Published Date : 02 Jan 2023
The global reinforcement materials market size is projected to be worth around USD 6.19 billion by 2032 from USD 3.28 billion in 2022, growing at a CAGR of 6.6% during the forecast period from 2023 to 2032.
It is a procedure of maintaining the machine with required and scheduled servicing. It is necessary to detect the changes in the machine for example increasing temperature, vibration, voltage, pressure, and humidity. The machine condition monitoring market expanded the market growth during the forecast period due to increasing needs from the industries. The Automobile industry have rapid growth during the forecast period due to increased electrical systems in day-to-day life. Increased utilization of the monitoring techniques due to increased benefits to avoid future problems and increase productivity with minimum cost.
Report Highlights
Machine Condition Monitoring Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 3.48 Billion |
| Market Size by 2032 | USD 6.19 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 6.6% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Monitoring Technique, By Offering, By Monitoring Process, By Deployment, By Industries and By Application |
| Companies Mentioned | SKF (Sweden), Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), Parker Hannifin Corporation, Rockwell Automation, Inc., Schaeffler AG, Fortive Corporation (Fluke Corporation), ALS Limited |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Regional Snapshots
Asia Pacific region to be the top region having the highest revenue in the year 2021 with the machine condition monitoring market growth. Asia pacific regions include India, South Korea, China, and many more countries. Due to increase usage of machines in various industries with developed technologies and increased productivity and efficiency.
Machine condition monitoring is also seen in various regions for example the Middle East and Africa, North America, Europe and Latin America. The rising demands of the different regions with improved technologies and developments has expanded the growth and will rise more during the forecast period and the benefits provided by the machine condition monitoring market are also supported to boost the market growth.
Market Dynamics
Drivers
The drivers of the machine condition monitoring market are industries for example Health sector, food and beverages, oils and gases, power generation, chemical industries, metals and mining, marine, aerospace and automotive industries. The automotive industry is a rising market in machine condition monitoring and has enhanced more developments and technologies in the last few years. Where mechanical vehicles are replaced with electric-based system vehicles with developed technologies.
Automobile industries are highly focused to minimize faults and errors and difficulties with improved technology and good quality, better efficiency, productivity and avoid future problems. In the health sector also there is the increased usage of machines that require scheduled servicing to improve productivity and to avoid errors during the process. Various techniques are used in monitoring condition Vibration monitoring, thermography, oil and gas analysis, corrosion, and ultrasound emission.
Driving market in hardware and software. Where software gives the benefit like scheduled monitoring of the machines which minimizes the cost. Improved digitalization across the region have driven the market high. Other techniques used are Deployment type that is on-premises and cloud, cloud is wireless 24*7 and available with high speed and low cost.
By monitoring process techniques online condition monitoring and portable monitoring. Increased manufacturing industries with improved machines expanded the market high. Covid-19 also boosted the market high due to the increase in demand of various machines in the health sector and the increased machine condition monitoring for good output.
Restraints
Due to the many restraining factors which hamper the growth of the machine condition monitoring market because of the lack of uniformity in the market and the collaborations with the companies. Increased development and technologies in the machines require technicians and experienced engineers or who have knowledge of the e new technology. Trained personnel with productive skills can update and deal with the clues services. A shortage of personnel technicians and engineers may hamper the market growth.
Effective, efficient monitoring techniques give good productivity and avoid future errors but the skill is lacking in the personnel to carry out the procedures. Due to the covid-19 outbreak, the constant lockdowns in various regions and countries has a negative effect over the market. Shortage of supply of the needs and stoppage of the transportation to different regions decreased the market growth.
Opportunities.
The increasing demand in machine condition monitoring from various industries has supported boosting the market to a higher extent. The usage of monitoring conditions techniques in various fields like automobile, health, chemical and many more raised the market. The wide developments in machine condition monitoring and expected to meet the needs of the market with effective and higher efficiency and good productivity in various operational plants.
Increased technologies and solutions in manufacturing products with the usage of machines and improved collaborations and interactions with different companies about the benefits of machine condition monitoring enhanced the market. Covid-19 also affected in a positive manner in the health sector due to the increased usage of the machine and time-to-time monitoring of the machines is important for good productivity. Rapidly increasing demand with improved technology in the digitalization world raised the market.
Challenges
Machines in the industries should have assembled the required components for monitoring the condition of the machines. For example sensors, detectors and many more for the collaboration of machine to machine. The machine condition monitoring requires a wireless connection they are activated over wife. They transfer the data from one machine to another machine to determine the error and faults in the machine. Required components are necessary to be installed in to the machines as a challenging task. Outdated versions need to be updated with the latest versions which requires the extra cost for updating or installing the new components into the systems for good productivity. The requirement of skilled technicians with updated knowledge of the developed technologies is a key challenge.
Market Segmentation
By Monitoring Technique
By Offering
By Monitoring Process
By Deployment
By Industries
By Application
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