France Machine Condition Monitoring Industry to Grow at a CAGR 8.3% from 2022 to 2027
MarketsandMarkets Research Pvt. Ltd.
4 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, June 28, 2023 (GLOBE NEWSWIRE) -- According to a research report France Machine Condition Monitoring Marketby Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission), Monitoring Process (Online, Portable), Deployment, Offering - Global Forecast to 2027", published by MarketsandMarkets, France Machine Condition Monitoring Industry to Grow at a CAGR 8.3% from 2022 to 2027.
France to witness significant growth in the machine condition monitoring market
The machine condition monitoring process involves monitoring machines to detect possible malfunctions, predict machine failure, and identify the need for maintenance. This technology applies to oil & gas, power generation, metals & mining, chemicals, automotive, aerospace, and others. As per a report by MarketsandMarkets, the machine condition monitoring market size is projected to value USD 4.0 billion by 2027 at a CAGR of 7.8% during 2022−2027. One of the factors, such as the increasing awareness of manufacturers globally about the benefits of installing conditioning monitoring systems, is driving the growth of the machine condition monitoring market. The key players offering machine condition monitoring solutions include Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden).
Europe is expected to grow significantly in the coming years. European countries such as Germany, the UK, and France are the top three markets witnessing increased demand for machine condition monitoring systems from manufacturing firms. Moreover, low costs of sensors and seamless internet connectivity fuel the incorporation of predictive analytics and big data technologies in the industrial sector. Furthermore, France's machine condition monitoring market has been experiencing steady growth in recent years, which can be attributed to various factors.
A significant factor contributing to the growth of the machine condition monitoring market in France is the increasing demand for machine efficiency and productivity in manufacturing sectors. With the adoption of machine condition monitoring, companies can reduce machine downtime, optimize production processes, and prevent costly breakdowns, leading to increased efficiency and productivity.
Furthermore, the increasing focus on predictive maintenance is driving the growth of the machine condition monitoring market in France. The machine data can be analyzed to detect potential failures before they occur, enabling companies to take proactive maintenance measures and avoid costly downtime, influencing the growth of the machine condition monitoring market in France.
Furthermore, the French government's emphasis on promoting Industry 4.0 is also a significant factor contributing to the growth of the machine condition monitoring market. Industry 4.0 refers to integrating advanced technologies such as automation, robotics, and AI into industrial processes. The French government has been actively encouraging the adoption of industry 4.0 technologies, including machine condition monitoring systems, to improve industrial efficiency and competitiveness. Besides, the government launched the “France 2030” investment plan, under which several strategic investments will be made by the government, under this plan.
Some investments will also be granted to the energy sector to develop small nuclear reactors, green hydrogen, and others. Similarly, investments will be allocated to produce 2 million electric and hybrid vehicles and low-carbon airplanes. With the increasing number of connected machines and devices in these sectors, the machine condition monitoring system can monitor and analyze machine data in real time, enabling companies to make data-driven decisions and optimize their operations.
In conclusion, France's machine condition monitoring market is experiencing steady growth due to the increasing demand for machine efficiency and productivity, the focus on predictive maintenance, and the government's emphasis on promoting Industry 4.0.
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