Industrial Automation Magazine India

Global Machine Condition Monitoring Equipment Industry

Published on : Saturday 18-07-2020

Global machine condition monitoring equipment market to reach US Dollr3.1 billion by the year 2027.

New York, July 2020 – Amid the Covid-19 crisis, the global market for Machine Condition Monitoring Equipment estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$3.1 Billion by 2027, growing at a CAGR of 4.8% over the analysis period 2020-2027.Vibration Monitoring Equipment, one of the segments analysed in the report, is projected to grow at a 4.6% CAGR to reach US$1.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thermography Equipment segment is readjusted to a revised 4.9% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Machine Condition Monitoring Equipment market.

The Machine Condition Monitoring Equipment market in the US is estimated at US$597.4 Million in the year 2020. The country currently accounts for a 27.11% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$619.9 Million in the year 2027 trailing a CAGR of 7.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 4.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$619.9 Million by the year 2027.

In the global Lubricating Oil Analysis Equipment segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$181.8 Million in the year 2020 will reach a projected size of US$243.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$405.4 Million by the year 2027, while Latin America will expand at a 5.7% CAGR through the analysis period. We bring years of research experience to this 16th edition of our report. The 250-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Competitors identified in this market include, among others, ALS Limited, Azima DLI LLC, Brüel & Kjær Vibro, ClampOn AS, Cosasco, Crystal Instruments, CTRL Systems Inc., Data Physics Corporation, Emerson Electric Co., FLIR Systems Inc., Fluke Corporation, General Electric, Honeywell Process Solutions, ITT Corporation, Meggitt PLC, National Instruments Corporation, Parker Hannifin Corp., Parker Kittiwake, PCB Piezotronics Inc., Rockwell Automation, Inc., Schaeffler Technologies AG & Co KG, Shinkawa Electric Co Ltd, SKF and  SPM Instrument AB.