Condition monitoring market growth
03/08/2022
The adoption of automated condition monitoring (CM) technologies for monitoring the health of machinery is growing in multiple industries, especially through the use of predictive and cognitive analytics. The outlook of the machine CM market is being constantly enriched by the expanding scope of the Industrial Internet of Things (IIoT), especially for smart manufacturing. The size of the machine CM market is projected to reach US$5 billion (approximately £4.16 billion) globally by 2031.
In a study on the machine CM market, TMR analysts observed that the application of machine learning (ML) software in the monitoring of the condition of machines is expanding lucrative avenues for stakeholders. The use of big data analytics has helped end-users to obtain a comprehensive insight into the vibration, pressure, noise and temperature conditions of industrial machinery. The analysts have found that machine CM solutions have been widely adopted in the oil & gas and energy & power sectors.
The authors of the TMR study asserted that advancements in IIoT technologies have helped to open up new revenue potentials in the machine CM market. A rise in the need for predictive maintenance has provided a powerful impetus for the uptake of IIoT solutions in Industry 4.0, thus expanding the revenue potential for industry players.
Key findings of the machine CM market study include the following:
There has been widespread adoption of CM solutions in Industry 4.0. Monitoring of the health of industrial machinery has scaled new heights with the application of AI, especially ML techniques. ML algorithms are helping end-users in Industry 4.0 in the automation of health monitoring with great accuracy, thus fuelling vast profitable opportunities in the
market.
The demand for CM solutions in smart manufacturing plants is rapidly increasing, with ML-powered solutions making it relatively easy to monitor the health of entire plants. Thus, the application of ML and big data analytics in machine CM in the manufacturing sector will open up vast revenue streams, therefore enriching the market.
- IIoT technology is expanding the room for profitable opportunities. The need to obtain comprehensive predictive and cognitive analytics has accelerated the revenue prospects in the market. IIoT technologies are expected to augment the capacities of machine CM systems, thus expanding the outlook.
- Strides made in industrialisation are continuously leading to the evolution of predictive maintenance to reduce the losses from downtime and improve performance. The TMR analysts observed that the drive for the machine CM market stemmed from these needs.
- A slew of state-of-the-art techniques and novel technologies based on ML are adding new capabilities to machinery monitoring systems.
- North America held a leading share of the global machine CM market in 2020. The presence of a vast customer base and the rapid uptake of solutions in the oil & gas and energy industries led to sizeable revenue growth of the regional market over the years. The USA has been a highly lucrative market, with end-use industries displaying a vast appetite for innovative machine CM. North America is home to several of the globally prominent players.
- The Asia-Pacific machine CM market is projected to advance at a promising compound annual growth rate (CAGR) during the forecast period of 2021-2031. Increased implementation of cloud-based sensor networks is catalysing the demand for new products and solutions among multiple industries in the region.
