What is Machine Health Monitoring Market Scope?
Machine Health Monitoring are systems which help monitor the wear and tear of the rotating and moving machine parts with help of sensors attached to a controller unit. This systems all generate data, which can be used in predictive analysis of possible damage to the machinery. Adoption of machine health monitoring systems, helps firms save significant cost both in maintenance and the time as well opportunity lost if the machine breaks down. The evolution of sensor technology combined with advanced networking solutions has resulted in advancement of machine health monitoring systems. Major proponent for the growth of the machine health monitoring systems is the adoption of automated production lines. Geographically, North America is major market of machine health monitoring systems.
Influencing Trend:
Integration of IOT with Machine Health Monitoring System
Market Growth Drivers:
Increasing Use of Automated Production and Processing Lines and Improvement in Networking Technology
Challenges:
Integrating Machine Health Monitoring System with Existing Machines and Systems
Restraints:
Less Availability of Skilful Professionals in Smaller Developing Countries
Opportunities:
Edge Computing Applications in this Area will have Huge Potential
The Machine Health Monitoring market study is being classified by Type (Valves, Compressors, Turbines, Gearbox, Motors, Bearings and Couplings), by Application and major geographies with country level break-up.
Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Machine Health Monitoring market throughout the predicted period.
General Electric Company (United States), NSK Ltd. (Japan), National Instruments (United States), Everactive (United States), Meggitt PLC (United Kingdom), Emerson Electric Co. (United States), Honeywell International (United States), SKF (Sweden), AMETEK Spectro Scientific (United States) and Parker-Hannifin Corporation (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Fluke Corporation (United States), Thermo Fisher Scientific Inc. (United States) and Perkin Elmer Inc. (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Machine Health Monitoring market by Type, Application and Region.
On the basis of geography, the market of Machine Health Monitoring has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
In 2020, NSK Ltd., Japanese Multinational manufacturer of Industrial Machinery, Precession Machinery and Bearings has announced acquisition of Spectris Plc. Owned Brüel & Kjær which provides condition monitoring system. The acquisition will accelerate and enhance NSK’s own Condition Monitoring System business.
In 2020, Everactive, which has established its name in the market as provider and innovator in battery-less IOT Solutions has announced launch of its Machine Health Monitoring solution. The solutions offered will help companies get real time and maintenance free insights on rotating machinery. The sensors used in the system will be low energy powered, thus providing sustainable and energy saving choice to the industry.
Key Target Audience
Machine Health Monitoring Service Providers, Component Suppliers, New Entrants/Investors, Venture Capitalists and Private Equity Firms and End-Use Industries
Machine Health Monitoring Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Machine Health Monitoring Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Machine Health Monitoring industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.