Machine Health Monitoring Market - Forecast(2024 - 2030)

Machine health monitoring is a technique which used to detect the machine performance with respect to its temperature, humidity, pressure, and among others. Machine health monitoring is used for vibration, noise, and temperature measurements are commonly used and key indicators of the state of the machine to detect any significant change and identify faults in machine equipment. Machine health monitoring system comprises of health monitoring apparatus, procedures, schedules as well as methods for data collection and analysis. Machine health monitoring decides the maintenance of the machine by monitoring machine health; thus, increasing the efficiency of the assets and time for repair. Monitoring a system include non-invasive measurement, visual checkup, performance data and programmed investigation. It indicates the sign of decreasing performance or emergency shutdowns; thereby prevents complete system failure. It is a preventive maintenance method as it concludes equipment status before a breakdown occurs.

Key factors driving the machine Health monitoring market includes increasing use of wireless communication technology, growth in the heating ventilating and air conditioning(HVAC) systems market, rising trend of smart factory or Industry 4.0, and transition from preventative to predictive maintenance, increase in need for reduced maintenance cost and some others. Besides increasing penetration of preventive maintenance, particularly in various process industries such as chemical, oil and gas and so on are likely to propel the market for machine Health monitoring. Moreover, emphasis towards the machine health monitoring which in turn lessens the failure rate in production operations are providing significant thrust to the machine Health monitoring market. Also, real time Health is gaining momentum in the market across the globe. Nevertheless, unpredictable maintenance periods, modification in old equipment are expected to hinder the demand growth of the market during the forecast period.

The report ‘Machine Health Monitoring Market’ includes proficient insights along with an in-depth analysis of various technological and commercial factors. This report provides a detailed study of machine Health monitoring based on its types which includes vibration analysis & diagnostics, lubricant analysis, acoustic emission and some others. Vibration analysis & diagnostics segment is expected to lead the machine Health monitoring market during the forecast period because of its diverse applications in wide variety of critical machinery. Besides the decreasing prices of vibration sensors and wireless systems made the vibration monitoring segment to top the market.  Further the market is segmented based on offering that comprises of both hardware components and software.

The machine Health monitoring market has also been analyzed based on various end user industries which include Aerospace, Marine, Automotive and several others. Moreover machine Health monitoring market report is studied based on geographic regions that include Europe, APAC, North America and ROW to provide intense knowledge about the market.

The machine Health monitoring market had revenues of around $XX bn in 2016 and this is estimated to grow at a CAGR of XX% during 2017 – 2023 to reach $XX bn in 2023. During the same forecast period the volume unit shipments of the products are estimated to reach XXX million units in 2023 from around XX million units in 2015, growing at a comparatively higher CAGR of XX%.

Americas accounted the largest market share; the U.S. is a major driving region for the market growth, owing to the upgraded and advanced technology and high scale deployment for machine Health monitoring in various applications. Germany is the leading contributor of machine Health monitoring in Europe, followed by France and U.K. Moreover the rapid growth of sectors such as oil and gas, energy and power raised the demand growth of the machine Health monitoring market in Americas and Europe. However, APAC growth seems quite promising owing to the rapid industrialization, growing adoption of predictive maintenance tools, the presence of various process automation industries in the emerging countries such as China, India and few others

Some of the significant developments adopted by the market players are mergers, partnerships, collaborations and business expansion.

The market is analyzed based on the key attributes such as the power in the hands of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants. The study includes the demand of this particular market on a global and regional scale over the period of 2016-2023.