Machine Condition Monitoring Market Dynamics - 2021 to 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
Market Size Value in US$ 2,640.0 Million in 2019 Market Size Value by US$ 3,922.0 Million by 2027 Growth rate CAGR of 5.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Machine Condition Monitoring Market: Strategic Insights
| Market Size Value in | US$ 2,640.0 Million in 2019 |
| Market Size Value by | US$ 3,922.0 Million by 2027 |
| Growth rate | CAGR of 5.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Monitoring Technique ; Offering ; Deployment ; Monitoring Process ; and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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