MACHINE CONDITION MONITORING MARKET

 The market analyzed, also known as the global machine condition monitoring market, had a market size of USD 3092.2 million in 2020 and is anticipated to reach USD 5246.8 million by 2026, growing at a CAGR of 9.4% from 2021 to 2026. Due to the COVID-19 epidemic, every company in the world with essential resources for producing goods and services has seen a sharp fall in revenue.

It is crucial to monitor minor and significant changes in equipment by measuring parameters like vibration, temperature, voltage, current, pressure, flow, and many others since operational equipment is sensitive to a wide variety of errors and malfunctions.

This relevance has prompted a number of industry verticals to make further efforts to safeguard their equipment. The key advantages of employing condition monitoring to identify faults are that it enables staff to take corrective action to prevent or minimize repair costs and raises machine safety, which raises human safety.

Predictive maintenance approaches are predicted to cut downtime in factories by up to 50% and save factories between 10% and 40% on equipment maintenance costs. Measurement and analysis of physical features are provided by predictive maintenance that relies on condition monitoring.

Over the past few decades, the automotive sector has seen significant change. Cars used to be mechanical, and the majority of them had simple electrical systems that provided power for the headlights and spark plugs. With the development of technology, cars now come with the newest technologies, including radios, alarms, wipers, etc.

One of the important sectors of the manufacturing industry on a global scale is the automotive industry. Automobiles today are getting more complicated due to the quick advancements in technology. This heightened complexity raises the possibility of production mishaps.

Germany's aerospace sector is one of the most progressive and successful in the nation, and it has enjoyed tremendous growth over the past 20 years. Industry revenues have increased more than four times since the mid-1990s, surpassing EUR 32 billion.

It is home to the top companies in all of the defense and civil aircraft market categories as a major aerospace hub. To meet the demand for aviation around the world, it is predicted that between 30 and 35 thousand new aircraft would enter service during the next 20 years.

Rapidly rising passenger volumes and an increasing need to replace outdated, inefficient aircraft are driving this market, which in turn is driving the demand for machine condition monitoring.

Major Players

  1. Rockwell Automation, Inc.
  2. Meggitt PLC
  3. GE Bently Nevada
  4. Emerson Electric Co.
  5. SKF Group
  6. To Get The Market Report Here: MACHINE CONDITION MONITORING MARKET

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