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Machine Condition Monitoring Market Trends

Report ID: GMI6943
Published Date: Oct 2023
Report Format: PDF

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Machine Condition Monitoring Market Trends

The integration of Internet of Things (IoT) and edge computing into machine condition monitoring systems is revolutionizing predictive maintenance. IoT sensors are deployed in machinery, which helps in collecting real-time data. Edge computing processes this data locally, enabling faster analysis and immediate action when anomalies are detected. This trend streamlines maintenance processes, reduces data transfer latency, and enhances the overall effectiveness of solutions.

AI and Machine Learning (ML) technologies are becoming the integral components of machine condition monitoring systems. These technologies analyze vast amounts of data generated by sensors to identify patterns, predict failures, and recommend maintenance actions. By continuously learning from data, AI-powered solutions improve accuracy and reduce false alarms, thereby increasing the efficiency of maintenance efforts.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for machine condition monitoring was USD 2.5 billion in 2022 and is anticipated to record over 8% CAGR between 2023 and 2032.

The thermography segment is estimated to register over 9.5% CAGR during 2023 to 2032 as it allows maintenance teams to detect the overheating of components before they lead to critical failures, thereby reducing downtime and maintenance costs.

North America machine condition monitoring market share was over 32% in 2022 and will grow through 2032 due to its advanced industrial landscape and the early adoption of cutting-edge technologies.

Emerson Electric, General Electrics, Honeywell International, National Instruments, Baker Huges, Analog Devices Inc., and Amphenol Inc.