DUBLIN, December 23, 2021--(BUSINESS WIRE)--The "Machine Condition Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.

The Global Machine Condition Monitoring Market was valued at USD 3,092.2 million in 2020, and it is projected to be worth USD 5,246.8 million by 2026, registering a CAGR of 9.4% during the forecast period of 2021-2026. All businesses across the world having crucial assets for manufacturing goods and services have been experiencing a rapid decline in revenue due to the COVID-19 pandemic.

Operational equipment is responsive to many types of errors and faults, and it is, therefore, important to monitor minor and major changes in equipment by measuring parameters, such as vibration, temperature, voltage, current, pressure, flow, and many more.

This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using condition monitoring includes; allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus increasing human safety.

The usage of predictive maintenance techniques in factories is expected to reduce the downtime by up to 50% and save between 10 to 40% on equipment maintenance expenses. Predictive Maintenance with reliance on condition monitoring offers measurement and analysis of physical characteristics, such as visual inspection, sound, temperature, or vibration.

Industries with well-maintained and reliable equipment are expected to be the ones that will be better positioned to respond to upcoming rise in demand of goods and services. Those companies that are using predictive maintenance in order to prepare for the recovery are expected to profit.

Multiple companies that have been shut down due to the recent COVID-19 outbreak need to adopt a condition monitoring equipment solution in place to prevent any failure of machinery when the operations resume and ensure any safety related concerns.

Industries with well-maintained and reliable equipment are expected to be the ones that will be better positioned to respond to upcoming rise in demand for goods and services. Those companies that are using predictive maintenance to prepare for the recovery are expected to profit.

However, the short-term investment is required and the equipment for condition monitoring is very expensive. Moreover, the sensors of condition monitoring may not survive depending upon the environment and the machine exhibits unpredictable maintenance periods. Such factors challenge the market growth.

Automotive Transportation to Witness Significant Growth

Europe to Occupy a Significant Share

Machine Condition Monitoring Market is moderately competitive with no firm having a very large market share. The companies enter into strategic partnerships to gain market power and market dominance.

March 2021 - Emerson Electric launched Rosemount 4390 series corrosion and erosion monitoring wireless transmitters with digital capabilities and integration with Plantweb Digital ecosystem.

4.3 Industry Attractiveness Porters Five Force Analysis

4.4 Impact of COVID-19 on the Market

5.1.1 Increasing Equipment Performance and Productivity through Predictive Maintenance

5.1.3 Industry 4.0 and Emerging Industrial Applications across Manufacturing and Process Industries

5.2.1 Cost Implications in Line with Retrofits

5.2.2 Global Macroeconomic and Geopolitical Factors

6.2.1.6 Other End-user Industries (Marine, Mining, Metal, etc.)

6.3.1.6 Other End-user Verticals (Marine, Mining, Metal, etc.)

6.3.2.2.4 Rest of Europe (Eastern Europe and Other Western European Countries)

6.3.2.4 Rest of the World (Latin America and Middle East and Africa)

6.4.1.6 Other End-user Verticals (Marine, Mining, Metal, etc.)

6.4.2.4 Rest of the World (Latin America and Middle East and Africa)

7.1.1 Meggitt Sensing Systems (Meggitt PLC)

7.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)

For more information about this report visit https://www.researchandmarkets.com/r/qtwnyg

View source version on businesswire.com: https://www.businesswire.com/news/home/20211223005394/en/

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com

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