The market for [FURL=https://www.industryarc.com/Report/15026/machine-condition-monitoring-market.html]Machine Condition Monitoring Market[/FURL] is estimated to be $2,326.39 M in 2019 and is analyzed to grow at a CAGR of 6.67% during forecast period 2020-2025.The market is booming with the significant penetration of IoT and web based monitoring tools, as they increase the production equipment efficiency of a machine throughout the lifecycle. Adding to this, the launch of various new technologies for the machine conditioning monitoring is certainly contributing to the adoption rate of the solutions.Key Takeaways
The significant growth in the implementation of automation technologies in the factories and penetration of the smart factories is certainly contributing to the growth of the market in North America.
As Automation is analyzed to play a crucial role in the times of global pandemic to maintain the productivity, the shift towards the adoption of automation and wireless communication in machine condition monitoring is analyzed to be maximized thereby contributing to the growth of the market during forecast period 2020-2025
Although the Machine Condition Monitoring market is analyzed to grow at a significant rate, the lack of availability of the trained experts for the data analytics is set to hinder the growth of the market.
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Geography - Segment Analysis
Global Machine Condition Monitoring Market is dominated by North America with a share of 37% in 2019. The significant growth in the implementation of automation technologies in the factories and penetration of the smart factories is certainly contributing to the growth of the market. In June 2019, Schneider Electric has launched smart factory in the U.S. demonstrating quantifiable, real-time benefits of innovative ecostruxure solutions. Adding to this, the significant rise in the manufacturing industries, transportation sectors, and others with the adoption of automation are majorly contributing to the growth of the Machine Condition Monitoring market during the forecast period 2020-2025. In June 2018, Reko International a parts supplier has expanded it’s automation facility in Canada with an investment of $5.7M.
Drivers – Machine Condition Monitoring Market
High Adoption of the cloud technologies
Growing wireless communication in machine conditioning
Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Machine Condition Monitoring Market. Machine Condition Monitoring driver market is expected to be dominated by major companies such as National Instruments, Parker Kittiwake, Rockwell Automation, Bruel & Kjaer Vibro GmbH, Emerson Process Management, Fluke Corp and Honeywell Process Solution among others.
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