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 increasing adoption of predictive maintenance strategies and Industry 4.0 initiatives is driving the demand for advanced machine condition monitoring solutions across various industries.
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The usage of condition monitoring solutions enables manufacturers and maintenance staff to easily identify problems in machines and act according to the intensity of the issue. This reduces the time associated with manual identification of the issue, decreases downtime costs, and enhances overall productivity. The industrial sector across the region is heavily emphasizing condition monitoring and diagnostics within manufacturing facilities to determine critical parameters such as vibration, noise, temperature, and pressure fluctuations.
Continuous monitoring of machines using advanced technologies such as IoT-based sensors, artificial intelligence, and cloud-based analytics facilitates manufacturers in increasing their operational efficiency and profitability. The integration of wireless condition monitoring solutions is also gaining traction, enabling real-time data collection and remote monitoring capabilities. The growing demand for condition monitoring solutions across industries, including automotive, aerospace, oil & gas, energy, and manufacturing, is propelling the growth of the machine condition monitoring market.
Key Market Segments
In terms of monitoring technique, the vibration monitoring segment accounted for the largest share of the Europe machine condition monitoring market in 2019. The ultrasound emission segment held the second-largest share in the market based on monitoring techniques in 2019. The thermography segment is anticipated to grow at a prime rate during the forecast period from 2020 to 2027, driven by the increasing adoption of infrared cameras and sensors for early fault detection.
Emerging Trends and Opportunities
- Rise of Predictive Maintenance: Companies are shifting from traditional reactive maintenance to predictive maintenance using machine learning and AI-driven analytics.
- IoT and Cloud Integration: The adoption of cloud-based platforms and IoT-enabled monitoring systems is enabling seamless data collection and analysis.
- Adoption in Renewable Energy Sector: Wind farms and solar energy plants are increasingly deploying condition monitoring solutions to optimize efficiency and reduce maintenance costs.
- Expansion of Wireless Monitoring Solutions: The demand for wireless sensors and edge computing technologies is increasing to facilitate remote monitoring and reduce installation complexities.
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 include company websites, annual reports, financial reports, national government documents, industry whitepapers, and statistical databases, among others.
The major companies listed in the Europe machine condition monitoring market report include:
- Rockwell Automation
- SKF
- National Instruments
- Emerson Electric Co.
- General Electric
- Honeywell International Inc.
- Schaeffler Group
- Siemens AG
- ABB Ltd.
- Parker Hannifin Corporation
These companies are investing in R&D activities and strategic collaborations to enhance their machine condition monitoring offerings and strengthen their market presence.
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.
Europe Machine Condition Monitoring Report Scope
| Report Attribute | Details |
| Market Size in 2019 | US$ 686.7 Million |
| Market Size by 2027 | US$ 1,030.2 Million |
| Global CAGR (2019 – 2027) | 5.2% |
| Historical Data | 2017-2018 |
| Forecast Period | 2020-2027 |
| Segments Covered | By Monitoring Technique – Vibration Monitoring – Thermography – Oil Analysis – Corrosion Monitoring – Ultrasound Emission – Motor Current Analysis |
| By Offering – Hardware and Software |
| By Deployment – On Premise and Cloud |
| By Monitoring Process – Online Condition Monitoring – Portable Condition Monitoring |
| By End User – Oil & Gas – Power Generation – Automotive – Aerospace & Defense – Food & Beverage – Manufacturing |
| Regions and Countries Covered | Europe – UK – Germany – France – Russia – Italy – Rest of Europe |
| 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 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 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.
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.
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- 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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Authorโs Bio:
Akshay
Senior Market Research Expert at Business Market Insights
