Market Overview and Dynamics
The Europe machine condition monitoring market was valued at US$ 686.7 million in 2019 and is expected to grow at a CAGR of 5.2% during the forecast period to reach US$ 1,030.2 million by 2027. The usage of condition monitoring solutions enables manufacturers and maintenance staff to easily identify the problem in a machine and act according to the intensity of the issue. This reduces the time associated with the identification of the issue manually, also the downtime cost, thereby resulting in optimized productivity. The industrial sector across the region are heavily emphasizing condition monitoring and diagnostics within respective manufacturing facilities to determine critical parameters such as vibration, noise, and temperature. Continuous monitoring of machines using advanced technologies facilitates the manufacturers to increase their productivity and gain profit. The growing demand for condition monitoring solutions across industries is throttling the growth of machine condition monitoring market.
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Market Introduction
The rate of adoption of automated technologies for manufacturing purposes in developed countries has surged over the years. This has led the countries to experience the growth of smart factories. The countries with a significantly higher number of manufacturing facilities include France, Germany, the UK, among others, are continually seeking automated technologies in manufacturing facilities across industries. With continuously rising demand for production across industries, the expansion of manufacturing facilities is one of the crucial strategies adopted by the manufacturers. The growing number of manufacturing facilities positively impacts the demand for automated solutions as new and technologically advanced machinery requires constant monitoring of components during operation. Pertaining to this, the demand for condition monitoring solutions is surging among industries such as aerospace & defense, automotive, oil & gas, manufacturing, food & beverage, power generation, and chemicals, among others. Thus, throttling the growth of machine condition monitoring market.
Europe Machine Condition Monitoring Strategic Insights
Strategic insights for the Europe Machine Condition Monitoring provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
Honeywell International Inc.
Schaeffler Technologies AG & Co. KG
General Electric Company
Emerson Electric Co.
Parker Hannifin Corporation
Rockwell Automation Inc.
SKF
ALS Limited
National Instrument Corporation
Europe Machine Condition Monitoring Regional Insights
The geographic scope of the Europe Machine Condition Monitoring refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
In terms of monitoring technique, the vibration monitoring segment accounted for a largest share of the Europe machine condition monitoring market in 2019. Ultrasound emission segment held the second largest share in the market, based on monitoring technique, in 2019. The thermography segment is anticipated to surge at a prime rate during the forecast period from 2020 to 2027.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the machine condition monitoring market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. The major companies listed in the Europe machine condition monitoring market report are Rockwell Automation, SKF, National Instruments, Emerson Electric Co, and General Electric, among others.
Reasons to buy report
- It provides understanding of the Europe machine condition monitoring market landscape and identifies market segments that are most likely to guarantee a strong return.
- It guides stay ahead of the race by comprehending the ever-changing competitive landscape for the Europe machine condition monitoring market.
- It helps efficiently plan merger and acquisition, and partnership deals in the Europe machine condition monitoring market by identifying market segments with the most promising probable sales
- It facilitates knowledgeable business decision-making through perceptive and comprehensive analysis of market performance of various segments pertaining to the Europe machine condition monitoring market.
- It provides market revenue forecast of the market based on various segments for the period from 2020 to 2027.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
