Posted 4/12/2024, 2:41:00 PM
Machine Condition Monitoring Market to Reach $5.9 Billion by 2031 on Rising Adoption of Predictive Maintenance
- Machine Condition Monitoring Market projected to reach $5.92 billion by 2031, growing at a CAGR of 8.6%
- Key growth drivers are increasing adoption of predictive maintenance and focus on equipment efficiency
- Integration of technologies like IoT and AI enabling real-time monitoring and predictive analytics
- Automotive and oil & gas industries presenting lucrative opportunities due to need to monitor critical machinery
- North America expected to dominate the market; key players include Advanced Technology Services, Allied Reliability, Analog Devices