Global Machine Condition Monitoring Market, By Type (Hardware, Software, Services), By End-User Industry (Oil and Gas, Power Generation, Process and Manufacturing, Aerospace and Defense, Automotive and Transportation, Others, By Region - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2027.
Global Machine Condition Monitoring Market
The Global Machine Condition Monitoring Market was valued at USD 3,630 million in 2021 and it is expected to reach at USD 5,278.3 million by 2027, at a CAGR 4.69%.
Machine condition monitoring is defined as the capability access the overall well-being of a machine during a particular span of time. This comprises of the things like efficacy hence the losses in the efficacy shows an underlying problem. It also comprises of the wear & tear on the parts, the performance indicators like output of the defective parts and pieces, the utilization of the statistics & the statistics maintenance.
Market Drivers
The increasing requirement for remote industrial operations due to covid-19 pandemic is expected to boost the growth of global machine condition monitoring market over the forecast period. The spread of the COVID-19 have caused major health & economic losses across the world. Process & manufacturing industries worldwide have been impacted by the shutdown of plants and disruptions in the global supply chain.
Furthermore, the predictive maintenance enables the cost savings or the time-based maintenance when the tasks are conducted or performed. The vibration monitoring is most efficient& the positive method in analyzing the huge speed rotating tools. The current developments in the machine condition monitoring the technology have helped the engineers in minimizing the old aged engineer difficulties.
Market Restraints
Shortage of technical expertise necessary to carry out data analysis is the major restraining factor which expected to hamper the growth of global machine condition monitoring market over the forecast period. Technical expertise are necessary for system optimization, system networking, software updates, data transmissions, etc. Thus, existing resources need to be trained in operating new systems.
Market Segmentation
The Global Machine Condition Monitoring Market is segmented into type such as Hardware, Software, Services. By End Use Industry, market is segmented into Oil and Gas, Power Generation, Process and Manufacturing, Aerospace and Defense, Automotive and Transportation, Other.
Regional Analysis
The Global Machine Condition Monitoring Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The Global Machine Condition Monitoring Market in Asia Pacific to grow at the fastest CAGR during the forecast period, due to the ongoing industrialization, rising adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency are the key factors propelling the growth of the machine condition monitoring market in this region.
Key Developments
April 2021 - Rockwell Automation, Inc. had partnered with Comau to provide tools to manufacturers & help maximize manufacturing efficiencies through unified robot control solutions using Rockwell Automation’s Logix-based controllers.
May 2021 - Emerson Electric launched its new PACEdge Software, an industrial edge platform for managing & analysis of data accessible for the machine-level enterprise. This software allows manufacturers to accelerate digital transformation projects.
Key Players
Meggitt Sensing Systems (Meggitt PLC), Emerson Electric Co., Rockwell Automation Inc, SKF AB, FLIR Systems Inc., Thermo Fisher Scientific Inc., Nippon Avionics Co., Ltd., Perkin Elmer Inc., Fluke Corporation, etc.
Market Taxonomy
By Type
•        Hardware
•        Software
•        Service
By End Use Industry
•        Oil and Gas
•        Power Generation
•        Process and Manufacturing
•        Aerospace and Defense
•        Automotive and Transportation
•        Others
By Region
•        North America
•        Latin America
•        Europe
•        Asia Pacific
•        Middle East & Africa

Global Machine Condition Monitoring Market TOC:
1 Introduction        
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining 
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Machine Condition Monitoring Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Machine Condition Monitoring Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Machine Condition Monitoring Market Share Analysis, By Type 
5.3 Global Machine Condition Monitoring Market Size and Forecast, By Type
5.3.1 Hardware
5.3.2. Software
5.3.3. Service
6 Global Machine Condition Monitoring Market, By End Use Industry
6.1 Y-o-Y Growth Comparison, By End Use Industry
6.2 Global Machine Condition Monitoring Market Share Analysis, By End Use Industry
6.3 Global Machine Condition Monitoring Market Size and Forecast, By End Use Industry
6.3.1 Oil and Gas 
6.3.2. Power Generation
6.3.3. Process and Manufacturing
6.3.4. Aerospace and Defense
6.3.5. Automotive and Transportation
6.3.6. Others
7 Global Machine Condition Monitoring Market, By Region
7.1 Global Machine Condition Monitoring Market Share Analysis, By Region
7.2 Global Machine Condition Monitoring Market Share Analysis, By Region
7.3 Global Machine Condition Monitoring Market Size and Forecast, By Region
8 North America Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
8.1 Introduction
8.2 North America Machine Condition Monitoring Market Share Analysis, By Type
8.3 North America Machine Condition Monitoring Market Size and Forecast, By End Use Industry
8.5 North America Machine Condition Monitoring Market Size and Forecast, By Country
8.5.1 U.S.
8.5.2 Canada
8.5.3 Mexico
9 Europe Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 Europe Machine Condition Monitoring Market Share Analysis, By Type
9.3 Europe Machine Condition Monitoring Market Size and Forecast, By End Use Industry
9.5 Europe Machine Condition Monitoring Market Size and Forecast, By Country
9.5.1 Germany
9.5.2 France
9.5.3 UK
9.54. Rest of Europe
10 Asia Pacific Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Asia Pacific Machine Condition Monitoring Market Share Analysis, By Type 
10.3 Asia Pacific Machine Condition Monitoring Market Size and Forecast, By End Use Industry
10.5 Asia Pacific Machine Condition Monitoring Market Size and Forecast, By Country
10.5.1 China        
10.5.2 Japan
10.5.3 India
10.5.4. Rest of Asia Pacific
11 Latin America Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Latin America Machine Condition Monitoring Market Share Analysis, By Type
11.3 Latin America Machine Condition Monitoring Market Size and Forecast, By End Use Industry
11.5 Latin America Machine Condition Monitoring Market Size and Forecast, Country
11.5.1. Brazil
11.5.2. Rest of Latin America
12 Middle East Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
12.1 Introduction
 12.2 Middle East Machine Condition Monitoring Market Share Analysis, By Type
12.3 Middle East Machine Condition Monitoring Market Size and Forecast, By End Use Industry
12.5 Middle East Machine Condition Monitoring Market Size and Forecast, By Country
12.65.1. Saudi Arabia
12.5.2. UAE
12.5.3. Egypt
15.5.4. Kuwait
12.5.5. South Africa
13 Competitive Analysis
13.1 Competition Dashboard
13.2 Market share Analysis of Top Vendors
13.3 Key Development Strategies
14Company Profiles
14.1 Meggitt Sensing Systems (Meggitt PLC)
14.1.1 Overview
14.1.2 Offerings
14.1.3 Key Financials
14.1.4 Business Segment & Geographic Overview
14.1.5 Key Market Developments
14.1.6 Key Strategies
14.2. Emerson Electric Co
14.2.1 Overview
14.2.2 Offerings
14.2.3 Key Financials
14.2.4 Business Segment & Geographic Overview
14.2.5 Key Market Developments
14.2.6 Key Strategies
14.3. Rockwell Automation Inc
14.3.1 Overview
14.3.2 Offerings
14.3.3 Key Financials
14.3.4 Business Segment & Geographic Overview
14.3.5 Key Market Developments
14.3.6 Key Strategies
14.4 SKF AB
14.4.1 Overview
14.4.2 Offerings
14.4.3 Key Financials
14.4.4 Business Segment & Geographic Overview
14.4.5 Key Market Developments
14.4.6 Key Strategies
14.5 FLIR Systems Inc 
14.5.1 Overview
14.5.2 Offerings
14.5.3 Key Financials
14.5.4 Business Segment & Geographic Overview
14.5.5 Key Market Developments
14.5.6 Key Strategies
14.6 Thermo Fisher Scientific Inc
14.6.1 Overview
14.6.2 Offerings
14.6.3 Key Financials
14.6.4 Business Segment & Geographic Overview
14.6.5 Key Market Developments
14.6.6 Key Strategies
14.7 Nippon Avionics Co., Ltd
14.7.1 Overview
14.7.2 Offerings
14.7.3 Key Financials
14.7.4 Business Segment & Geographic Overview
14.7.5 Key Market Developments
14.7.6 Key Strategies        
14.8 Perkin Elmer Inc
14.8.1 Overview
14.8.2 Offerings
14.8.3 Key Financials
14.8.4 Business Segment & Geographic Overview
14.8.5 Key Market Developments
14.8.6 Key Strategies
14.9 Fluke Corporation
14.9.1 Overview
14.9.2 Offerings
14.9.3 Key Financials
14.9.4 Business Segment & Geographic Overview
14.9.5 Key Market Developments
14.9.6 Key Strategies