Machine Condition Monitoring Market

Machine Condition Monitoring Market (Component: Hardware, Software, and Services; Type: Thermography, Vibration Monitoring, Lubrication Oil Monitoring, Acoustic Emission Monitoring, Ultrasound Monitoring, Corrosion Monitoring, Current Signature Monitoring, and Others; Solution Type; and End-use Industry) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Machine Condition Monitoring Market Outlook 2031

  • The global machine condition monitoring market was valued over US$ 2.5 Bn in 2020
  • It is estimated to expand at a CAGR of 6.3% from 2021 to 2031
  • The global machine condition monitoring market is expected to reach the value of US$ 5 Bn by the end of 2031

Analysts’ Viewpoint on Machine Condition Monitoring Market Scenario

The emergence of advanced technologies to be used in the machine condition monitoring is expected to drive the global market during the forecast period. Key market players operating in the global machine condition monitoring market are adopting innovative strategies to pave their ways in the global market. Condition monitoring is used in the manufacturing sector to improve production efficiency and performance. The expansion of the machine condition monitoring market is majorly driven by increasing remote operations due to the rapid spread of COVID-19, booming wireless communication system, and popularity of cloud computing platforms. In addition, development of smart machineries, maintenance of industrial machinery, and adoption of automated condition monitoring technologies in industries are some of the other factors contributing to the market growth.

Technological Advancement and Adoption of Machine Learning and Big Data Analytics

In machine condition monitoring, various parameters are monitored such as vibration measurement, current & voltage, position sensing, airflow, pressure, sound anomaly detection, speed & direction measurement, data processing, oil monitoring, and secured connection & authentication. Introduction and acceptance of advanced technologies such as ML and Big Data analytics are considered to be major growth drivers for the machine condition monitoring market during the forecast period. Big Data analytics are increasingly being used in machine condition monitoring due to its ability to process the large volumes of data.

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Rising Demand from Industry 4.0 Applications Driving Global Market

There is an increasing demand for Industry 4.0 applications to enhance the operational performance of machineries. Due to the unavailability of skilled labors, there is an increasing demand for connected solutions. The growing adoption of automated systems and tools in various industries is expected to drive the expansion of the global machine condition monitoring market in the upcoming years. Condition monitoring systems are among key IIoT technologies driving Industry 4.0. These systems use predictive and cognitive analytics and ML to automate and streamline preventative maintenance. This method offers lower maintenance cost. There are increasing opportunities for manufacturers operating in the machine condition monitoring market during the forecast period.

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Increasing Adoption of Predictive Maintenance of Industrial Machinery

Predictive maintenance is increasingly being adopted by various end-use industries to maintain machineries and reduce the risk of damage. It is a technique used in industries to monitor the condition of equipment to find out the correct time for maintenance of those machineries and equipment. Predictive maintenance is the innovative technique for predicting machine failure. Predictive maintenance uses various tools, and condition monitoring is one of them. The growing popularity of predictive maintenance is due to the emergence of smart factories across the globe.

Machine condition monitoring is the ability to check the health of a machine over a period of time. It can be used to increase the efficiency of equipment and boost the performance. It also includes wear & tear on parts, performance indications such as defective part output, usage information, and maintenance statistics. This has made manufacturers to improve productivity of tools and machineries by reducing cost. The manufacturing sector across the globe is also making use of predictive maintenance and machine condition monitoring for all the benefits it provides.

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COVID-19 Impact on Machine Condition Monitoring Market

The COVID-19 pandemic across the globe has impacted the global economy. Many developed nations have imposed strict lockdowns, restriction on travel, etc. It has caused a majority of businesses across the globe to crumble, owing to halted production and manufacturing activities. This, in turn, is likely to pose a challenge for the global machine condition monitoring market. However, growth as remote operations across the globe during the COVID-19 pandemic is expected to create opportunities for market players in the machine condition monitoring market. There is an increasing demand for condition monitoring systems and solutions in the upcoming years. After the recovery from coronavirus, the machine condition monitoring market is projected to grow at a moderate rate as various market leaders are adopting innovating strategies to increase growth opportunities in the global machine condition monitoring market.

The increasing popularity of condition monitoring solutions is due to its ability to maximize production output through outage prevention, reduce maintenance costs through effective incident management, and extend the lifespan of the equipment through machine condition monitoring.

Machine Condition Monitoring Market: Overview

  • According to Transparency Market Research’s latest research report on the global machine condition monitoring market for the historical period 2017–2019 and the forecast period 2022–2031. Machine condition monitoring is the ability to assess the health of a machine over a period of time. This can include its efficiency, as efficiency losses can suggest a deeper issue. Wear and tear on parts, performance indications such as defective part output, usage information, and maintenance statistics are also included.
  • Condition monitoring is critical in lean manufacturing facilities, because it lowers downtime, improves production efficiency, and aids in cost forecasting, spare parts supply, maintenance needs and timing, as well as more precise production forecasting.
  • Various parameters are monitored under machine monitoring systems such as airflow, pressure, current and voltage, position sensing, sound anomaly detection, vibration measurement, speed and direction measurement, data processing, oil monitoring, and secured connection and authentication.

Increase in Demand from Industry 4.0 Applications: Key Driver of Machine Condition Monitoring Market

  • Manufacturing is being forced to become leaner and rely more on connected solutions in order to satisfy the demand with desired quality at competitive price points due to a growing scarcity of labor. The focus of Industry 4.0 is on enhancing operational efficiencies through automation. Condition monitoring systems are among the key IIoT technologies driving Industry 4.0. They use predictive and cognitive analytics, as well as machine learning to automate and streamline preventative maintenance.
  • Identifying important assets that need to be monitored and potential risks associated with their operation can be utilized to implement condition monitoring. Identifying the necessary corrective measures when condition monitoring data shows anomalies.
  • Previously, preventive maintenance helped minimize machine downtime and avoid unscheduled outages. The advent of Industry 4.0 has brought about a new way of ensuring machine availability. This method involves constant machine data monitoring to detect wear, making it easier to schedule repairs and reducing downtime. There's also the possibility of lower maintenance expenses because only worn-out components need to be replaced.
  • Condition monitoring solutions maximize production output through outage prevention, reduce maintenance costs through effective incident management, and extend the lifespan of the equipment through machine condition monitoring

Emergence of Predictive Maintenance of Industrial Machinery

  • Predictive maintenance is recognized as one of the most innovative solutions for predicting machine failure and is employed in various industry sectors. Predictive maintenance is a technique developed to assist in monitoring the condition of equipment in order to determine the correct time for maintenance work. Predictive maintenance utilizes various tools, and condition monitoring is one of them.
  • Predictive maintenance is becoming increasingly important in smart factories. It enables users to better forecast when machine maintenance is required based on real-time data from the machines themselves.
  • Ability to accurately track machine performance and failures before they occur is helping manufacturers improve productivity and reduce wasted time and costs
  • Predictive maintenance is rapidly gaining acceptance in the manufacturing sector around the world because of the benefits it provides. It is only carried out when plant machinery requires repairs to avoid impending failures, allowing for the necessary, cost-effective downtime to be planned at a convenient time.

Machine Condition Monitoring Market: Competition Landscape

  • Adoption of new technologies has prompted major players in the machine condition monitoring market to adopted various strategies, while some of them hold the advantage of the high end technology to lead the market
  • Detailed profiles of providers of machine condition monitoring have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Some of the leading players operating in the global machine condition monitoring market are
    • Baker Hughes Company (US)
    • Emerson Electric Co. (US)
    • General Electric Co. (US)
    • Honeywell International Inc. (US)
    • National Instruments Corp. (US)
    • SKF AB (Sweden)
    • ALS Ltd. (Australia)
    • Wilcoxon Sensing Technologies Inc. (US)
    • Parker Hannifin Corp. (US)
    • Rockwell Automation Inc. (US)
    • Schaeffler AG (Germany)
    • Bruel & Kjaer (Denmark)
    • Symphony Industrial AI Inc. (US)
    • Banner Engineering Corp (US)

Machine Condition Monitoring Market: Key Developments

  • Key providers of the machine condition monitoring, such as Baker Hughes Company (US), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), National Instruments Corp. (US), SKF AB (Sweden), are focused on customer acquisition, mergers, and collaboration and new product launches. Other key developments in the global machine condition monitoring market have been highlighted below:
    • In March 2022, Baker Hughes acquired Qi2 Elements to expand inspection solutions for critical energy infrastructure
    • In September 2021, Baker Hughes and SABIC signed a strategic framework alliance agreement for asset performance management services. This would have five-year agreement to deliver condition monitoring and machine health protection solutions across SABIC sites in Saudi Arabia.
    • In May 2021, NI released new wireless hardware for online asset condition monitoring, with InsightCM and the new wireless devices, plant maintenance teams that rely on manual, route-based data collection for plant assets can achieve daily visibility into machine health
    • In April 2020, SKF collaborated with wireless specialist LumenRadio to enhance automated machine monitoring. Collaborating with wireless specialist LumenRadio, SKF developed a new wireless sensor as part of a condition monitoring system for improving rotating equipment performance programs on a scale previously considered uneconomic.
  • In the global machine condition monitoring market report, we have discussed individual strategies, followed by company profiles. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view, company market share analysis and product overview of key players operating in the global machine condition monitoring market.

Machine Condition Monitoring Market Snapshot

Attribute

Detail

Market Size Value in 2020

US$ 2,593.16 Mn

Market Forecast Value in 2031

US$ 5,068.11 Mn

Growth Rate (CAGR)

6.3%

Forecast Period

2021‒2031

Quantitative Units

US$ Mn for Value

Market Analysis

It includes segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porters Five Forces analysis, supply chain analysis, parent industry overview, etc.

Competitive Landscape

  • Product Overview
  • Market Share Analysis by Company (2020)
  • Company Profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy & recent developments, key financials, etc.

Format

Electronic (PDF) + Excel

Key Market Segments Covered

  • By Component
    • Hardware
    • Software
    • Services
  • By Type
    • Thermography
    • Vibration Monitoring
    • Lubrication Oil Monitoring
    • Acoustic Emission Monitoring
    • Ultrasound Monitoring
    • Corrosion Monitoring
    • Current Signature Monitoring
    • Others
  • By Solution Type
    • Online Monitoring
    • Integrated Monitoring
    • Continuous Remote Monitoring
    • Route-based Monitoring
    • Others
  • By End-use Industry
    • Aerospace & Defense
    • Automotive
    • Oil & Gas
    • Metal & Mining
    • Marine
    • Food & Beverage
    • Chemicals
    • Others

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Key Companies Profiled

  • Baker Hughes Company (US)
  • Emerson Electric Co. (US)
  • General Electric Co. (US)
  • Honeywell International Inc. (US)
  • National Instruments Corp. (US)
  • SKF AB (Sweden)
  • ALS Ltd. (Australia)
  • Wilcoxon Sensing Technologies Inc. (US)
  • Parker Hannifin Corp. (US)
  • Rockwell Automation Inc. (US)
  • Schaeffler AG (Germany)
  • Bruel & Kjaer (Denmark)
  • Symphony Industrial AI Inc. (US)
  • Banner Engineering Corp (US)

Customization Scope

Available upon Request

Pricing

Available upon Request

Machine Condition Monitoring Market – Segmentation

TMR’s study on the global machine condition monitoring market segments the market based on component, solution type, type, end-use industry, and region. Changing market trends and other crucial market dynamics associated with segments of the global machine condition monitoring market have been discussed in detail in TMR’s study.

Component
  • Hardware
  • Software
  • Services
Type
  • Thermography
  • Vibration Monitoring
  • Lubrication Oil Monitoring
  • Acoustic Emission Monitoring
  • Ultrasound Monitoring
  • Corrosion Monitoring
  • Current Signature Monitoring
  • Others
Solution Type
  • Online Monitoring
  • Integrated Monitoring
  • Continuous Remote Monitoring
  • Route Based Monitoring
  • Others
End-use Industry
  • Aerospace & Defense
  • Automotive
  • Oil & Gas
  • Metal & Mining
  • Marine
  • Food & Beverage
  • Chemicals
  • Others
Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Frequently Asked Questions

What is the Machine Condition Monitoring Market size?

Machine Condition Monitoring Market is projected to reach US$ 5 Bn by the end of 2031

What is the CAGR for Machine Condition Monitoring Market?

Machine Condition Monitoring Market is expected to grow at a CAGR of 6.3% during 2021-2031

What is the Study Period of Machine Condition Monitoring Market?

Machine Condition Monitoring Market is studied from 2021-2031

Who are the key players in the Machine Condition Monitoring Market?

Key vendors in the Machine Condition Monitoring Market are Baker Hughes Company (US), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), National Instruments Corp. (US), SKF AB (Sweden), ALS Ltd. (Australia), Wilcoxon Sensing Technologies Inc. (US), Parker Hannifin Corp. (US), Rockwell Automation Inc. (US), Schaeffler AG (Germany), Bruel & Kjaer (Denmark), Symphony Industrial AI Inc. (US), and Banner Engineering Corp (US)

Which Region Lead Machine Condition Monitoring Market?

Asia Pacific and North America region Takes Lead in the Machine Condition Monitoring Market

    1. Preface

        1.1. Research Scope

        1.2. Machine Condition Monitoring Market Overview

        1.3. Market and Segments Definition

        1.4. Market Taxonomy

        1.5. Research Methodology

        1.6. Assumption and Acronyms

    2. Executive Summary

        2.1. Global Machine Condition Monitoring Market Analysis and Forecast

        2.2. Regional Outline

        2.3. Market Dynamics Snapshot

        2.4. Competition Blueprint

    3. Market Dynamics

        3.1. Macro-economic Factors

        3.2. Key Market Indicator

        3.3. Drivers

        3.4. Restraints

        3.5. Opportunities

        3.6. Key Trends

    4. Associated Industry and Key Indicator Assessment

        4.1. Parent Industry Overview – Condition Monitoring Industry Overview

        4.2. Supply Chain Analysis

        4.3. Industry SWOT Analysis

        4.4. Porter Five Forces Analysis

        4.5. COVID-19 Impact Analysis

    5. Global Machine Condition Monitoring Market Analysis, by Component

        5.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

            5.1.1. Hardware

            5.1.2. Software

            5.1.3. Services

        5.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by Component

    6. Global Machine Condition Monitoring Market Analysis, by Type

        6.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

            6.1.1. Thermography

            6.1.2. Vibration Monitoring

            6.1.3. Lubrication Oil Monitoring

            6.1.4. Acoustic Emission Monitoring

            6.1.5. Ultrasound Monitoring

            6.1.6. Corrosion Monitoring

            6.1.7. Current Signature Monitoring

            6.1.8. Others

        6.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by Type

    7. Global Machine Condition Monitoring Market Analysis, by Solution Type

        7.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

            7.1.1. Online Monitoring

            7.1.2. Integrated Monitoring

            7.1.3. Continuous Remote Monitoring

            7.1.4. Route Based Monitoring

            7.1.5. Others

        7.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by Solution Type

    8. Global Machine Condition Monitoring Market Analysis, by End-use Industry

        8.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

            8.1.1. Aerospace & Defense

            8.1.2. Automotive

            8.1.3. Oil & Gas

            8.1.4. Metal and Mining

            8.1.5. Marine

            8.1.6. Food & Beverage

            8.1.7. Chemicals

            8.1.8. Others

        8.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by End-use Industry

    9. Global Machine Condition Monitoring Market Analysis and Forecast, by Region

        9.1. Global Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Region, 2017 – 2031

            9.1.1. North America

            9.1.2. Europe

            9.1.3. Asia Pacific

            9.1.4. Middle East & Africa

            9.1.5. South America

        9.2. Global Machine Condition Monitoring Market Attractiveness Analysis, by Region

    10. North America Machine Condition Monitoring Market Analysis and Forecast

        10.1. Market Snapshot

        10.2. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

            10.2.1. Hardware

            10.2.2. Software

            10.2.3. Services

        10.3. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

            10.3.1. Thermography

            10.3.2. Vibration Monitoring

            10.3.3. Lubrication Oil Monitoring

            10.3.4. Acoustic Emission Monitoring

            10.3.5. Ultrasound Monitoring

            10.3.6. Corrosion Monitoring

            10.3.7. Current Signature Monitoring

            10.3.8. Others

        10.4. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

            10.4.1. Online Monitoring

            10.4.2. Integrated Monitoring

            10.4.3. Continuous Remote Monitoring

            10.4.4. Route Based Monitoring

            10.4.5. Others

        10.5. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

            10.5.1. Aerospace & Defense

            10.5.2. Automotive

            10.5.3. Oil & Gas

            10.5.4. Metal and Mining

            10.5.5. Marine

            10.5.6. Food & Beverage

            10.5.7. Chemicals

            10.5.8. Others

        10.6. North America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017 – 2031

            10.6.1. U.S.

            10.6.2. Canada

            10.6.3. Rest of North America

        10.7. North America Machine Condition Monitoring Market Attractiveness Analysis

            10.7.1. By Component

            10.7.2. By Type

            10.7.3. By solution Type

            10.7.4. By End-use Industry

            10.7.5. By Country & Sub-region

    11. Europe Machine Condition Monitoring Market Analysis and Forecast

        11.1. Market Snapshot

        11.2. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

            11.2.1. Hardware

            11.2.2. Software

            11.2.3. Services

        11.3. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

            11.3.1. Thermography

            11.3.2. Vibration Monitoring

            11.3.3. Lubrication Oil Monitoring

            11.3.4. Acoustic Emission Monitoring

            11.3.5. Ultrasound Monitoring

            11.3.6. Corrosion Monitoring

            11.3.7. Current Signature Monitoring

            11.3.8. Others

        11.4. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

            11.4.1. Online Monitoring

            11.4.2. Integrated Monitoring

            11.4.3. Continuous Remote Monitoring

            11.4.4. Route Based Monitoring

            11.4.5. Others

        11.5. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

            11.5.1. Aerospace & Defense

            11.5.2. Automotive

            11.5.3. Oil & Gas

            11.5.4. Metal and Mining

            11.5.5. Marine

            11.5.6. Food & Beverage

            11.5.7. Chemicals

            11.5.8. Others

        11.6. Europe Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017‒2031

            11.6.1. U.K.

            11.6.2. Germany

            11.6.3. France

            11.6.4. Rest of Europe

        11.7. Europe Machine Condition Monitoring Market Attractiveness Analysis

            11.7.1. By Component

            11.7.2. By Type

            11.7.3. By solution Type

            11.7.4. By End-use Industry

            11.7.5. By Country & Sub-region

    12. Asia Pacific Machine Condition Monitoring Market Analysis and Forecast

        12.1. Market Snapshot

        12.2. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

            12.2.1. Hardware

            12.2.2. Software

            12.2.3. Services

        12.3. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

            12.3.1. Thermography

            12.3.2. Vibration Monitoring

            12.3.3. Lubrication Oil Monitoring

            12.3.4. Acoustic Emission Monitoring

            12.3.5. Ultrasound Monitoring

            12.3.6. Corrosion Monitoring

            12.3.7. Current Signature Monitoring

            12.3.8. Others

        12.4. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

            12.4.1. Online Monitoring

            12.4.2. Integrated Monitoring

            12.4.3. Continuous Remote Monitoring

            12.4.4. Route Based Monitoring

            12.4.5. Others

        12.5. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

            12.5.1. Aerospace & Defense

            12.5.2. Automotive

            12.5.3. Oil & Gas

            12.5.4. Metal and Mining

            12.5.5. Marine

            12.5.6. Food & Beverage

            12.5.7. Chemicals

            12.5.8. Others

        12.6. Asia Pacific Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017‒2031

            12.6.1. China

            12.6.2. India

            12.6.3. Japan

            12.6.4. South Korea

            12.6.5. ASEAN

            12.6.6. Rest of Asia Pacific

        12.7. Asia Pacific Machine Condition Monitoring Market Attractiveness Analysis

            12.7.1. By Component

            12.7.2. By Type

            12.7.3. By Solution Type

            12.7.4. By End-use Industry

            12.7.5. By Country & Sub-region

    13. Middle East & Africa (MEA) Machine Condition Monitoring Market Analysis and Forecast

        13.1. Market Snapshot

        13.2. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

            13.2.1. Hardware

            13.2.2. Software

            13.2.3. Services

        13.3. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

            13.3.1. Thermography

            13.3.2. Vibration Monitoring

            13.3.3. Lubrication Oil Monitoring

            13.3.4. Acoustic Emission Monitoring

            13.3.5. Ultrasound Monitoring

            13.3.6. Corrosion Monitoring

            13.3.7. Current Signature Monitoring

            13.3.8. Others

        13.4. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

            13.4.1. Aerospace & Defense

            13.4.2. Automotive

            13.4.3. Oil & Gas

            13.4.4. Metal and Mining

            13.4.5. Marine

            13.4.6. Food & Beverage

            13.4.7. Chemicals

            13.4.8. Others

        13.5. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

            13.5.1. Online Monitoring

            13.5.2. Integrated Monitoring

            13.5.3. Continuous Remote Monitoring

            13.5.4. Route Based Monitoring

            13.5.5. Others

        13.6. MEA Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017‒2031

            13.6.1. GCC

            13.6.2. South Africa

            13.6.3. Rest of Middle East & Africa

        13.7. MEA Machine Condition Monitoring Market Attractiveness Analysis

            13.7.1. By Component

            13.7.2. By Type

            13.7.3. By Solution Type

            13.7.4. By End-use Industry

            13.7.5. By Country & Sub-region

    14. South America Machine Condition Monitoring Market Analysis and Forecast

        14.1. Market Snapshot

        14.2. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Component, 2017‒2031

            14.2.1. Hardware

            14.2.2. Software

            14.2.3. Services

        14.3. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Type, 2017‒2031

            14.3.1. Thermography

            14.3.2. Vibration Monitoring

            14.3.3. Lubrication Oil Monitoring

            14.3.4. Acoustic Emission Monitoring

            14.3.5. Ultrasound Monitoring

            14.3.6. Corrosion Monitoring

            14.3.7. Current Signature Monitoring

            14.3.8. Others

        14.4. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Solution Type, 2017‒2031

            14.4.1. Online Monitoring

            14.4.2. Integrated Monitoring

            14.4.3. Continuous Remote Monitoring

            14.4.4. Route Based Monitoring

            14.4.5. Others

        14.5. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by End-use Industry, 2017‒2031

            14.5.1. Aerospace & Defense

            14.5.2. Automotive

            14.5.3. Oil & Gas

            14.5.4. Metal and Mining

            14.5.5. Marine

            14.5.6. Food & Beverage

            14.5.7. Chemicals

            14.5.8. Others

        14.6. South America Machine Condition Monitoring Market Size (US$ Mn) Analysis & Forecast, by Country & Sub-region, 2017‒2031

            14.6.1. Brazil

            14.6.2. Rest of South America

        14.7. South America Machine Condition Monitoring Market Attractiveness Analysis

            14.7.1. By Component

            14.7.2. By Type

            14.7.3. By Solution Type

            14.7.4. By End-use Industry

            14.7.5. By Country & Sub-region

    15. Competition Assessment

        15.1. Global Machine Condition Monitoring Market Competition Matrix - a Dashboard View

        15.2. Global Machine Condition Monitoring Market Company Share Analysis, by Value (2020)

    16. Company Profiles (Manufacturers/Suppliers)

        16.1. ALS Ltd. (Australia)

            16.1.1. Overview

            16.1.2. Product Portfolio

            16.1.3. Sales Footprint

            16.1.4. Key Subsidiaries or Distributors

            16.1.5. Strategy and Recent Developments

            16.1.6. Key Financials

        16.2. Baker Hughes Company (US)

            16.2.1. Overview

            16.2.2. Product Portfolio

            16.2.3. Sales Footprint

            16.2.4. Key Subsidiaries or Distributors

            16.2.5. Strategy and Recent Developments

            16.2.6. Key Financials

        16.3. Banner Engineering Corp (US)

            16.3.1. Overview

            16.3.2. Product Portfolio

            16.3.3. Sales Footprint

            16.3.4. Key Subsidiaries or Distributors

            16.3.5. Strategy and Recent Developments

            16.3.6. Key Financials

        16.4. Bruel & Kjaer (Denmark)

            16.4.1. Overview

            16.4.2. Product Portfolio

            16.4.3. Sales Footprint

            16.4.4. Key Subsidiaries or Distributors

            16.4.5. Strategy and Recent Developments

            16.4.6. Key Financials

        16.5. Emerson Electric Co. (US)

            16.5.1. Overview

            16.5.2. Product Portfolio

            16.5.3. Sales Footprint

            16.5.4. Key Subsidiaries or Distributors

            16.5.5. Strategy and Recent Developments

            16.5.6. Key Financials

        16.6. General Electric Co. (US)

            16.6.1. Overview

            16.6.2. Product Portfolio

            16.6.3. Sales Footprint

            16.6.4. Key Subsidiaries or Distributors

            16.6.5. Strategy and Recent Developments

            16.6.6. Key Financials

        16.7. Honeywell International Inc. (US)

            16.7.1. Overview

            16.7.2. Product Portfolio

            16.7.3. Sales Footprint

            16.7.4. Key Subsidiaries or Distributors

            16.7.5. Strategy and Recent Developments

            16.7.6. Key Financials

        16.8. National Instruments Corp. (US)

            16.8.1. Overview

            16.8.2. Product Portfolio

            16.8.3. Sales Footprint

            16.8.4. Key Subsidiaries or Distributors

            16.8.5. Strategy and Recent Developments

            16.8.6. Key Financials

        16.9. Parker Hannifin Corp. (US)

            16.9.1. Overview

            16.9.2. Product Portfolio

            16.9.3. Sales Footprint

            16.9.4. Key Subsidiaries or Distributors

            16.9.5. Strategy and Recent Developments

            16.9.6. Key Financials

        16.10. Rockwell Automation Inc. (US)

            16.10.1. Overview

            16.10.2. Product Portfolio

            16.10.3. Sales Footprint

            16.10.4. Key Subsidiaries or Distributors

            16.10.5. Strategy and Recent Developments

            16.10.6. Key Financials

        16.11. Schaeffler AG (Germany)

            16.11.1. Overview

            16.11.2. Product Portfolio

            16.11.3. Sales Footprint

            16.11.4. Key Subsidiaries or Distributors

            16.11.5. Strategy and Recent Developments

            16.11.6. Key Financials

        16.12. SKF AB (Sweden)

            16.12.1. Overview

            16.12.2. Product Portfolio

            16.12.3. Sales Footprint

            16.12.4. Key Subsidiaries or Distributors

            16.12.5. Strategy and Recent Developments

            16.12.6. Key Financials

        16.13. Symphony Industrial AI Inc. (US)

            16.13.1. Overview

            16.13.2. Product Portfolio

            16.13.3. Sales Footprint

            16.13.4. Key Subsidiaries or Distributors

            16.13.5. Strategy and Recent Developments

            16.13.6. Key Financials

        16.14. Wilcoxon Sensing Technologies Inc. (US)

            16.14.1. Overview

            16.14.2. Product Portfolio

            16.14.3. Sales Footprint

            16.14.4. Key Subsidiaries or Distributors

            16.14.5. Strategy and Recent Developments

            16.14.6. Key Financials

    17. Recommendation

        17.1. Opportunity Assessment

            17.1.1. By Component

            17.1.2. By Type

            17.1.3. By Solution Type

            17.1.4. By End-use Industry

            17.1.5. By Region

    List of Tables

    Table 1: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

    Table 2: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

    Table 3: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

    Table 4: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

    Table 5: Global Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

    Table 6: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

    Table 7: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

    Table 8: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

    Table 9: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

    Table 10: North America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

    Table 11: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

    Table 12: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

    Table 13: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

    Table 14: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

    Table 15: Europe Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

    Table 16: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

    Table 17: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

    Table 18: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

    Table 19: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

    Table 20: Asia Pacific Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

    Table 21: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

    Table 22: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

    Table 23: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

    Table 24: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

    Table 25: Middle East and Africa Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031

    Table 26: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Component, 2017‒2031

    Table 27: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Type, 2017‒2031

    Table 28: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Solution Type, 2017‒2031

    Table 29: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by End-use Industry, 2017‒2031

    Table 30: South America Machine Condition Monitoring Market Value (US$ Mn) & Forecast, by Region, 2017‒2031 

    List of Figures

    Figure 01: Global Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

    Figure 02: Global Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

    Figure 03: Global Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

    Figure 04: Global Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

    Figure 05: Global Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

    Figure 06: Global Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

    Figure 07: Global Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

    Figure 08: Global Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

    Figure 09: Global Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

    Figure 10: Global Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

    Figure 11: Global Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

    Figure 12: Global Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

    Figure 13: Global Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

    Figure 14: Global Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

    Figure 15: Global Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

    Figure 16: Global Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

    Figure 17: Global Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

    Figure 18: North America Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

    Figure 19: North America Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

    Figure 20: North America Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

    Figure 21: North America Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

    Figure 22: North America Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

    Figure 23: North America Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

    Figure 24: North America Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

    Figure 25: North America Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

    Figure 26: North America Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

    Figure 27: North America Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

    Figure 28: North America Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

    Figure 29: North America Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

    Figure 30: North America Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

    Figure 31: North America Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

    Figure 32: North America Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

    Figure 33: North America Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

    Figure 34: North America Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

    Figure 35: Europe Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

    Figure 36: Europe Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

    Figure 37: Europe Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

    Figure 38: Europe Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

    Figure 39: Europe Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

    Figure 40: Europe Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

    Figure 41: Europe Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

    Figure 42: Europe Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

    Figure 43: Europe Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

    Figure 44: Europe Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

    Figure 45: Europe Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

    Figure 46: Europe Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

    Figure 47: Europe Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

    Figure 48: Europe Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

    Figure 49: Europe Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

    Figure 50: Europe Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

    Figure 51: Europe Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

    Figure 52: Asia Pacific Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

    Figure 53: Asia Pacific Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

    Figure 54: Asia Pacific Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

    Figure 55: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

    Figure 56: Asia Pacific Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

    Figure 57: Asia Pacific Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

    Figure 58: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

    Figure 59: Asia Pacific Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

    Figure 60: Asia Pacific Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

    Figure 61: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

    Figure 62: Asia Pacific Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

    Figure 63: Asia Pacific Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

    Figure 64: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

    Figure 65: Asia Pacific Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

    Figure 66: Asia Pacific Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

    Figure 67: Asia Pacific Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

    Figure 68: Asia Pacific Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

    Figure 69: MEA Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

    Figure 70: MEA Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

    Figure 71: MEA Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

    Figure 72: MEA Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

    Figure 73: MEA Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

    Figure 74: MEA Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

    Figure 75: MEA Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

    Figure 76: MEA Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

    Figure 77: MEA Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

    Figure 78: MEA Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

    Figure 79: MEA Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

    Figure 80: MEA Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

    Figure 81: MEA Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

    Figure 82: MEA Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

    Figure 83: MEA Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

    Figure 84: MEA Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

    Figure 85: MEA Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

    Figure 86: South America Machine Condition Monitoring Market Size & Forecast, Value (US$ Mn), 2017‒2031

    Figure 87: South America Machine Condition Monitoring Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031

    Figure 88: South America Machine Condition Monitoring Market Projections by Component Value (US$ Mn), 2017‒2031

    Figure 89: South America Machine Condition Monitoring Market, Incremental Opportunity, by Component, 2021‒2031

    Figure 90: South America Machine Condition Monitoring Market Share Analysis, by Component, 2021 and 2031

    Figure 91: South America Machine Condition Monitoring Market Projections by Type, Value (US$ Mn), 2017‒2031

    Figure 92: South America Machine Condition Monitoring Market, Incremental Opportunity, by Type, 2021‒2031

    Figure 93: South America Machine Condition Monitoring Market Share Analysis, by Type, 2021 and 2031

    Figure 94: South America Machine Condition Monitoring Market Projections by Solution Type, Value (US$ Mn), 2017‒2031

    Figure 95: South America Machine Condition Monitoring Market, Incremental Opportunity, by Solution Type, 2021‒2031

    Figure 96: South America Machine Condition Monitoring Market Share Analysis, by Solution Type, 2021 and 2031

    Figure 97: South America Machine Condition Monitoring Market Projections by End-use Industry, Value (US$ Mn), 2017‒2031

    Figure 98: South America Machine Condition Monitoring Market, Incremental Opportunity, by End-use Industry, 2021‒2031

    Figure 99: South America Machine Condition Monitoring Market Share Analysis, by End-use Industry, 2021 and 2031

    Figure 100: South America Machine Condition Monitoring Market Projections by Country and sub-region, Value (US$ Mn), 2017‒2031

    Figure 101: South America Machine Condition Monitoring Market, Incremental Opportunity, by Country and sub-region, 2021‒2031

    Figure 102: South America Machine Condition Monitoring Market Share Analysis, by Country and sub-region 2021 and 2031

    Figure 103: Global Machine Condition Monitoring Market Company Share Analysis

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