Market Overview:
The global machine condition monitoring service market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for remote monitoring and diagnosis services, and the growing need for preventive maintenance in industrial applications. The global machine condition monitoring service market is segmented on the basis of type, application, and region. On the basis of type, it is divided into remote monitoring & diagnosis service and service on site. Remote monitoring & diagnosis services are further classified into online/real-time services and offline/batch services. By application, it is segmented into machinery manufacturing, oil and chemical industry, vehicle industry, electric power industry, and others (including food processing plants). Regionally speaking North America dominates this market followed by Europe due to early adoption of technology in these regions coupled with stringent government regulations mandating use of such technologies across various industries such as automotive etc.
Product Definition:
Machine condition monitoring service is a process of detecting and diagnosing faults in machines before they cause any serious damage. It helps to increase the life span of machines and also improves the efficiency by reducing the down time.
Remote Monitoring & Diagnosis Service:
The global remote monitoring and diagnosis service, it's usage and growth factor in the machine condition monitoring services market is expected to grow at a CAGR of XX% from 2016 to 2024. The major drivers for this market are increasing demand for predictive maintenance across different industry verticals such as oil & gas, manufacturing, power generation utilities among others.
Service on Site:
Service on site is a service, which involves the deployment of equipment at the customer's site to monitor and control machine condition. It provides data related to mechanical and electrical functioning for maintenance purposes. Service on site has been used in many industries such as power generation, oil & gas, manufacturing etc., but its major application is in the machine condition monitoring market.
Application Insights:
The machinery manufacturing segment dominated the global market in 2017. The growth of this segment can be attributed to the increasing demand for industrial robots and high-precision machining centers, which require robust monitoring solutions. Furthermore, an increase in product variety supported by 3D printing technology is expected to drive the demand for condition monitoring services over the forecast period.
The oil and chemical industry also accounted for a significant share owing to extensive use of automation technologies such as robotics and CNC machines that are used extensively across all stages of crude oil production from upstream through midstream operations into downstream activities such as refining & marketing along with storage & transportation facilities. In addition, stringent regulations regarding environmental protection coupled with rising concerns regarding human health have driven major players in this industry towards adopting advanced technologies including IoT (Internet Of Things) and MCMS (Machine Condition Monitoring System). This trend is expected to continue over the forecast period driving growth further.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing region over the forecast period. The growth can be attributed to increasing demand for efficient and effective condition monitoring solutions in countries, such as China, India, Japan and South Korea. In addition, rising concerns regarding asset utilization rates are anticipated to drive regional market growth over the forecast period.
The Asia Pacific region accounted for a revenue share of more than 30% in 2017 owing to high investments made by governments in machinery manufacturing sectors across various economies including China and India.
Growth Factors:
- Increasing demand for predictive maintenance to minimize downtime and improve productivity
- Growing popularity of Industrial Internet of Things (IIoT) and big data analytics for machine condition monitoring
- Proliferation of smart factories and Industry 4.0 initiatives worldwide
- Rising awareness about the benefits of machine condition monitoring among industrialists and operators
- Emergence of new players in the market with innovative technologies
Scope Of The Report
Report Attributes
Report Details
Report Title
Machine Condition Monitoring Service Market Research Report
By Type
Remote Monitoring & Diagnosis Service, Service on Site
By Application
Machinery Manufacturing, Oil and Chemical Industry, Vehicle, Electric Power, Others
By Companies
Fluke, Emerson, Rockwell Automation, Inc, Baker Hughes (Bently Nevada), SKF, Bosch, Forbes Marshall, Schenck Process Holding GmbH, PCE Deutschland GmbH, Cemb Hofmann, CM Technologies GmbH, Alignment & Vibration Services, COREIoT, Vipac, Perfect Test House, Hydro, Wavecom Instruments, Vibrometrix, Iris Power
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
145
Number of Tables & Figures
102
Customization Available
Yes, the report can be customized as per your need.
Global Machine Condition Monitoring Service Market Report Segments:
The global Machine Condition Monitoring Service market is segmented on the basis of:
Types
Remote Monitoring & Diagnosis Service, Service on Site
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Machinery Manufacturing, Oil and Chemical Industry, Vehicle, Electric Power, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Fluke
- Emerson
- Rockwell Automation, Inc
- Baker Hughes (Bently Nevada)
- SKF
- Bosch
- Forbes Marshall
- Schenck Process Holding GmbH
- PCE Deutschland GmbH
- Cemb Hofmann
- CM Technologies GmbH
- Alignment & Vibration Services
- COREIoT
- Vipac
- Perfect Test House
- Hydro
- Wavecom Instruments
- Vibrometrix
- Iris Power
Highlights of The Machine Condition Monitoring Service Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Remote Monitoring & Diagnosis Service
- Service on Site
- By Application:
- Machinery Manufacturing
- Oil and Chemical Industry
- Vehicle
- Electric Power
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Machine Condition Monitoring Service Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Machine condition monitoring service is a type of maintenance service that monitors the health and performance of machines. It can include things like checking for overheating, detecting malfunctions, and tracking usage patterns. This information can help identify problems early and save money on repairs or replacements.
Some of the key players operating in the machine condition monitoring service market are Fluke, Emerson, Rockwell Automation, Inc, Baker Hughes (Bently Nevada), SKF, Bosch, Forbes Marshall, Schenck Process Holding GmbH, PCE Deutschland GmbH, Cemb Hofmann, CM Technologies GmbH, Alignment & Vibration Services, COREIoT, Vipac, Perfect Test House, Hydro, Wavecom Instruments, Vibrometrix, Iris Power.
The machine condition monitoring service market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Machine Condition Monitoring Service Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Machine Condition Monitoring Service Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Machine Condition Monitoring Service Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Machine Condition Monitoring Service Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Machine Condition Monitoring Service Market Size & Forecast, 2018-2028
4.5.1 Machine Condition Monitoring Service Market Size and Y-o-Y Growth
4.5.2 Machine Condition Monitoring Service Market Absolute $ Opportunity
Chapter 5 Global Machine Condition Monitoring Service Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Machine Condition Monitoring Service Market Size Forecast by Type
5.2.1 Remote Monitoring & Diagnosis Service
5.2.2 Service on Site
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Machine Condition Monitoring Service Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Machine Condition Monitoring Service Market Size Forecast by Applications
6.2.1 Machinery Manufacturing
6.2.2 Oil and Chemical Industry
6.2.3 Vehicle
6.2.4 Electric Power
6.2.5 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Machine Condition Monitoring Service Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Machine Condition Monitoring Service Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Machine Condition Monitoring Service Analysis and Forecast
9.1 Introduction
9.2 North America Machine Condition Monitoring Service Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Machine Condition Monitoring Service Market Size Forecast by Type
9.6.1 Remote Monitoring & Diagnosis Service
9.6.2 Service on Site
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Machine Condition Monitoring Service Market Size Forecast by Applications
9.10.1 Machinery Manufacturing
9.10.2 Oil and Chemical Industry
9.10.3 Vehicle
9.10.4 Electric Power
9.10.5 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Machine Condition Monitoring Service Analysis and Forecast
10.1 Introduction
10.2 Europe Machine Condition Monitoring Service Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Machine Condition Monitoring Service Market Size Forecast by Type
10.6.1 Remote Monitoring & Diagnosis Service
10.6.2 Service on Site
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Machine Condition Monitoring Service Market Size Forecast by Applications
10.10.1 Machinery Manufacturing
10.10.2 Oil and Chemical Industry
10.10.3 Vehicle
10.10.4 Electric Power
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Machine Condition Monitoring Service Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Machine Condition Monitoring Service Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Machine Condition Monitoring Service Market Size Forecast by Type
11.6.1 Remote Monitoring & Diagnosis Service
11.6.2 Service on Site
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Machine Condition Monitoring Service Market Size Forecast by Applications
11.10.1 Machinery Manufacturing
11.10.2 Oil and Chemical Industry
11.10.3 Vehicle
11.10.4 Electric Power
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Machine Condition Monitoring Service Analysis and Forecast
12.1 Introduction
12.2 Latin America Machine Condition Monitoring Service Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Machine Condition Monitoring Service Market Size Forecast by Type
12.6.1 Remote Monitoring & Diagnosis Service
12.6.2 Service on Site
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Machine Condition Monitoring Service Market Size Forecast by Applications
12.10.1 Machinery Manufacturing
12.10.2 Oil and Chemical Industry
12.10.3 Vehicle
12.10.4 Electric Power
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Machine Condition Monitoring Service Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Machine Condition Monitoring Service Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Machine Condition Monitoring Service Market Size Forecast by Type
13.6.1 Remote Monitoring & Diagnosis Service
13.6.2 Service on Site
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Machine Condition Monitoring Service Market Size Forecast by Applications
13.10.1 Machinery Manufacturing
13.10.2 Oil and Chemical Industry
13.10.3 Vehicle
13.10.4 Electric Power
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Machine Condition Monitoring Service Market: Competitive Dashboard
14.2 Global Machine Condition Monitoring Service Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Fluke
14.3.2 Emerson
14.3.3 Rockwell Automation, Inc
14.3.4 Baker Hughes (Bently Nevada)
14.3.5 SKF
14.3.6 Bosch
14.3.7 Forbes Marshall
14.3.8 Schenck Process Holding GmbH
14.3.9 PCE Deutschland GmbH
14.3.10 Cemb Hofmann
14.3.11 CM Technologies GmbH
14.3.12 Alignment & Vibration Services
14.3.13 COREIoT
14.3.14 Vipac
14.3.15 Perfect Test House
14.3.16 Hydro
14.3.17 Wavecom Instruments
14.3.18 Vibrometrix
14.3.19 Iris Power
