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

The Machine Condition Monitoring market size stood at USD 3.35 Billion in 2021, and it is expected to reach a value of USD 6.09 Billion by 2028, at a CAGR of 8.89% over the forecast period (2022 - 2028).

 

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.'Emerson Electric (US)','General Electric (US)','Honeywell International (US)','National Instruments (US)','SKF (Sweden)','ALS (Australia)','Wilcoxon Sensing Technologies (US)','Parker Hannifin (US)','Rockwell Automation (US)','Schaeffler Group (Germany)','IFM (Germany)','Banner Engineering (US)'

 

Operational equipment is sensitive to a wide range of errors and faults, it is critical to monitor minor and major changes in equipment by measuring parameters such as vibration, temperature, voltage, current, pressure, flow, and many others. This significance has compelled various industries to go above and beyond to protect their machinery. The main advantage of using condition monitoring to identify faults is that it allows personnel to take corrective action to avoid or reduce repair costs, as well as increase machinery safety, which increases human safety.

 

Over the last few decades, the automotive industry has undergone rapid change. Previously, cars were mechanical, with basic electrical systems providing power for headlights and spark plugs. Cars were outfitted with the latest gadgets, such as radios, alarms, wipers, and so on, as technology advanced. Air-handling units and pumps are the primary applications of condition monitoring in this industry. Other critical areas where condition monitoring is used include motor and transmission component endurance testing, wind tunnels, electrical breaks for reliability testing, car test benches (artificial roads), and others.

 

During the forecast period, the Asia Pacific machine condition monitoring Machine Condition Monitoring market will grow at the fastest CAGR. The key factors driving the growth of the machine condition monitoring Machine Condition Monitoring market in this region are ongoing industrialization, increasing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency. Furthermore, a number of companies from developed countries are planning to relocate their production bases to Asian countries such as China, India, and South Korea due to lower-cost labour availability. As a result, manufacturing activities in the region are likely to expand. As a result, there will be a high demand for machine condition monitoring systems in the region.

 

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 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. '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'

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.   

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. 

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.