LONDON, June 30, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the machine condition monitoring market, the growing use of wireless communication in machine conditioning is significantly contributing to the growth of the machine condition monitoring market. Wireless communication is a method of transmitting information from one point to another without using any connection such as wires, cables, or any physical medium. The wireless communication allows easy and quick deployment of machine condition monitoring that reduces the gaps in the data stream so that there will be no detrimental effect on system reliability. For instance, in 2021, Acoem, a France-based data solutions provider, invested its experience in condition monitoring in EAGLE, enabling the wireless monitoring of the most complex machines. The operating conditions like speed, power, pressure or other process data of the machines are taken under consideration and transmitted automatically. Therefore, the increase in demand for wireless communications is expected to drive the growth of the machine condition monitoring market.
Request for a sample of the global machine condition monitoring market report
The global machine condition monitoring market share is expected to grow from $2.53 billion in 2021 to $2.71 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The global machine condition monitoring industry growth is expected to $3.53 billion in 2026 at a CAGR of 6.9%.
Technological advancement is the key trend gaining popularity in the machine condition monitoring market. For instance, in Nov 2021, Emersion electrics, an American multinational corporation that manufactures products and provides engineering services for industrial, commercial, and consumer markets has launched AMS machine works 1.6 a web-based software solution that simplifies fault diagnosis and analyses the process by combining predictive maintain techniques with comprehensive analysis tools that provide easy and accurate assessment machinery health.
Major players in the machine condition monitoring market are ALS Limited, Emerson Electric Co., Teledyne FLIR LLC, Baker Hughes Company, General Electric, Honeywell International Inc., Meggitt PLC, National Instruments Corp, PARKER HANNIFIN CORP, Rockwell Automation Inc., Schaeffler India Limited, SKF Condition Monitoring Inc., Symphony Industrial AI, Wilcoxon Sensing Technologies Inc., and Azima DLI Corporation.
The global machine condition monitoring market analysis is segmented by type into hardware, software, services; by deployment type into on-premises, cloud; by monitoring technique into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, motor current analysis; by industry into oil and gas, power generation, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine.
North America was the largest region in the machine condition monitoring market in 2021. Asia-Pacific is expected to be the fastest-growing market in the global machine condition monitoring market. The regions covered in the global machine monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Machine Condition Monitoring Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide machine condition monitoring market overviews, machine condition monitoring market analyze and forecast market size and growth for the whole market, machine condition monitoring market segments and geographies, machine condition monitoring market trends, machine condition monitoring market drivers, machine condition monitoring market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Industrial Sensor Global Market Report 2022 – By Sensor Type (Image Sensor, Pressure Sensor, Temperature Sensor, Level Sensor, Position Sensor, Humidity Sensor, Force Sensor, Other Sensors), By Operation Type (Contact, Non-Contact), By End-User (Manufacturing, Oil And Gas, Chemicals, Pharmaceuticals, Energy And Power, Mining) – Market Size, Trends, And Global Forecast 2022-2026
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
