North America
6.2.2.1.1 United States
6.2.2.1.2 Canada
6.2.2.2 Europe
6.2.2.2.1 Germany
6.2.2.2.2 United Kingdom
6.2.2.2.3 France
6.2.2.2.4 Remainder Europe
6.2.2.3 Asia Pacific
6.2.2.3.1 China
6.2.2.3.2 Japan
6.2.2.3.3 India
6.2.2.3.4 Remainder of Asia Pacific
6.2.2.4 Rest of the world
6.2.3 Analysis of the supplier market share
6.3 Thermographic equipment
6.3.1 End-user vertical
6.3.1.1 Oil and gas
6.3.1.2 Electricity generation
6.3.1.3 Process and manufacture
6.3.1.4 Aerospace and Defense
6.3.1.5 Automobile and Transport
6.3.1.6 Other end-user verticals (marine, mining, metal, etc.)
6.3.2 Geography
6.3.2.1 North America
6.3.2.1.1 United States
6.3.2.1.2 Canada
6.3.2.2 Europe
6.3.2.2.1 Germany
6.3.2.2.2 United Kingdom
6.3.2.2.3 France
6.3.2.2.4 Remainder of Europe (Eastern Europe and other Western European countries)
6.3.2.3 Asia Pacific
6.3.2.3.1 China
6.3.2.3.2 Japan
6.3.2.3.3 India
6.3.2.3.4 Remainder of Asia Pacific
6.3.2.4 Rest of the world (Latin America and middle East and Africa)
6.3.3 Analysis of the provider market share
6.4 Equipment for lubricating oil analysis
6.4.1 End-user vertical
6.4.1.1 Oil and gas
6.4.1.2 Electricity generation
6.4.1.3 Process and manufacture
6.4.1.4 Aerospace and Defense
6.4.1.5 Automobile and Transport
6.4.1.6 Other end-user verticals (marine, mining, metal, etc.)
6.4.2 Geography
6.4.2.1 North America
6.4.2.1.1 United States
6.4.2.1.2 Canada
6.4.2.2 Europe
6.4.2.2.1 Germany
6.4.2.2.2 United Kingdom
6.4.2.2.3 France
6.4.2.2.4 Remainder of Europe
6.4.2.3 Asia Pacific
6.4.2.3.1 China
6.4.2.3.2 Japan
6.4.2.3.3 India
6.4.2.3.4 Remainder of Asia Pacific
6.4.2.4 Rest of the world (Latin America and middle East and Africa)
6.4.3 Analysis of the provider market share

7 COMPETITIVE LANDSCAPE
7.1 Company profiles
7.1.1 Meggitt sensor systems (Meggitt PLC)
7.1.2 Rockwell Automation Inc.
7.1.3 GE Bently Nevada
7.1.4 Emerson Electric Co.
7.1.5 SKF AB
7.1.6 Bruel & Kjaer Vibro
7.1.7 FLIR Systems Inc.
7.1.8 Fluke Corporation
7.1.9 Nippon Avionics Co. Ltd.
7.1.10 Thermo Fisher Scientific Inc.
7.1.11 Perkin Elmer Inc.
7.1.12 AMETEK Spectro Scientific
7.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)
7.1.14 Gastops GmbH

8 INVESTMENT ANALYSIS

9 THE FUTURE OF THE MARKET

For more information on this report, see https://www.researchandmarkets.com/r/sf91un

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