The global machine condition monitoring market is projected to grow from USD 2.8 Billion in 2022 to USD 4.0 Billion by 2027, at a CAGR of 7.8% during the forecast period. Rising inclination toward real-time condition monitoring through highly secure cloud computing platforms and increasing use of predictive maintenance techniques by industry players are expected to fuel the growth of machine condition monitoring market.
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The power generation industry is expected to account for the largest market share in 2022. Power generation plants comprise gas turbines, steam turbines, water pumps, etc. Mechanical components in these systems must be monitored for the temperature parameter to prevent electrical failures and avoid the risk of fire in the power generation plant. Machine condition monitoring systems enable power generation companies to carry out offline and real-time system data analysis and facilitate the collection of machine performance data. The automation of power distribution systems provides several benefits, such as increased uptime and reduced operational costs, along with faster data collection. Automation also includes the installation of alarm systems, monitoring systems, etc.
The on-premises deployment type accounted for a larger share of the machine condition monitoring market in 2021. The growth of this segment can be attributed to the fact that organizations prefer on-premises deployment as this option offers them complete control over their systems and data, enabling them to protect critical information. However, it incurs high hardware, software, and maintenance costs.
Aerospace, chemicals, automotive, and food & beverages are among a few key industries in France. The aerospace industry is a key contributor to the economy of France. It is a favorable country for the aerospace & defense industry, with ~850 operating companies. The industry demands continuous and seamless manufacturing operations to complete the growing number of commercial and defense aviation projects on top priority. Hence, manufacturers in France are deploying condition monitoring systems and solutions to strengthen the efficiency of production processes and prevent system failures. The machine condition monitoring market in France is projected to grow at significant rate from 2022 to 2027.