Machine condition monitoring market worth $3.6 billion by 2026
12/07/2021
According to the new market research report ‘Machine condition monitoring market with COVID-19 impact analysis, by monitoring technique (vibration monitoring, oil analysis, corrosion monitoring), monitoring process, deployment type, offering, industry and region – global forecast to 2026’, published by MarketsandMarkets, the global machine condition monitoring market size is projected to grow from US$2.6 billion in 2021 to US$3.6 billion by 2026 at a compound annual growth rate (CAGR) of 7.1%. The growth of this market is majorly driven by the significance of remote operations owing to the spread of COVID-19, the advent of secure cloud computing platforms used for machine condition monitoring, the adoption of wireless communication technology in machine condition monitoring, an inclination towards predictive maintenance of industrial machinery and the deployment of automated condition monitoring technologies in smart factories.Online condition monitoring accounted for the largest market in 2020. Online condition monitoring is an advanced monitoring process and provides real-time plant data to operators, resulting in higher adoption than portable condition monitoring. Online vibration monitoring systems have applications in industries in which 24-hour production is required. In production-intensive industries, such as oil & gas, power generation and mining and metals, the failure of some devices leads to complete system overhauls, high repair costs and an unsafe work environment. Thus, such industries require continuous monitoring of assets and machinery.
The oil & gas segment is expected to hold the largest share in the machine condition monitoring market during the forecast period. The industry has been emphasising increasing its profitability owing to the rising pressure of high operating costs of oil & gas plants. Fluctuations in oil prices in the global market are another factor contributing to the increasing pressure on this industry to reduce its operating costs. Thus, the industry is expected to adopt condition monitoring systems and solutions to maintain the efficient working of its critical assets and reduce downtime. Moreover, the increasing demand for online condition monitoring solutions is expected to further drive the growth of the machine condition monitoring market for the oil & gas industry. Though the industry accounted for the largest share of the machine condition monitoring market in 2020, there was a sharp decline in oil prices owing to the COVID-19 pandemic in the same year. This may adversely affect the deployment of new machine condition monitoring systems and solutions in the oil & gas industry in 2021.
North America accounted for the largest share of the machine condition monitoring market in 2020. Factors such as an increased focus on optimum asset utilisation, strict government regulations for workplace and personnel safety and stringent quality control in the oil & gas, chemicals and food and beverages industries drive the demand for machine condition monitoring systems and solutions in North America. The post-COVID-19 scenario is expected to be characterised by supply chain disruptions and the suspension of commercial and industrial activities. Consequently, the demand for semiconductor devices in these segments is anticipated to reduce remarkably. The USA, which is home to the majority of manufacturers of machine condition monitoring systems, has witnessed the impact of the pandemic on the production of sensors and other components owing to disruptions in the manufacturing activities caused by lockdowns and shutdowns of production facilities.
