Machine Condition Monitoring Market size to increase by USD 1.15 billion during 2022-2027| Wireless communication gaining momentum in industries to drive the market growth- Technavio

NEW YORK, Sept. 28, 2023 /PRNewswire/ — The Machine Condition Monitoring Market size is expected to grow by USD 1.15 billion, accelerating at a CAGR of 7.17% during the forecast period. The growing adoption of wireless communication in various industries is a significant driver of market expansion. Initially limited to consumer gadgets like mobile phones, wireless technology has now assumed significance in industrial settings, particularly for remote monitoring as processes become increasingly intricate, demanding real-time data monitoring. This has increased the creation of wireless devices capable of extracting data from diverse machinery and transmitting it rapidly, especially in situations where installing cables proves impractical or costly. In sectors such as oil, gas, and power, wireless communication empowers operators to instantly gather and transmit data via smartphones, resulting in improved data transparency and facilitating prompt decision-making. The report analyses the market size and growth and provides accurate predictions on the growth of the market. Request Free Sample Report Now

Machine Condition Monitoring Market 2023 – 2027: Key Highlights:

The report recognizes the following as some of the key players in the machine condition monitoring market: AB SKF, ALS Ltd., AMETEK Inc., Analog Devices Inc., Baker Hughes Co., Dewesoft d.o.o., Emerson Electric Co., Fortive Corp., Gastops Ltd., General Electric Co., Honeywell International Inc., ifm electronic gmbh, National Instruments Corp., OMRON Corp., Parker Hannifin Corp., Rockwell Automation Inc., Schaeffler AG, Signals and Systems India Pvt. Ltd., SPM Instrument, and Teledyne Technologies Inc.
Machine Condition Monitoring Market is fragmented in nature.
Market to observe 6.49% YOY growth in 2023.

Machine Condition Monitoring Market 2023 – 2027: Market Dynamics:

Trends

Sensor technology improvements are strongly influenced by the increasing emphasis on the Internet of Things (IoT).
Industries are transitioning to smart sensors, which require less maintenance compared to analytical sensors.
Smart sensors enhance system reliability, leading to reduced repair costs and minimized sensor replacement downtime.
The decreasing cost of smart sensors has driven the demand for these devices.
Smart sensors provide reliable real-time data, making them highly sought after.
Industries’ increasing interest in sensors and technology has led to wider adoption of machine condition monitoring, positively impacting the global market.

Challenges

Many wireless devices, crucial for remote operation, rely on batteries for power. Typically, sensor batteries last up to two years, necessitating frequent replacements, which can be burdensome for industries due to replacement costs.
In process industries, any downtime can result in significant losses, making battery replacement a costly affair.
Short battery life restricts the capabilities of systems, especially condition monitoring devices, which require frequent data recording at high intervals, depleting the battery quickly.
Some wireless devices alternate between active and sleep modes, potentially missing crucial machine events during sleep, leading to data loss.

The report also covers information on the upcoming trends and challenges. Explore detail information by purchasing report

Machine Condition Monitoring Market 2023 – 2027: Key Segments:

The market is segmented by Deployment (On-premises and Cloud), End-user (Energy and power industry, Cement and metal industry, Oil and gas industry, Chemical and petrochemical industry, and Automotive industry and others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

The on-premises segment is expected to dominate market growth during the forecast period. On-premises solutions provide organizations with enhanced data control, keeping it within physical confines. Industries like defense, finance, and healthcare, with stringent data security and privacy regulations, find it challenging to store sensitive data offsite. On-premises solutions offer greater customization and compliance control

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FQS

How do the major trends impact the market?
How big is the North America market?
How do the key drivers and challenges impact the market?

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Table of Contents:

Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by End-User
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix

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