Machine Condition Monitoring Market Forecast and Growth 2031

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.

Machine Condition Monitoring Market Analysis

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 Market Overview

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.

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Machine Condition Monitoring Market: Strategic Insights

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Machine Condition Monitoring Market Drivers and Opportunities

Growing Preference for Wireless Communication Technology is Driving 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.

Deploying Machine Learning and Big Data Analytics in Machine Condition Monitoring - An Opportunity in the Machine Condition Monitoring Market

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.

Machine Condition Monitoring Market Report Segmentation Analysis

Key segments that contributed to the derivation of the machine condition monitoring market analysis are monitoring technique, offering, monitoring process, monitoring technique, and industry.

• Based on monitoring technique, the machine condition monitoring market is divided into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, and motor current analysis. The vibration monitoring segment held a larger market share in 2023.
• On the basis of offering, the machine condition monitoring market is divided into hardware and software. The hardware segment is sub-segmented into vibration sensors, proximity probes, tachometers, infrared sensors, spectrometers, ultrasound detectors, corrosion probes, and others. The software segment is sub-segmented into data integration, diagnostic reporting, order tracking analysis, and parameter calculation. The hardware segment held a larger market share in 2023.
• On the basis of monitoring process, the machine condition monitoring market is divided into online condition monitoring and portable condition monitoring. The online condition monitoring segment held a larger market share in 2023.
• Based on monitoring technique, the machine condition monitoring market is divided into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, and motor current analysis. The vibration monitoring segment held a larger market share in 2023.
• In terms of industry, the machine condition monitoring market is categorized as oil & gas, power generation, automotive, aerospace & defense, food & beverage, manufacturing, and others. The power generation segment held a larger market share in 2023.

Machine Condition Monitoring Market Share Analysis by Geography

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.

Machine Condition Monitoring Market Regional Insights

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.

Machine Condition Monitoring Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. ASL Limited
2. Emerson Electric Co.
3. General Electric Co.
4. Honeywell International Inc.
5. National Instruments
6. Parker-Hannifin Corp.

Disclaimer: The companies listed above are not ranked in any particular order.

Machine Condition Monitoring Market News and Recent Developments

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:

• In November 2023, SKF expanded its portfolio of condition monitoring solutions with the SKF Enlight Collect IMx-1-EX sensor solution. Wireless monitoring of assets helps predict machine failure before it can escalate into a serious problem, such as an unscheduled shutdown. This can deliver multiple benefits, including reduced costs and a more sustainable operation of equipment. (Source: SKF, Press Release, 2023)
• In April 2022, OMRON Corporation launched the new K7TM condition monitor for heater equipment used, especially in the automotive and FMCG industries. The K7TM visualizes deterioration tendencies to enable predictive maintenance and contributes to the realization of a carbon-free society. (Source: OMRON Corporation, Press Release, 2023)

Machine Condition Monitoring Market Report Coverage and Deliverables

The “Machine Condition Monitoring Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles