Machine Condition Monitoring Market To Witness A Significant Growth Of USD 5.46 Billion By 2030
San Francisco, 3 Jan 2024: The Report Machine Condition Monitoring Market Size, Share & Trends Analysis Report By Monitoring Technique, By Component, By Product Type, By Application, By Architecture Type, By Plant Type, By End-use Industry, And Segment Forecasts, 2023 - 2030 The global machine condition monitoring market size is expected to reach USD 5.46 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 7.9% from 2023 to 2030. Exponential demand for monitoring services to avoid machinery failure will propel the penetration of condition-monitoring systems. End-users have exhibited an unprecedented demand for predictive maintenance tools to bolster asset life, minimize machine failure and reduce maintenance costs. Stakeholders envisage revenue-boosting potentials in maintaining machine health and reducing downtime with advanced software and tools. The emergence of the Industrial Internet of Things