Allied Market Research

2024

Machine Health Monitoring Market

Machine Health Monitoring Market Size, Share, Competitive Landscape and Trend Analysis Report by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, Motor Current Analysis), by Offering (Hardware, Software), by Deployment Type (On-premises, Cloud), by Monitoring Process (Online Condition Monitoring, Portable Condition Monitoring) and by Industry Verticals (Oil Gas, Power Generation, Metals Mining, Chemicals, Automotive, Food Beverages, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Vineet Kumar
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Machine health monitoring is a process of monitoring or identifying the mechanical failure. The process is an effective way of meeting production needs in a timely manner. This predictive technique projects the condition of equipment, which ensures appropriate maintenance strategies are adopted at the right time. Besides reducing the repair time, the strategic tools play an eminent role the decision making process.

Growing emphasis on plant asset management to enhance productivity has contributed to the growth of the machine health monitoring devices. Moreover, continuous focus on the utilization of plant assets and need to curb possible machinery failures is driving the adoption of the technology. However, challenges in achieving ROI from the devices and unpredictable maintenance time have hindered the growth of the market to a larger extent.
The machine health monitoring market is segmented based on type, component, application, monitoring process and geography. The type covered in the market research report are lubricant oil analysis, ultrasonic inspection, MSCA, vibration monitoring and infrared thermography. Components assessed during the study are corrosion probes, IR sensors, spectrometers, ultrasonic detectors, vibration sensors and others. Applications assessed during the research are oil and gas, marine, automotive, energy and power, metals and mining and others. The study analyzes monitoring processes such as online condition monitoring as well as portable condition monitoring. Regions including North America, Europe, Asia -Pacific and LAMEA are expected to witness tremendous growth.

Key market players active in the machine health monitoring market are Bruel & Kjaer Vibro, Parker Kittiwake, SKF, Rockwell Automation, Honeywell, General, Fluke and Emerson.

KEY BENEFITS FOR STAKEHOLDERS

  • The market research report provides an integrated information on the major drivers, restraints and opportunities influencing the industry growth during the forecast period.
  • The study further drills down to produce data volume by components, end customers and demography.
  • SWOT analysis of major brands, highlights weaknesses, strengths, opportunities and threats. The data proves effective for business owners planning on designing their marketing and branding strategies.
  • Region wise business performance discussed in the market research report would be valuable for enterprises planning to explore new areas.
  • The report not only examines the market dynamics but also takes a closer look at the growth rate and industrial chain structure.
  • Study further weigh up on the prominent market players and what they are doing different to position their product in the already crowded marketplace.
  • Assessment of upstream and downstream market also forms an important part of the report.

Machine Health Monitoring Market Report Highlights

Aspects Details
Machine Health Monitoring Market By Offering
By Offering
  • Hardware
  • Software
Machine Health Monitoring Market By Monitoring Process
By Monitoring Process
  • Online Condition Monitoring
  • Portable Condition Monitoring
Machine Health Monitoring Market By Monitoring Technique
By Monitoring Technique
  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis
Machine Health Monitoring Market By Deployment Type
By Deployment Type
  • On-premises
  • Cloud
Machine Health Monitoring Market By Industry Verticals
By Industry Verticals
  • Oil & Gas
  • Power Generation
  • Metals & Mining
  • Chemicals
  • Automotive
  • Food & Beverages
  • Others
Machine Health Monitoring Market By Region
By Region
  • North America 
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players
Key Market Players

Rockwell Automation, Inc., Fluke, Baker Hughes Company, NATIONAL INSTRUMENTS CORP., SKF, Emerson Electric Co., Bruel & Kjaer Vibro, General Electric, Honeywell International Inc., PARKER HANNIFIN CORP

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Machine Health Monitoring Market

Global Opportunity Analysis and Industry Forecast, 2023-2032