Northbrook, IL -- (SBWIRE) -- 11/01/2021 -- The global machine condition monitoring market size is projected to grow from USD 2.6 billion in 2021 to USD 3.6 billion by 2026; it is expected to grow at a CAGR of 7.1% from 2021 to 2026. The growth of the machine condition monitoring market is majorly driven by significance of remote operations owing to spread of COVID-19, advent of secure cloud computing platforms used for machine condition monitoring, adoption of wireless communication technology in machine condition monitoring, inclination toward predictive maintenance of industrial machinery, and deployment of automated condition monitoring technologies in smart factories.
Online condition monitoring system expected to contribute the largest share to the machine condition monitoring market during the forecast period
Online condition monitoring hold a major share of the machine condition monitoring market. Online condition monitoring is an advanced monitoring process and it provides real-time plant data to operators, resulting in its higher adoption than portable condition monitoring process. Online vibration monitoring systems have applications in industries where a 24-hour production is required. In production-intensive industries, such as oil and gas, power generation, and mining and metals, 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.
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Oil and gas segment expected to lead the machine condition monitoring market in 2020
Oil and gas segment is expected hold the largest share in the machine condition monitoring market during the forecast period. The industry has been emphasizing increasing its profitability owing to the rising pressure of high operating costs of oil and gas plants. Fluctuations in oil prices in the global market are another factor contributing to the increasing pressure on the oil and gas industry to reduce its operating costs. Thus, this 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 oil and gas industry. Though the oil and gas 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 in the same year. This may adversely affect the deployment of new machine condition monitoring systems and solutions in the oil and gas industry in 2021.
Machine condition monitoring market in North America contributed the largest share in 2020
North America accounted for the largest share of the machine condition monitoring market in 2020. Factors such as increased focus on optimum asset utilization; tight government regulations for workplace and personnel safety; and stringent quality control in the oil and gas, chemicals, and food and beverages industries are driving the demand for machine condition monitoring systems and solutions in North America. Emphasis on plant asset management and presence of prominent market players such as Emerson Electric, General Electric, Honeywell International, National Instruments, and Parker Hannifin in the US are contributing to the high demand for machine condition monitoring in the country. This is also expected to drive the growth of the market in North America. The post-COVID-19 scenario is expected to be characterized by supply chain disruptions and suspension of commercial and industrial activities.