Machine Condition Monitoring System Market to Reach $5.4 Billion, Globally, by 2032 at 7.9% CAGR: Allied Market Research
Growing awareness about the advantages of implementing machine condition monitoring systems in manufacturing industries is anticipated to drive the growth of the global machine condition monitoring system market during the forecast period. The North America region is projected to hold the majority of the market share by 2032.
PORTLAND, Ore., Sept. 22, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Machine Condition Monitoring System Market by Component, Deployment Mode, Monitoring Technique, and End User: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global machine condition monitoring system market generated $2.6 billion n in 2022, and is anticipated to generate $5.4 billion by 2032, witnessing a CAGR of 7.9% from 2023 to 2032.
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Prime Determinants of Growth
Rapid acceptance of automated condition monitoring technology in smart factories, as well as increased manufacturer knowledge of the benefits of implementing condition monitoring systems are expected to drive the growth of the global machine condition monitoring system market in the forecast period from 2023 to 2032. However, machine condition monitoring systems generate determinations and estimates about service disruptions that even the most experienced operators are unsure about. This may hamper the machine condition monitoring system market growth in the coming future. On the contrary, increasing research and development of innovative monitoring and maintenance systems for the healthcare sector is expected to offer remunerative opportunities for the expansion of the machine condition monitoring system market during the forecast period.
Report Coverage & Details:
Component: Hardware Sub-segment to Hold Highest Share by 2032
The hardware sub-segment of the global machine condition monitoring system industry accounted for the highest share of 52.9% in 2022 and is projected to dominate the market during the forecast period. The prominent growth of the sub-segment is mainly because of the growth in the use of hardware components such as vibration analyzers, ultrasonic detectors, infrared sensors, accelerometers, and others.
Deployment Mode: On-premises Sub-segment to Hold Majority of Market Share by 2032
The on-premises sub-segment accounted for the highest share of 57.3% in 2022 and is projected to dominate the market during the forecast period. The significant growth of the sub-segment is mainly because of the increase in the use of on-premises machine condition monitoring systems across many industrial sectors to guarantee that equipment performs properly, monitor condition, and promptly alert teams about long-running or inefficient machinery.
Monitoring Technique: Vibration Monitoring Sub-segment to be the Most Dominant during the Forecast Period
The vibration monitoring sub-segment accounted for the highest share of 24.2% in the machine condition monitoring system in 2022 and is anticipated to dominate the market during the forecast period. The prominent growth of the sub-segment is mainly due to increased use of vibration monitoring systems as they allow users to identify and document typical vibration readings and operational conditions. This gives real-time data that can be utilized to assess the condition of the equipment and identify operational issues.
End User: Power Generation Sub-segment to be the Most Dominant during the Forecast Period
The power generation sub-segment accounted for the highest share of 20.9% in 2022 and is anticipated to dominate the market during the forecast period. The prominent growth of the sub-segment is mainly due to increased use of renewable energy sources which necessitates the deployment of advanced monitoring devices and the implementation of predictive maintenance procedures to reduce costs.
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Region: North America Market to Grab Highest Share by 2032
The machine condition monitoring system market in the North America region accounted for the highest share of 40.7% in 2022 and is expected to dominate the market during the forecast period. This growth is mainly because of the rising demand for machine condition monitoring systems in this region owing to the growing focus of manufacturing companies on appropriate asset and usage, stringent regulations regulating workplace and employee safety, and high-quality control standards that firms in the chemicals, oil & gas, and food & beverage sectors must comply with.
Leading players in the machine condition monitoring system market,
The report provides a detailed analysis of the key players of the global machine condition monitoring system market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders:
Machine Condition Monitoring System Market Key Segments:
By Deployment Mode
By Monitoring Technique
By End User
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