Machine Condition Monitoring Market: Global Industry Analysis and Forecast (2024-2030)

  • The Machine Condition Monitoring Market size was valued at USD 2.8 Billion in 2023 and the total Machine Condition Monitoring Market size is expected to grow at a CAGR of 7.5% from 2024 to 2030, reaching nearly USD 4.65 Billion by 2030.

  • Format : PDF | Report ID : SMR_1729

Machine Condition Monitoring Market Overview

Machine condition monitoring represents the global industry devoted to the creation, production, application, and upkeep of instruments, technologies, and solutions intended to evaluate and track the state of machinery and equipment across a range of sectors and industries. The technique of keeping an eye on a certain equipment condition such as vibration, and temperature, to spot any changes that point to the development of a collapse is known as condition monitoring. To optimize and track the maintenance and performance of their equipment, manufacturers have looked for condition-monitoring systems. In addition, the lean manufacturing movement has forced producers to look into condition monitoring to increase output effectiveness, reduce downtime, and improve cost and spare part forecasting. The use of condition monitoring by stakeholders has gained traction in the areas of increased output, longer-lasting equipment, downtime elimination and reduction, scrap component minimization, and automation based on real-time machine condition data.

 

Machine Condition Monitoring Market

 

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Machine Condition Monitoring Market Dynamics

The growing need for complex diagnostics to evaluate the general wellness of the machine is driving the machine condition monitoring market's compound annual growth rate. Looked for ways to track, maintain, and enhance machinery performance, manufacturers have looked for condition monitoring systems. Companies have also been forced by the shift to lean manufacturing to investigate condition monitoring to increase production efficiency, decrease downtime, and estimate costs and spare part availability. Investment in condition monitoring for enhanced productivity, longer equipment life, zero and reduced downtime, minimizing scrap components, and utilizing automation based on real-time machine status data has been expressed by stakeholders.

 

As an example, Double Engineering Company has introduced Calisto cable condition monitoring, a new solution for medium and high-voltage cable systems. The company offers diagnostic tests, services, and software to the electric industry as part of its asset health inspections. With less chance of failures, a reduced total cost of ownership and solutions, and almost necessary real-time information regarding cable health, the new Calisto cable offers dependable and safe operation. To prevent breakdowns and identify changes that indicate an impending failure, machine condition monitoring gathers data on equipment parameters. In several industries, including oil and gas, automotive, power generation, metal and mining, maritime, and aerospace, the technique is becoming more and more common. To preserve operator safety, lower costs, and extend asset life, it is an essential part of preventative maintenance that is gaining popularity.

 

Drivers in the Machine Condition Monitoring Market

Growing Interest in Predictive Maintenance Reactive maintenance is giving way to predictive maintenance tactics in organizations across all industries. Adoption is strongly encouraged by machine condition monitoring since it allows for the early identification of equipment problems, minimizing unscheduled downtime and maintenance expenses. Increasing complexity of Industrial Gear Real-time data analysis and continuous monitoring are becoming more and more important as industrial gear grows more intricate and networked. Monitoring machine conditions helps keep this complexity under control and guarantees that vital equipment operates at peak efficiency. Technological Developments in Sensors Technological advancements in sensor science have produced more affordable and precise sensors for monitoring a range of characteristics, including vibration, temperature, pressure, and oil quality. These developments have reduced the cost and increased accessibility of machine condition monitoring.

 

The market measurements of vibration, temperature, voltage, current, pressure, flow, and many other characteristics are used to track both little and large changes in operational equipment, which is sensitive to a wide range of mistakes and failures. This importance has forced several sectors to take extra precautions to safeguard their equipment. Condition monitoring has several benefits, the primary one being that it enables staff to take preventative measures to minimize or eliminate repair expenses and improve machinery safety, which in turn improves human safety. Machine condition monitoring systems enable remote supervision and management of plant operations through the use of real-time data collected from a variety of IoT devices. These solutions thereby do away with the requirement for human involvement in the supervision of industrial plants. It is expected that this is going to end in a rise in the introduction of new machine condition monitoring systems in various industries.

 

Restraints in the Machine Condition Monitoring Market

Problem on compatibility, different networking protocols on different devices power provide integration issues that impede smooth data transmission. Constraints on Bandwidth Large amounts of sensor data being transferred across networks put a burden on bandwidth, causing delays or data loss that affect real-time monitoring.  Security Issues Network infrastructure flaws strength make Machine condition monitoring systems vulnerable to cyber-attacks, jeopardizing system dependability and data integrity. Scalability Concerns the growth of Machine condition monitoring installations is hampered by the limited scalability of networking solutions, which impair the capacity to monitor an increasing number of assets effectively and affordably. Limitations There are budgetary obstacles to the adoption and maintenance of strong networking infrastructures for Machine condition monitoring systems that need to be implemented.

 

Opportunities in the Machine Condition Monitoring Market

Machine condition monitoring is expected to be greatly impacted by the Internet of Things (IoT) in the future. The vast collection and analysis of real-time data on an IoT scale are made possible by the integration of sensors and monitoring systems. Opportunities for more thorough and anticipatory maintenance strategies are going to present as a result. Big Data Analytics and Machine Learning Integration There are a lot of opportunities to combine big data analytics and machine learning with machine condition monitoring. These technologies provide enhanced precision in predictive maintenance, anomaly identification, and maintenance schedule optimization. Increased Efficiency of the Equipment By spotting any problems before they cause downtime, machine condition monitoring provides the chance to increase equipment efficiency. Productivity and overall equipment effectiveness (OEE) are both rising with this proactive strategy. Price Forecasts Businesses are better able to forecast maintenance expenses and deploy resources more efficiently when they analyze machine condition data. Planning a budget is made easier, and unforeseen costs are decreased.

 

Machine Condition Monitoring Market Segment Analysis

Based on End-use, The machine condition monitoring segment of the market includes the oil and gas, steel and metal, chemical and petrochemical, and pulp and paper industries. The metal and mining category is expected to increase at a significant rate over the assessment period, with a major contributing element believed to be the strong requirement for cost reduction, maintenance streamlining, and capacity expansion. The steel and metal industry segment dominated the market. The good news for the segment's growth is that software solutions are in great demand and technology is advancing.

 

Machine Condition Monitoring Market

 

By Monitoring Process, Online Condition Monitoring and Portable Condition Monitoring are included in the market segmentation for machine condition monitoring, which is based on the monitoring process. Portable condition monitoring is used to gather and analyze data on important machinery. They are lightweight, quick, easy to operate, and incredibly capable. The growth of the market is fueled by the features and attributes of the portable machine diagnostics operation type. Online condition monitoring is highly necessary because it is challenging to use portable monitoring methods in industrial units that are situated in remote areas. The increasing usage of sensors in monitoring technologies has led to a rise in the popularity of online monitoring solutions for data accuracy.

 

Machine Condition Monitoring Market Regional Analysis

The machine condition monitoring market in North America is expected to be the largest market. The United States and Canada are expected to present considerable growth potential in comparison to the robust demand from the power generation, aerospace, oil & gas, marine, and food & beverage sectors. Vibration monitoring has become popular for monitoring the condition of the oil in the equipment lubricants used on oil and gas platforms. The nation's media to major companies provide condition monitoring systems for use in a variety of sectors. Second, the condition monitoring market in the United States has been significantly influenced by the relatively greater median age of factories, plants, and operators. The nation's recent investments in clean and renewable energy are expected to boost the demand for condition monitoring systems, and it is also home to several petrochemical industries.

 

Machine Condition Monitoring Market

 

The machine condition monitoring market in Asia Pacific is expected to grow at the quickest compound annual growth rate (CAGR) during the forecast period. The key factors driving the growth of the machine condition monitoring market in this region are ongoing industrialization, increasing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency. Also, several 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 increase. As a result, there drive be a high demand for machine condition monitoring systems in the region.

 

Machine Condition Monitoring Market Competitive Landscape

The Leading industry participants are making significant R&D investments to broaden their product offerings, hence contributing to the overall growth of the Machine Condition Monitoring market. To increase their market share, market players are also engaging in a range of calculated strategic actions. Outstanding developments in this regard include the introduction of new products, contracts, mergers and acquisitions, increased investment, and cooperation with other businesses. To grow and thrive in an increasingly competitive and developing market, the Machine Condition Monitoring sector needs to provide affordable products.

  • 29 August 2023 the equipment, services, and software required for optimal asset performance are given to reliability and maintenance organizations by Fluke Reliability.
  • On October 17, 2023 Meggitt's innovative Wireless Tire Pressure Sensor (WTPS) and a new tire pressure status feature integrated into a smartphone and tablet app allow the sensor to check inflation pressure while improving user experience.
  • On March 27, 2024, Perstorp Specialty Chemicals, a Swedish chemical firm, made a sizable investment in SPM Instrument's Airius wireless vibration sensors. The Wi-Fi version of Arius is part of the order it is monitor vital process equipment at Perstorp's plants, limiting the danger of machine damage, effectively monitoring vibration-related concerns, and saving operational costs.

 

Machine Condition Monitoring Market Scope

Market Size in 2023

USD 2.8 Bn.

Market Size in 2030

USD 4.65 Bn.

CAGR (2024-2030)

7.5%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

By End Use

  • Oil & Gas Industry
  • Chemical & Petrochemical Industry
  • Pulp & Paper Industry
  • Steel & Metal Industry

By Monitoring Type

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring

By Monitoring Process

  • Online Condition Monitoring
  • Portable Condition Monitoring

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Key Player in the Machine Condition Monitoring Market

  1. Emerson Electric Co.
  2. Meggitt
  3. General Electric,
  4. Fluke
  5. Kobold
  6. Rockwell Automation Inc.
  7. Parker US
  8. Analog Devices Inc.
  9. Amphenol,
  10. Allied Reliability,
  11. National Instruments Corp,
  12. Honeywell
  13. SKF AB
  14. Schaeffler
  15. Bruel & Kjaer Sound & Vibration Measurement
  16. PCB Piezotronics, Inc.
  17. Pruftechnik
  18. SPM Instrument AB
  19. Testo SE & Co. KGaA
  20. Yokogawa Electric


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Frequently Asked Questions

The forecast period of the market is 2024 to 2030.

1.    Machine Condition Monitoring Market: Research Methodology 

2.    Machine Condition Monitoring Market: Executive Summary

3.    Machine Condition Monitoring Market: Competitive Landscape

4.    Potential Areas for Investment
4.1. Stellar Competition Matrix
4.2. Competitive Landscape
4.3. Key Players Benchmarking
4.4. Market Structure
4.4.1.    Market Leaders 
4.4.2.    Market Followers
4.4.3.    Emerging Players

4.5. Consolidation of the Market
4.6. Import and export of Machine Condition Monitoring Market 

5.    Machine Condition Monitoring Market : Dynamics
5.1. Market Driver 
5.1.1.    Increasing Consumer Awareness
5.1.2.    Innovation in Product Offerings

5.2. Market Trends by Region
5.2.1.    North America
5.2.2.    Europe
5.2.3.    Asia Pacific
5.2.4.    Middle East and Africa
5.2.5.    South America

5.3. Market Drivers by Region
5.3.1.    North America
5.3.2.    Europe
5.3.3.    Asia Pacific
5.3.4.    Middle East and Africa
5.3.5.    South America

5.4. Market Restraints
5.5. Market Opportunities
5.6. Market Challenges
5.7. PORTER’s Five Forces Analysis
5.8. PESTLE Analysis
5.9. Strategies for New Entrants to Penetrate the Market
5.10. Regulatory Landscape by Region
5.10.1.    North America
5.10.2.    Europe
5.10.3.    Asia Pacific
5.10.4.    Middle East and Africa
5.10.5.    South America

6.    Machine Condition Monitoring Market Size and Forecast by Segments (by value Units)
6.1. Machine Condition Monitoring Market Size and Forecast, by End Use (2023-2030)
6.1.1.    Oil & Gas Industry
6.1.2.    Chemical & Petrochemical Industry
6.1.3.    Pulp & Paper Industry
6.1.4.    Steel & Metal Industry

6.2. Machine Condition Monitoring Market Size and Forecast, by Monitoring Type  (2023-2030)
6.2.1.    Vibration Monitoring
6.2.2.    Thermography
6.2.3.    Oil Analysis
6.2.4.    Corrosion Monitoring

6.3. Machine Condition Monitoring Market Size and Forecast, by Monitoring Process(2023-2030)
6.3.1.    Online Condition Monitoring
6.3.2.    Portable Condition Monitoring

6.4. Machine Condition Monitoring Market Size and Forecast, by Region (2023-2030)
6.4.1.    North America
6.4.2.    Europe
6.4.3.    Asia Pacific
6.4.4.    Middle East and Africa
6.4.5.    South America

 

7.    North America Machine Condition Monitoring Market Size and Forecast (by value Units)
7.1. North America Machine Condition Monitoring Market Size and Forecast, by End Use (2023-2030)
7.1.1.    Oil & Gas Industry
7.1.2.    Chemical & Petrochemical Industry
7.1.3.    Pulp & Paper Industry
7.1.4.    Steel & Metal Industry

7.2. North America Machine Condition Monitoring Market Size and Forecast, by Monitoring Type  (2023-2030)
7.2.1.    Vibration Monitoring
7.2.2.    Thermography
7.2.3.    Oil Analysis
7.2.4.    Corrosion Monitoring

7.3. North America Machine Condition Monitoring Market Size and Forecast, by Monitoring Process(2023-2030)
7.3.1.    Online Condition Monitoring
7.3.2.    Portable Condition Monitoring

7.4. North America Machine Condition Monitoring Market Size and Forecast, by Country (2023-2030)
7.4.1.    United States
7.4.2.    Canada
7.4.3.    Mexico

8.    Europe Machine Condition Monitoring Market Size and Forecast (by Value Units)
8.1. Europe Machine Condition Monitoring Market Size and Forecast, by End Use (2023-2030)
8.1.1.    Oil & Gas Industry
8.1.2.    Chemical & Petrochemical Industry
8.1.3.    Pulp & Paper Industry
8.1.4.    Steel & Metal Industry

8.2. Europe Machine Condition Monitoring Market Size and Forecast, by Monitoring Type  (2023-2030)
8.2.1.    Vibration Monitoring
8.2.2.    Thermography
8.2.3.    Oil Analysis
8.2.4.    Corrosion Monitoring

8.3. Europe Machine Condition Monitoring Market Size and Forecast, by Monitoring Process(2023-2030)
8.3.1.    Online Condition Monitoring
8.3.2.    Portable Condition Monitoring

8.4. Europe Machine Condition Monitoring Market Size and Forecast, by Country (2023-2030)
8.4.1.    UK
8.4.2.    France
8.4.3.    Germany
8.4.4.    Italy
8.4.5.    Spain
8.4.6.    Sweden
8.4.7.    Austria
8.4.8.    Rest of Europe

9.    Asia Pacific Machine Condition Monitoring Market Size and Forecast (by Value Units)
9.1. Asia Pacific Machine Condition Monitoring Market Size and Forecast, by End Use (2023-2030)
9.1.1.    Oil & Gas Industry
9.1.2.    Chemical & Petrochemical Industry
9.1.3.    Pulp & Paper Industry
9.1.4.    Steel & Metal Industry

9.2. Asia Pacific Machine Condition Monitoring Market Size and Forecast, by Monitoring Type  (2023-2030)
9.2.1.    Vibration Monitoring
9.2.2.    Thermography
9.2.3.    Oil Analysis
9.2.4.    Corrosion Monitoring

9.3. Asia Pacific Machine Condition Monitoring Market Size and Forecast, by Monitoring Process (2023-2030)
9.3.1.    Online Condition Monitoring
9.3.2.    Portable Condition Monitoring

9.4. Asia Pacific Machine Condition Monitoring Market Size and Forecast, by Country (2023-2030)
9.4.1.    China
9.4.2.    S Korea
9.4.3.    Japan
9.4.4.    India
9.4.5.    Australia
9.4.6.    Asean
9.4.7.    Rest of Asia Pacific

10.    Middle East and Africa Machine Condition Monitoring Market Size and Forecast (by Value Units)
10.1. Middle East and Africa Machine Condition Monitoring Market Size and Forecast, by End Use (2023-2030)
10.1.1.    Oil & Gas Industry
10.1.2.    Chemical & Petrochemical Industry
10.1.3.    Pulp & Paper Industry
10.1.4.    Steel & Metal Industry

10.2. Middle East and Africa Machine Condition Monitoring Market Size and Forecast, by Monitoring Type  (2023-2030)
10.2.1.    Vibration Monitoring
10.2.2.    Thermography
10.2.3.    Oil Analysis
10.2.4.    Corrosion Monitoring

10.3. Middle East and Africa Machine Condition Monitoring Market Size and Forecast, by Monitoring Process(2023-2030)
10.3.1.    Online Condition Monitoring
10.3.2.    Portable Condition Monitoring

10.4. Middle East and Africa Machine Condition Monitoring Market Size and Forecast, by Country (2023-2030)
10.4.1.    South Africa
10.4.2.    GCC
10.4.3.    Rest of ME&A

11.    South America Machine Condition Monitoring Market Size and Forecast (by Value Units)
11.1. South America Machine Condition Monitoring Market Size and Forecast, by End Use  (2023-2030)
11.1.1.    Oil & Gas Industry
11.1.2.    Chemical & Petrochemical Industry
11.1.3.    Pulp & Paper Industry
11.1.4.    Steel & Metal Industry

11.2. South America Machine Condition Monitoring Market Size and Forecast, by Monitoring Type  (2023-2030)
11.2.1.    Vibration Monitoring
11.2.2.    Thermography
11.2.3.    Oil Analysis
11.2.4.    Corrosion Monitoring

11.3. South America Machine Condition Monitoring Market Size and Forecast, by Monitoring Process(2023-2030)
11.3.1.    Online Condition Monitoring
11.3.2.    Portable Condition Monitoring

11.4. South America Machine Condition Monitoring Market Size and Forecast, by Country (2023-2030)
11.4.1.    Brazil
11.4.2.    Argentina
11.4.3.    Rest of South America

12.    Company Profile: Key players
12.1.  Emerson Electric Co
12.1.1.    Company Overview
12.1.2.    Financial Overview
12.1.3.    Business Portfolio
12.1.4.    SWOT Analysis
12.1.5.    Business Strategy 
12.1.6.    Recent Developments

12.2. Meggitt
12.3. General Electric,
12.4. Fluke 
12.5. Kobold 
12.6. Rockwell Automation Inc.
12.7. Parker US
12.8. Analog Devices Inc.
12.9. Amphenol, 
12.10. Allied Reliability, 
12.11. National Instruments Corp, 
12.12. Honeywell 
12.13. SKF AB
12.14. Schaeffler
12.15. Bruel & Kjaer Sound & Vibration Measurement
12.16. PCB Piezotronics, Inc.
12.17. Pruftechnik
12.18. SPM Instrument AB
12.19. Testo SE & Co. KGaA
12.20. Yokogawa Electric 

13.    Key Findings

14.    Industry Recommendation
 

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