The Rise In Automotive To Augment The Machine Condition Monitoring Market Growth

Machine Condition Monitoring Market
Machine Condition Monitoring Market

Machine Condition Monitoring Market by Machine Condition Monitoring, Vibration Monitoring Equipment, Thermography Equipment, and Lubricating Oil Analysis Equipment and By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Machine Condition Monitoring Market is estimated to be valued at US$ 1,136.68 million in 2023, and is expected to exhibit a CAGR of 9.65 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Machine condition monitoring is the capability to attain the overall condition of a machine in a particular duration of time. This comprises the things such as efficiency, hence the losses in the efficacy shows an underlying problem. It also consists the wear and tear on the parts, the performance indicators such as output of the defective parts and pieces, the usage of the statistics and the maintenance of statistics.

Competitive Landscape:

Key players involved in the growth of global Machine Condition Monitoring for Market are SKF Group GE Bently Nevada, Emerson Electric Co., Meggitt PLC, and Rockwell Automation, Inc.

Market Key Drivers:

The rise in manufacturing vehicles is projected to propel the growth of global Machine Condition Monitoring Market. For instance, Tesla Inc.'s 3rd quarter 2022 car production output was 365,900 units.

Rising demand for condition monitoring in the automotive segment has led to rising product development by key players which is expected to drive the growth of global Machine Condition Monitoring for Market. For instance, in April 2022, OMRON has announced the launch of innovative K7TM condition monitoring for heating devices, which is used mostly in the automotive and FMCG sectors.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global Machine Condition Monitoring for Market due to the rise in pandemic cases. The strict imposition of lockdown and disruption in supply chain along with the closure of production and manufacturing units has impeded the market growth.

Key Takeaways:

The global Machine Condition Monitoring Market is anticipated to exhibit a CAGR of 9.65 % during the forecast period due to increasing acquisitions and mergers. For instance, November 2022 - Advantech and Actility have declared a novel combined AI-based approach to help machine operation teams in executing machine prognostics and condition monitoring.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Machine Condition forMonitoring Market due to rising approvals and product launches, increasing mergers and acquisitions and rising demand of passenger vehicle. For instance, in April 2022, as per ACEA, over 9.9 million passenger automotive were made in the EU in 2021.

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