The machine condition monitoring market size is projected to reach US$ 5.31 billion by 2031 from US$ 2.85 billion in 2023. The market is expected to register a CAGR of 8.1% in 2023–2031. The growing demand for cloud computing platforms and energy efficiency among industries is likely to remain a key machine condition monitoring market trends.
The machine condition monitoring market is growing at a rapid pace due to the growing preference for wireless communication technology and the increasing number of smart factories. The market is expanding steadily, driven by the shifting preference towards the adoption of predictive maintenance. Moreover, technological advancements and deploying machine learning and big data analytics in machine condition monitoring are providing lucrative opportunities for market growth.
Machine condition monitoring is the process of continuously evaluating the operating state of machinery and equipment in order to identify abnormalities and anticipate possible failures. The process includes vibration monitoring, thermal imaging, and oil analysis are performed with the help of a variety of devices, including sensors, data-gathering devices, and analytical software. Numerous industries, including oil & gas, power generation, automotive, aerospace & defense, food & beverage, manufacturing, and others, are highly using machine condition monitoring to enhance their production process. Machine condition monitoring helps these industries maximize equipment performance, increase productivity, improve safety, lower maintenance costs, give real-time insights, minimize unscheduled downtime, and enable predictive maintenance. However, the rising demand for machine condition monitoring among industries to promote automation is boosting the market.
Machine breakdown of industrial equipment is one of the most frequent reasons for unscheduled production halts, which lead to industrial plant shutdowns and ensuing financial losses. This increases the demand for wireless communication technology among industries to constantly monitor machine performance. The evolution of wireless communication technologies supports industries to easily install sensors for generating high-frequency condition monitoring data. This technology makes it easier to remotely monitor machines by removing obstacles caused by things including cable length, installation location, and accessibility.
Technological advancement and increasing adoption of big data analytics and machine learning technologies are creating opportunities in the market. Big data analytics are capable of managing massive amounts of data and support machine condition monitoring systems to analyze data more quickly. Similarly, machine learning technology makes it simple for condition monitoring systems to benchmark machine performance, permits data transparency, and facilitates effective cooperation between many processes. Condition monitoring powered by big data and machine learning technologies helps businesses run more profitably and more efficiently by reducing the total cost of ownership of their assets.
Key segments that contributed to the derivation of the machine condition monitoring market analysis are monitoring technique, offering, monitoring process, monitoring technique, and industry.
The geographic scope of the machine condition monitoring market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, the Asia Pacific market accounted for the largest machine condition monitoring market share, due to increasing demand from the power generation, aerospace, oil and gas, marine, and food and beverage industries. The market in the US and Canada is expected to offer significant growth opportunities for the market, due to the increasing popularity of vibration monitoring used for oil condition monitoring in lubricants used in oil and gas platform machinery. Increasing offshore oil exploration activities in North America are creating opportunities in the market during the forecast period.
The regional trends and factors influencing the Machine Condition Monitoring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Machine Condition Monitoring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.85 Billion |
| Market Size by 2031 | US$ 5.31 Billion |
| Global CAGR (2023 - 2031) | 8.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Monitoring Technique
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Machine Condition Monitoring Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Machine Condition Monitoring Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The machine condition monitoring market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for machine condition monitoring and strategies:
The “Machine Condition Monitoring Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The incremental growth expected to be recorded for the global machine condition monitoring market during the forecast period is US$ 2.46 billion.
The global machine condition monitoring market is expected to reach US$ 5.31 billion by 2031.
The key players holding majority shares in the global machine condition monitoring market are ASL Limited, Emerson Electric Co., General Electric Co., Honeywell International Inc., and National Instruments.
The growing demand for cloud computing platforms and energy efficiency among industries to play a significant role in the global machine condition monitoring market in the coming years.
The growing preference for wireless communication technology and the increasing number of smart factories are the major factors that propel the global machine condition monitoring market.
The global machine condition monitoring market was estimated to be US$ 2.85 billion in 2023 and is expected to grow at a CAGR of 8.1% during the forecast period 2023 - 2031.