Market Overview:
The global machine health monitoring 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 preventive maintenance and the growing awareness about machine health monitoring among industrialists. The global machine health monitoring market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into spectrometer, thermal camera, corrosion probes, vibration sensors, spectrum analyzer, ultrasonic detector and others. The spectrometer segment is expected to hold a major share in this market owing to its ability to detect various types of faults in machines with high accuracy. The marine sector accounts for a major share in terms of revenue generated by applications dueto its high usagein industries such as shippingandoffshore drilling rigs.
Product Definition:
The purpose of machine health monitoring is to detect, diagnose, and isolate faults in machines or process systems. Early detection of a fault allows for timely corrective action which may prevent failure and minimize the consequences of a failure.
Spectrometer:
A spectrometer is an instrument used for analyzing and measuring the composition of gases or liquids. It's most commonly used in industries such as pharmaceuticals, food & beverages, chemicals, petroleum refining and environmental testing. The analysis can be qualitative or quantitative depending on the application.
Thermal Camera:
A thermal camera is a device that generates and receives light using the principle of thermophotovoltaic cells. It is primarily used for inspection, measurement, and detection of temperature-sensitive events or phenomenon. The technology has been around for more than two decades but only recently has it started to gain widespread acceptance in various application areas such as security/ surveillance, food processing & packaging industry, petrochemical plants among others.
Application Insights:
The application segment of the global machine health monitoring market is categorized into marine, aerospace and defense, mining, oil and gas, chemicals, power generation and automotive industries. In 2017-18 the automotive industry accounted for over 30% of overall revenue share in terms of product demand. The growth can be attributed to stringent regulatory norms regarding vehicle maintenance along with rising concerns regarding downtime due to unavailability of skilled labor at major manufacturing facilities.
In recent years there has been a surge in demand for advanced technology machinery that is capable of operating continuously 24*7 without requiring any scheduled downtime for maintenance or repair activities. This factor is projected to fuel the growth over the forecast period as it reduces operational costs while increasing productivity which eventually results in higher margins on an ongoing basis leading to increased investments by companies operating within various industrial sectors such as power generation & distribution among others.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to the presence of major players, technological advancements, and stringent regulations regarding safety in the workplace. For instance, according to OSHA 2015 statistics, approximately 11% of all injuries and illnesses were caused by machine tools or equipment failure in U.S., which resulted into an estimated 3 million lost workdays due to injury or illness.
In Europe as well as other regions such as Asia Pacific.
Growth Factors:
- Increasing demand for predictive maintenance to minimize downtime and improve productivity
- Growing popularity of IIoT and big data analytics for machine health monitoring
- Proliferation of connected machines and sensors across industries
- Emergence of cloud-based solutions for machine health monitoring
- Development of innovative technologies such as artificial intelligence and blockchain
Scope Of The Report
Report Attributes
Report Details
Report Title
Machine Health Monitoring Market Research Report
By Type
Spectrometer, Thermal Camera, Corrosion Probes, Vibration Sensors, Spectrum Analyzer, Ultrasonic Detector
By Application
Marine, Aerospace and Defence, Mining, Oil & Gas, Chemicals, Power, Automotive Industries
By Companies
AZIMA DLI, Bruel & Kjaer Vibro, Emerson, Fluke, Honeywell, National Instruments, Parker Kittiwake, Rockwell Automation, SKF, GE, Rockwell Automation Inc
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
231
Number of Tables & Figures
162
Customization Available
Yes, the report can be customized as per your need.
Global Machine Health Monitoring Market Report Segments:
The global Machine Health Monitoring market is segmented on the basis of:
Types
Spectrometer, Thermal Camera, Corrosion Probes, Vibration Sensors, Spectrum Analyzer, Ultrasonic Detector
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
Marine, Aerospace and Defence, Mining, Oil & Gas, Chemicals, Power, Automotive Industries
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:
- AZIMA DLI
- Bruel & Kjaer Vibro
- Emerson
- Fluke
- Honeywell
- National Instruments
- Parker Kittiwake
- Rockwell Automation
- SKF
- GE
- Rockwell Automation Inc
Highlights of The Machine Health Monitoring 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:
- Spectrometer
- Thermal Camera
- Corrosion Probes
- Vibration Sensors
- Spectrum Analyzer
- Ultrasonic Detector
- By Application:
- Marine
- Aerospace and Defence
- Mining
- Oil & Gas
- Chemicals
- Power
- Automotive Industries
- 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 Health Monitoring 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.
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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 health monitoring is a process of continuously monitoring the condition and performance of machines, systems, and networks. It helps identify potential problems before they become major issues, allows for proactive maintenance and troubleshooting, and can help ensure that machines are running at their best.
Some of the key players operating in the machine health monitoring market are AZIMA DLI, Bruel & Kjaer Vibro, Emerson, Fluke, Honeywell, National Instruments, Parker Kittiwake, Rockwell Automation, SKF, GE, Rockwell Automation Inc.
The machine health monitoring market is expected to register a CAGR of 7.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Machine Health Monitoring Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Machine Health Monitoring Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Machine Health Monitoring Market - Supply Chain
4.5. Global Machine Health Monitoring Market Forecast
4.5.1. Machine Health Monitoring Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Machine Health Monitoring Market Size (000 Units) and Y-o-Y Growth
4.5.3. Machine Health Monitoring Market Absolute $ Opportunity
5. Global Machine Health Monitoring Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Machine Health Monitoring Market Size and Volume Forecast by Type
5.3.1. Spectrometer
5.3.2. Thermal Camera
5.3.3. Corrosion Probes
5.3.4. Vibration Sensors
5.3.5. Spectrum Analyzer
5.3.6. Ultrasonic Detector
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Machine Health Monitoring Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Machine Health Monitoring Market Size and Volume Forecast by Application
6.3.1. Marine
6.3.2. Aerospace and Defence
6.3.3. Mining
6.3.4. Oil & Gas
6.3.5. Chemicals
6.3.6. Power
6.3.7. Automotive Industries
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Machine Health Monitoring Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Machine Health Monitoring Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Machine Health Monitoring Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Machine Health Monitoring Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Machine Health Monitoring Demand Share Forecast, 2019-2026
9. North America Machine Health Monitoring Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Machine Health Monitoring Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Machine Health Monitoring Market Size and Volume Forecast by Application
9.4.1. Marine
9.4.2. Aerospace and Defence
9.4.3. Mining
9.4.4. Oil & Gas
9.4.5. Chemicals
9.4.6. Power
9.4.7. Automotive Industries
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Machine Health Monitoring Market Size and Volume Forecast by Type
9.7.1. Spectrometer
9.7.2. Thermal Camera
9.7.3. Corrosion Probes
9.7.4. Vibration Sensors
9.7.5. Spectrum Analyzer
9.7.6. Ultrasonic Detector
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Machine Health Monitoring Demand Share Forecast, 2019-2026
10. Latin America Machine Health Monitoring Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Machine Health Monitoring Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Machine Health Monitoring Market Size and Volume Forecast by Application
10.4.1. Marine
10.4.2. Aerospace and Defence
10.4.3. Mining
10.4.4. Oil & Gas
10.4.5. Chemicals
10.4.6. Power
10.4.7. Automotive Industries
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Machine Health Monitoring Market Size and Volume Forecast by Type
10.7.1. Spectrometer
10.7.2. Thermal Camera
10.7.3. Corrosion Probes
10.7.4. Vibration Sensors
10.7.5. Spectrum Analyzer
10.7.6. Ultrasonic Detector
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Machine Health Monitoring Demand Share Forecast, 2019-2026
11. Europe Machine Health Monitoring Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Machine Health Monitoring Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Machine Health Monitoring Market Size and Volume Forecast by Application
11.4.1. Marine
11.4.2. Aerospace and Defence
11.4.3. Mining
11.4.4. Oil & Gas
11.4.5. Chemicals
11.4.6. Power
11.4.7. Automotive Industries
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Machine Health Monitoring Market Size and Volume Forecast by Type
11.7.1. Spectrometer
11.7.2. Thermal Camera
11.7.3. Corrosion Probes
11.7.4. Vibration Sensors
11.7.5. Spectrum Analyzer
11.7.6. Ultrasonic Detector
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Machine Health Monitoring Demand Share, 2019-2026
12. Asia Pacific Machine Health Monitoring Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Machine Health Monitoring Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Machine Health Monitoring Market Size and Volume Forecast by Application
12.4.1. Marine
12.4.2. Aerospace and Defence
12.4.3. Mining
12.4.4. Oil & Gas
12.4.5. Chemicals
12.4.6. Power
12.4.7. Automotive Industries
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Machine Health Monitoring Market Size and Volume Forecast by Type
12.7.1. Spectrometer
12.7.2. Thermal Camera
12.7.3. Corrosion Probes
12.7.4. Vibration Sensors
12.7.5. Spectrum Analyzer
12.7.6. Ultrasonic Detector
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Machine Health Monitoring Demand Share, 2019-2026
13. Middle East & Africa Machine Health Monitoring Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Machine Health Monitoring Market Size and Volume 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. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Machine Health Monitoring Market Size and Volume Forecast by Application
13.4.1. Marine
13.4.2. Aerospace and Defence
13.4.3. Mining
13.4.4. Oil & Gas
13.4.5. Chemicals
13.4.6. Power
13.4.7. Automotive Industries
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Machine Health Monitoring Market Size and Volume Forecast by Type
13.7.1. Spectrometer
13.7.2. Thermal Camera
13.7.3. Corrosion Probes
13.7.4. Vibration Sensors
13.7.5. Spectrum Analyzer
13.7.6. Ultrasonic Detector
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Machine Health Monitoring Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Machine Health Monitoring Market: Market Share Analysis
14.2. Machine Health Monitoring Distributors and Customers
14.3. Machine Health Monitoring Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. AZIMA DLI
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Bruel & Kjaer Vibro
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Emerson
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Fluke
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Honeywell
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. National Instruments
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Parker Kittiwake
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Rockwell Automation
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. SKF
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. GE
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Rockwell Automation Inc
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
