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The Machine Condition Monitoring Market is expected to reach $5.2 billion by 2029, at a CAGR of 7.3% during the forecast period 2022–2029. The growth of this market is driven by the rising adoption of Industry 4.0 technologies, increasing awareness about the importance of predictive maintenance, and the growing use of big data analytics in asset monitoring. Additionally, increasing automation across industries and a rising focus on reducing human intervention in predictive maintenance are expected to create growth opportunities for the players operating in this market. However, the shortage of technical experts significantly restricts the market growth. Moreover, the high cost & complexities of integrating machine monitoring systems with existing infrastructure is challenging the growth of the machine conditioning monitoring market.
Here are the top 10 companies operating in the Machine Condition Monitoring Market
Meggitt PLC
Founded in 1947 and headquartered in Ansty Park, U.K., Meggitt PLC is an engineering business company focusing on aerospace, defense, and electronics products. The company manufactures drones for surveillance and aerial target systems, water injection systems, small heat exchangers, smoke detection devices, and aircraft instruments and valves. The company operates in the market through four business segments, namely, Airframe Systems, Engine Systems, Energy & Equipment, and Services & Support. The company’s product portfolio includes fluid control, fire protection and control, safety systems, fuel systems, brake control systems, thermal management, polymers, composites, integrated environmental control systems, and sensing and condition monitoring solutions.
The company has a geographical presence across the U.K., Europe, the U.S., and the Rest of the World through its subsidiaries and a strong distribution network. Some of its subsidiaries are Meggitt Pamphill Limited (U.K.), Meggitt (Sapphire) GmbH (Germany), Meggitt A/S (Denmark), and Meggitt-Oregon, Inc. (U.S.). As of 2021, the company had a headcount of 9,270 employees globally.
Founded in 1903 and headquartered in Wisconsin, U.S., Rockwell Automation is an industrial automation manufacturing and information solutions company. The company operates in the market through three business segments, namely, Intelligent Devices, Software & Control, and Lifecycle Services. The Intelligent Devices segment includes drives, motion, safety, sensing, industrial components, and configured-to-order products. The Software & Control segment includes control and visualization software and hardware, information software, and network and security infrastructure. The Lifecycle Services segment includes consulting, professional services, solutions, connected services, and maintenance services. Rockwell serves both discrete and process industries, such as food & beverage, home & personal care, life sciences, automotive, oil & gas, and mining & metal industries.
The company has a geographical presence across North America, Europe, Middle East & Africa, Asia-Pacific, and Latin America through its subsidiaries and a strong distribution network. Some of its subsidiaries are Fiix Inc. (Canada), Plex Systems, Inc. (U.S.), and MAVERICK Technologies, LLC. (U.S.). As of 2021, the company had a headcount of 24,500 employees globally.
Emerson Electric Co.
Founded in 1890 and headquartered in Missouri, U.S., Emerson Electric Co. is engaged in designing and manufacturing automation products and delivering services for various industrial, commercial, and consumer markets. The company provides smart manufacturing solutions in several categories, including augmented reality products, measurement & instrumentation products, operations management software, automation & control software, valves, actuators & regulators, control and safety systems, welding, assembly and cleaning, and automation services. Emerson also offers smart manufacturing solutions for various industries, such as life sciences, power generation & transmission, energy, cold chain, and food & water. The company operates in two segments: Automation Solutions and Commercial & Residential Solutions (which include Climate Technologies and Tools & Home Products). Through its Automation Solutions segment, Emerson Electric provides a broad range of products and integrated solutions, including measurement and analytical instrumentation, industrial valves and equipment, and process control software and systems.
The company has a geographical presence across the Americas, Europe, Asia, and Middle East & Africa through its subsidiaries and a strong distribution network. Some of its subsidiaries are Rosemount Inc. (U.S.), Therm-O-Disc (U.S.), Open System International (Minnesota), and EGS Electric Group LLC (U.K.). As of December 2021, the company had a headcount of 86,700 employees globally.
Founded in 1892 and headquartered in Massachusetts, U.S., General Electric Company is a high-tech industrial company. The company mainly operates in aviation, renewable energy, power, digital, healthcare, research & licensing, financing, and capital industries. In addition, the company offers edge computing services such as Predix edge. GE operates through four business segments, namely, Aviation, Healthcare, Renewable Energy, and Power. The company provides products for aircraft engines, electric and electronic equipment, and financial services. In energy transition, the company offers physical and digital solutions to modernize the grid for renewable wind energy to emission-reducing natural gas.
The company has a geographic presence across the U.S., Asia, Europe, America, and Middle East & Africa through its subsidiaries and a strong distribution network. Some of its subsidiaries include GE Energy Power Conversion USA Inc. (U.S.), GE Renewable Energy (France), General Electric Japan Ltd. (Japan), and Engine Alliance (U.S.). As of December 2021, the company had a global headcount of approximately 168,000 employees.
AB SKF
Founded in 1907 and headquartered in Gothenburg, Sweden, AB SKF manufactures and supplies bearings, seals, lubrication systems, maintenance products, mechatronics products, power transmission products, condition monitoring systems and related services. The company is the world’s largest bearings manufacturer and has 108 manufacturing units. It has the largest industrial distributor network, with 17,000 distributor locations encompassing 130 countries. SKF operates in the market through two business segments, namely, Industrial and Automotive. The company also supplies bearings for Ferrari racing vehicles used in Formula One races.
The company has a geographical presence across Sweden, Europe, North America, Asia-Pacific, and Latin America through its subsidiaries and strong distribution network. Some of its subsidiaries are SKF Argentina S.A (Argentina), SKF Australia Pty. Ltd. (Australia), and SKF Maintenance service GmbH (Germany). As of December 2021, the company had a headcount of 40,861 employees globally.
Meticulous Research in its latest publication on Machine Condition Monitoring Market has predicted the growth of 7.3% during the forecast year 2022-2029
Founded in 1885 and headquartered in North Carolina, U.S., Honeywell International Inc. is one of the world’s leading technology and manufacturing companies. The company operates in the market through four business segments, namely, Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The Performance Material and Technologies segment includes process technologies and automation solutions, including Honeywell Forge connected solutions. The major products and solutions offered by the company include the Honeywell Forge solutions supported by Honeywell Connected Enterprise. It helps to automate processes and improve efficiency while reducing downtime and safety costs. Honeywell serves the aerospace, construction, chemicals & materials, healthcare & pharmaceuticals, manufacturing, retail, and consumer goods industries.
The company has a geographical presence across the U.S., Europe, and other countries through its subsidiaries and a strong distribution network. Some of its subsidiaries are Honeywell Aerospace (U.S.), Notifier (U.S.), Alerton (U.S.), and Elster GmbH (Germany). As of 2021, the company had a headcount of 99,000 employees globally.
Analog Devices, Inc.
Founded in 1965 and headquartered in Massachusetts, U.S., Analog Devices designs, develops, produces, tests, and markets a wide range of products. The products include integrated circuits (ICs), software, and subsystems that leverage high-performance analog, mixed-signal, and digital signal processing methods. The company operates through four business segments, namely, Industrial, Automotive, Communications, and Consumer. The company’s product portfolio includes data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on microelectromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.
The company has a geographical presence across the U.S., Europe, Japan, China and Rest of Asia through its subsidiaries and a strong distribution network. Some of its subsidiaries are Analog Devices A.B. (Sweden), Analog Devices Hangzhou Co., Ltd. (China), Analog Devices Canada, Ltd. (Canada), and Analog Devices (Phils.) Inc. (Philippines). As of 2021, the company had a headcount of 24,700 employees globally.
Founded in 1987 and headquartered in Texas, U.S., Baker Hughes Company provides energy technology with a broad range of products and services for industrial and energy value chains. The company’s product portfolio includes turnkey solutions, condition monitoring, industrial controls, and non-destructive technologies. Baker Hughes operates in the market through four business segments, namely, Oilfield Services, Oilfield Equipment, Turbomachinery & Process Solutions, and Digital Solutions. The company offers machine health and condition monitoring through its Digital Solutions segment, including sensor-based process measurement, asset strategy and management, control systems, non-destructive testing and inspection, and pipeline integrity solutions.
The company has a geographical presence across the U.S. and other countries through its subsidiaries and a strong distribution network. Some of its subsidiaries are Baker Hughes Energy Manufacturing LLC (U.S.), Baker Hughes Netherlands Holdings II B.V. (Netherlands), Nuova Pignone International S.r.l. (Italy), and Baker Hughes EHO Holdings LLC (U.S.) As of 2021, the company had a headcount of 54,000 employees globally.
Schaeffler AG
Founded in 1946 and headquartered in Herzogenaurach, Germany, Schaeffler manufactures high-precision components and systems for powertrain, rolling, and plain bearing solutions. It also manufactures chassis for many industrial applications. The company product portfolio includes rolling bearings, spherical plain bearings, linear products, plain bearings, mechatronics and precision components. The company operates in the market through three business segments, namely, Automotive Technologies, Automotive Aftermarket, and Industrial. The company also offers repair services in original equipment quality for the global automotive spare parts market.
The company has a geographical presence across Europe, the Americas, Greater China, and Asia/Pacific through its subsidiaries and a strong distribution network. Some of its subsidiaries are Schaeffler (Nanjing) Co., Ltd., Schaeffler (UK) Limited, Schaeffler Trading (Shanghai) Co., Ltd., and Schaeffler Japan Co., Ltd. (Japan). As of 2021, the company had a headcount of 82,981 employees globally.
Wilcoxon Sensing Technologies (A Part Of Amphenol Corporation)
Founded in 1960 and headquartered in Maryland, U.S., Wilcoxon Sensing Technologies is a leading manufacturer and supplier of reliable, high-quality vibration monitoring products. The company designs and manufactures a wide range of accelerometers, 4-20mA vibration transmitters and loop-powered sensors, velocity sensors, cable & connector assemblies, cementing pads and mounting studs, enclosures, handheld vibration meters and supportive instrumentation, and more. Wilcoxon Sensing Technologies is a wholly-owned subsidiary of Amphenol Corporation. The parent company operates in the market through two business segments, namely, Interconnect Products and Assemblies and Cable Products and Solutions.
The company has a geographical presence across the United States and other countries.
Authoritative Research on the Machine Condition Monitoring Market – Global Opportunity Analysis and Industry Forecast (2022-2029)
Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:
- Recent financial performance
- Key products
- Significant company strategies
- Partnerships and acquisitions
The Comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.
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