Introduction of secure cloud platforms in machine condition monitoring is one of the major factors driving the growth of the market. With the advent of secure cloud platforms, demand for remote machine condition monitoring is also increased at a significant rate. In addition, current COVID-19 pandemic conditions have also spurred the demand for remote machine condition monitoring. Remote monitoring offers great advantages over on-site machine monitoring. With the remote monitoring systems, a user has the advantage to monitor current status, condition, and performance of the machines from distant sites. In addition, growing use of wireless communication technology and increasing focus towards predictive maintenance of industrial machinery is also supporting the growth of the market. Predictive maintenance not only helps to identify the defects but also predicts the possible factors that may hamper the performance of the machine. This is why many industries are focusing on predictive machines maintained to improve the overall outcome. Current COVID-19 pandemic conditions have slightly affected the growth of the market. The slight decline in the global machine condition monitoring market is mainly due to a shortage of raw materials and hardware.
The global machine condition monitoring market is fragmented based on monitoring technique, Monitoring Process, industry, and geography. Different monitoring techniques used to check machine conditions include vibration monitoring, thermography, oil analysis, corrosion monitoring, etc. these monitoring techniques are used by different processes such as online condition monitoring and portable condition monitoring. The demand for machine monitoring is high in oil & gas, power generation, metals & mining, automotive, aerospace & defense
Merger and acquisition is the key trend in the machine condition monitoring market. Key players operating in the industry are Meggitt PLC, SKF GROUP, Rockwell Automation, Inc., GE Bently Nevada, Honeywell International Inc., Emerson Electric Co, National Instrument Corporation, Bruel & Kjaer Sound and Vibration Measurement, Parker-Hannifin Corporation, and Motion Industries, Inc. among others.
Trends and Future Outlook:
- Integration of internet of things (IoT) and AI in machine maintenances
- Growing demand for predictive maintenance