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

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.

 

 

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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.

 

 

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.

 

 

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