From GlobeNewswire: 2024-04-12 10:41:00

Coherent Market Insights released a report on the Global Machine Condition Monitoring Market, with the market valued at $3.33 billion in 2024, projected to reach $5.92 billion by 2031. The market is driven by the adoption of predictive maintenance practices, focusing on efficiency. Key trends include IoT and AI integration in monitoring systems, with spectrometers leading in hardware offerings.

The automotive industry is embracing machine condition monitoring solutions to ensure machinery function and prevent breakdowns. Oil and gas industry also adopts monitoring tools to optimize operational efficiency. Spectrometers, corrosion probes, and ultrasound detectors are key offerings, with cloud deployment leading. Market expected to grow at 8.6% CAGR, with North America leading in region dominance.

Key developments include partnerships and innovations by players like Seed Group and Samotics for condition monitoring services. Watersight introduced AquaRing for real-time water monitoring. Market projected to witness growth due to predictive maintenance focus and Industry 4.0 adoption. Spectrometers to dominate hardware segment, with cloud deployment leading the market. Automotive sector to hold a dominant position in end-use industries. Key players include Advanced Technology Services and Baker Hughes Company.



Read more at GlobeNewswire: Machine Condition Monitoring Market to reach $5.92 billion