LONDON--(BUSINESS WIRE)--The global machine condition monitoring sensors market size is poised to grow by USD 334.41 million during 2020-2024, progressing at a CAGR of over 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Wireless vibration sensors rising demand is one of the major factors driving the machine condition monitoring sensors market during the forecast period. Wireless sensor technology provides substantial growth and advantages over wired sensors used for machine condition monitoring. This is used by the process industries such as oil and gas, power generation, and chemical and petrochemical. Furthermore, it’s increasing demand in various other industries also will help in the growth of the global machine condition monitoring sensors market during the forecast period.
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Report Highlights:
- The major machine condition monitoring sensors market growth came from the oil and gas industry segment due to the increased use of machine condition monitoring sensors to evaluate the effects of contamination and electrochemical changes that take place in synthetic and petroleum-based oils.
- APAC was the largest machine condition monitoring sensors market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the high use of machine condition monitoring sensors in the process industries such as oil and gas, metals and mining, chemical and petrochemical, and rising applications in pumps, drives, valves, and bearings.
- The global machine condition monitoring sensors market is fragmented. AB SKF, Connection Technology Center Inc., Emerson Electric Co., Honeywell International Inc., ifm electronic GmbH, Mitsubishi Electric Corp., National Instruments Corp., Parker Hannifin Corp., Rockwell Automation Inc., and Valmet Oyj, are some of the major market participants. To help clients improve their market position, this machine condition monitoring sensors market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global machine condition monitoring sensors market 2020-2024 is expected to have a neutral impact. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Deployment of sensors in the aging infrastructure will be a Key Market Trend
These sensors also help in keeping a track of processes and infrastructure in both the process and discrete industries leading to better productivity. The machine condition monitoring sensors are provided by manufacturers for both new and old industrial infrastructure. The fitment of such sensors in numerous aging infrastructure is mainly due to higher chances of operational failures and higher downtime. The developing countries are increasingly concentrating on installing machine condition monitoring sensors across their industries this will also result in the increasing demand for these sensors resulting in the overall growth of the machine condition monitoring sensors market during the forecast period.
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Machine Condition Monitoring Sensors Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist machine condition monitoring sensors market growth during the next five years
- Estimation of the machine condition monitoring sensors market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the machine condition monitoring sensors market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of machine condition monitoring sensors market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Oil and gas industry - Market size and forecast 2019-2024
- Power industry - Market size and forecast 2019-2024
- Aerospace and defense industry - Market size and forecast 2019-2024
- Chemical and petrochemical industry - Market size and forecast 2019-2024
- Other industries - Market size and forecast 2019-2024
- Market opportunity by End-user
Market Segmentation by Type
- Market segments
- Comparison by Type
- Vibration sensors - Market size and forecast 2019-2024
- Infrared sensors - Market size and forecast 2019-2024
- Oil analysis sensors - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Type
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
- Industry risks
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- AB SKF
- Connection Technology Center Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- ifm electronic GmbH
- Mitsubishi Electric Corp.
- National Instruments Corp.
- Parker Hannifin Corp.
- Rockwell Automation Inc.
- Valmet Oyj
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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