USD 2.6 billion
Machine Condition Monitoring Market Size, Share, Growth Analysis, By Monitoring Technique(Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring), By Offering(Hardware, Software), By Deployment(On-premises, Cloud), By Monitoring Process(Online Condition Monitoring, Portable Condition Monitoring), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2239 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
0
|Figures:
0
Machine Condition Monitoring Market Insights
Machine Condition Monitoring Market size was valued at USD 2.1 billion in 2022 and is poised to grow from USD 2.6 billion in 2023 to USD 9.38 billion by 2031, growing at a CAGR of 8.32% during the forecast period (2024-2031).
The industry 4.0, need for less human involvement in predictive maintenance, and the growing awareness of the benefits offered by machine condition monitoring solutions are predicted to drive the market for machine condition monitoring during the forecast period. Industry 4.0 is modernizing industrial plant operations through automation and computer learning including real-time information processing. That has rolled computerized manufacturing systems into digital analytics, automation and commercial IoT, all to enhance operational efficiencies. Predictive management under Industry 4.0 thus offers new prospects beyond manufacturing sectors. Machine condition management, in short, tracks equipment data to identify and schedule repairs. Such innovation now enables analysis of how equipment operates and thus predicts potential breakdowns. This awareness of tracking the machine’s status is anticipated to give way to further new business opportunities within the market. The advancement in products by the key players in the market is expected to create scope for growth within the market. For instance, in November 2022, Doble Engineering Company created a new solution for moderate and higher voltage cable systems like Calisto cable condition monitoring. Doble Engineering Company provides equipment health inspections through diagnostic tests and services, including software, for the electrical industry. It brings safe and reliable operation through the reduction of failure predictability, total cost of operations and solutions, and near-real-time information on cable health in the pioneering Calisto cable.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Vibration Monitoring
Fastest Growth
Vibration Monitoring
Growth Rate
7.8% CAGR
Global Machine Condition Monitoring Market 2021-2027 ($ Mn)
Country Share for Asia Pacific Region- 2021 (%)
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Machine Condition Monitoring Market Segmental Analysis
Global Machine Condition Monitoring Market is segmented by Offering, Equipment Procurement, Type, Deployment Mode, Application, Monitoring Technique, Industry and Region. Based on Offering, the market is segmented into Hardware (Vibration Sensors (Accelerometers, Proximity probes, Tachometers), Infrared Sensors (Thermal infrared sensors, Quantum infrared sensors), Spectrometers (Infrared spectrometers, Ultraviolet spectrometers, Atomic spectrometers, Mass spectrometers), Ultrasound Detectors (Sound pressure meters, Stethoscopes, Ultrasound leak detectors), Spectrum Analyzers (Swept spectrum analyzers, Real-time spectrum analyzers), Corrosion Probes, Others), Software (Data Integration, Diagnostic Reporting, Order Tracking Analysis, Parameter Calculation) Services (Installation, Training, Maintenance). Based on Equipment Procurement, the market is segmented into Original Equipment Manufacturers, End Users. Based on Type, the market is segmented into Portable, Online. Based on Deployment Mode, the market is segmented into On-premises, Cloud. Based on Application, the market is segmented into Pumps, Chillers, Motors, Bearings, Others. Based on Monitoring Technique, the market is segmented into Vibration Analysis, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, Motor Current Analysis. Based on Industry, the market is segmented into Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace, Food & Beverages, Marine, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Machine Condition Monitoring Market Analysis by Monitoring Technique
In 2023, the vibration monitoring segment dominated the market, making for more than 26% of global revenue. The high share is due to the increased need to identify wear, imbalances, and misalignments. The rising popularity of vibration monitoring has been important in providing information on early defect detection. There has been an increase in the reduction of maintenance, integration, and operational complexity in vibration monitoring technologies. Industry participants have invested more in equipment for continuous monitoring, such as steam turbines, boiler feed pumps, cooling tower gearboxes, and gas. Most likely, end users would expand their system to include vibration monitoring for purposes of reliability and safeguarding their data. Technology is going to be in demand with increasing factor loads because it could detect newly arising problems and perform thorough diagnoses.
However, rising demand for predictive maintenance is predicted to propel massive growth within the oil analysis segment in the coming years. The motive behind this movement is advanced data analytics that helps businesses avoid equipment failure and avert expenses through unprogrammed downtime. This growth in understanding of its advantages is fueling the adoption of oil analysis across various sectors, minimizing operational interruptions and maximum efficiency. The advancements in technologies such as remote analysis and online monitoring are making oil analysis systems more affordable and usable. In the future, the growth of the oil analysis market is expected to increase as these technologies start to be increasingly included in maintenance plans.
Machine Condition Monitoring Market Analysis by Offering
The hardware segment dominated the market share of more than 55% of the global revenue in 2023 for machine condition monitoring. The primary reason behind this enormous market size is the increased application of high-tech sensors, including accelerometers, vibration analyzers, infrared sensors, and ultrasonic detectors. These technologies enable proactive maintenance programs based on specific information about the probable failure areas in multiple machines. These sensors are available from manufacturers in both static and dynamic varieties, catering to various operating frequencies and monitoring requirements. Due to the flexibility of this product, companies can design their condition monitoring systems to address specific applications, thereby reducing machine downtime and improving the efficiency of predictive maintenance programs. As technology advances, the demand for complicated hardware solutions should rise.
Perhaps, the growing need for data analytics and cloud-based solutions is anticipated to drive the software sector to the peak of the machine condition monitoring market in the future. Advanced software packages offer customer data visualization, predictive information, and real-time monitoring for better decision-making. Advanced software solutions further become more and more relevant as organizations strive for higher operational efficiency and the best maintenance methods. It further integrates machine learning and artificial intelligence into software systems, thus facilitating deeper analysis of data and better predictive capabilities that would further consolidate the leadership of the software industry in the market by enabling companies to catch possible breakdowns earlier, which in turn may allow interventions in time and also reduce costs incurred due to abrupt downtimes.
Global Machine Condition Monitoring Market By Monitoring Technique, 2021(%)
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Machine Condition Monitoring Market Regional Insights
North America was the leader in the market by commanding more than 36% of the global revenue share in 2023. The areas of power generation, aerospace, oil & gas, marine, and food & beverage have promising demand. In contrast, promising growth prospects will be faced in the US and Canada. In the case of oil condition monitoring among the lubricants used on oil & gas platform machinery, vibration monitoring has gained popularity. Since oil exploration offshore is gaining momentum in North America, this opens doors for organizations planning a forward-thinking strategy to establish themselves in the local market. Opportunities exist in reliability and predictive maintenance of oil condition monitoring mainly because, unlike many other industries, the aerospace industry has already established its presence, which has not allowed the market of North America to grow as much as it would have if it were other industries. The immense growth in air travel not only in the US but also in Canada has been beneficial for large businesses eyeing portfolio expansion.
Asia-Pacific is expected to experience the highest CAGR during the forecast period. In this region, the market will be dominated by China due to its massive industrial base and government activities encouraging Industry 4.0 technology, followed by India and Japan. This rise is pushed partly by using Industry 4.0 technologies which include AI and machine learning, big data analytics to change and optimize manufacturing processes and improve the efficiency of machine condition monitoring. Firm awareness of the value of machine condition monitoring, such as enhanced productivity and equipment dependability is growing, thereby boosting demand. Except for this, major companies such as SKF, General Electric, and Honeywell International Inc. are expanding their operations in Asia-Pacific and investing in R&D, which is positively contributing to the growth of the market.
Global Machine Condition Monitoring Market By Geography, 2021 - 2027
- Largest
- Fastest
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Machine Condition Monitoring Market Dynamics
Machine Condition Monitoring Market Driver
Improvements in IoT and AI
- With the advancement of IoT and AI technologies, all machine condition monitoring will change in form. The IoT sensors can keep downloading enormous volumes of data constantly. The vast amount of data that keeps getting retrieved from the machines makes it possible to monitor performance and health in real-time. By monitoring such data, algorithms of AI may detect trends and anomalies for making predictive maintenance plans that minimize the probability of scheduled breakdowns. This aids in providing actionable insights toward enhanced decision-making that leads to better operations, reduced maintenance costs, and improved equipment dependability. The investment in the condition monitoring systems would go upwards geometrically as firms realize their applications.
Growing Focus on Efficiency in Operations
- In the present competitive environment, organizations realize that the key to maximum operational efficiency is paramount. Machine condition monitoring systems can monitor equipment performance in real-time; therefore, they form a critical element of this endeavor. Businesses can reduce unexpected downtimes and extend machinery life through maintenance procedures that detect problems early on. This proactive approach reduces the cost of replacements and repairs and improves productivity. A condition monitoring system is demanded as more companies strive for better-streamlined operations and the best use of resources.
Restraints
High Cost of Installation
- Although there are a lot of advantages in having machine condition monitoring, small and medium-scale firms might find it difficult to afford the initial costs of installation. Advanced sensors, data processing software, and interfacing with existing systems would be costly. Continuing expenses include personnel training, updating and maintaining systems. This cost barrier surely discourages companies from adopting these technologies, especially in the case of delayed paybacks. Many businesses, therefore, may postpone or opt not to adopt advanced monitoring systems.
Data Security Issues
- With machine status monitoring increasingly relies on connection and data exchange, the probability of cyber-attacks has become a prime security issue. Those who are dealing with sensitive information or critical infrastructure are even more sensitive to cyber threats. Therefore, breaches may cause huge financial losses, interruption of business activities, and reputational damage. For this reason, several companies may avoid the adoption of IoT-based solutions because they intend to protect their systems from being compromised. As a result, such caution will delay the pace of innovation and acceptance within the market.
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Machine Condition Monitoring Market Competitive Landscape
The machine condition monitoring market is moderately competitive with no firm having a very large market share. The industry's top players are embracing strategic collaboration initiatives to improve Machine Condition Monitoring market share and profitability. Some of the major players in the Machine Condition Monitoring market are Emerson Electric, General Electric, Honeywell International, National Instruments, and SKF among others.
Machine Condition Monitoring Market Top Players Company Profiles
- Emerson Electric Co.
- Honeywell International Inc.
- SKF
- General Electric
- Parker Hannifin Corp
- Rockwell Automation
- Schaeffler AG
- Siemens
- 3D Signals
- Banner Engineering Corp.
- Crystal Instruments
- Analog Devices, Inc.
- Fluke Corporation
- IFM Electronic GmbH
- Machine Saver
- Petasense Inc.
- Samotics
- Teledyne Technologies Incorporated
- SPM Instrument AB
- UptimeWorks
Machine Condition Monitoring Market Recent Developments
- In May 2022, OMRON has introduced the new K7TM condition monitor for heater equipment, which is primarily used in the automotive and FMCG industries. The K7TM visualises deterioration tendencies to enable predictive maintenance and helps to realise a carbon-free society.
- In May 2022, Schneider Electric has introduced a rotating machine condition-monitoring technology that analyses motor currents rather than relying on traditional vibration-monitoring techniques. It claims that this approach has several advantages, including the ability to predict imminent machine failures, to operate in harsh environments, and to provide data that can be used to reduce energy consumption and optimise machinery performance.
Machine Condition Monitoring Key Market Trends
- Transition to Predictive Maintenance: The line of maintenance strategies from reactive to proactive has discernibly shifted. Businesses increasingly depend on data analytics to predict problems with equipment that can be pre-empted before they have a chance to happen. Using real-time data from machine sensors, predictive maintenance can identify wear and tear before it becomes an expensive downtime affair. Such growth is due to the emergence of new technologies, which bring intricate data analysis and modeling functionalities. As organizations begin to discover the benefits that come with minimum downtime and optimized maintenance programs, predictive maintenance solutions will increasingly be adopted, increasing operational efficiency.
- Incorporation of Machine Learning: The way the business evaluates and makes sense of data is changing with the implementation of machine learning in the condition monitoring system. This further enables machine learning algorithms to process large volumes of data and then use the pattern or trend to reasonably predict future failures. With this capacity, businesses can go beyond ordinary monitoring methods and tailor their maintenance plans accordingly with more informed decision-making. As a type of machine learning continues to evolve and yield better diagnoses and truly valuable insights, it helps execute simplified processes of maintenance. This pattern shows the larger trend in industrials toward automation and smart technologies that promote increased productivity and dependability.
Machine Condition Monitoring Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the Machine Condition Monitoring market by offerings and verticals.
According to our analysis, the presence of established players in the machine condition monitoring market, there are now numerous opportunities for partnerships and collaborations among system integrators, independent software vendors, data analytics service providers, and technology providers. In this industrial IoT era, the development of Industry 4.0 is expected to meet a wide range of customer requirements, such as efficient plant operations and increased productivity. Partnerships and collaborations are expected to yield jointly developed technologies that can be used to produce world-class products and solutions for industrial customers worldwide. It is expected to create massive growth opportunities for companies that provide machine condition monitoring systems.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.1 billion |
| Market size value in 2031 | USD 9.38 billion |
| Growth Rate | 8.32% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Machine Condition Monitoring Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Machine Condition Monitoring Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Machine Condition Monitoring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Machine Condition Monitoring Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Machine Condition Monitoring Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Machine Condition Monitoring Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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