Machine Condition Monitoring Market by Equipment Category (Vibration Monitoring Equipment, Thermography Equipment, and Lubricating Oil Analysis Equipment), End User Industry (Oil and Gas, Power Generation, Process and Manufacturing, Aerospace and Defense, Automotive and Transportation, and Other End-user Industries), and Geography (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) -Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The machine condition monitoring market size was USD 2.6 billion in 2021 and is estimated to register a substantial CAGR of above 9% during the forecast period, 2021–2028. The growth of the market is attributed to its applications in multiple industries can prevent machine failures and surge capital investment.

Machine condition monitoring refers to the process of monitoring the condition of a machine with the purpose to predict mechanical failure and wear. Trends in the data provide health information about the machine and help detect machine faults at the early stages which prevent unexpected failure and costly repair. Maintenance is crucial to machines therefore, machine condition monitoring is an important part of maintenance, and many companies have been focusing more on asset utilization and increasing productivity.

Furthermore, as operational equipment is receptive to various types of errors and faults, therefore to monitor major or minor changes in equipment by measuring parameters like temperature, vibration, current, voltage, pressure, flow are necessary.

The Covid-19 pandemic had an adverse impact on the machine condition monitoring market. Due to the pandemic businesses across the world having crucial assets for manufacturing of goods and services offering revenue are observing decline; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Market Trends, Drivers, Restraints, and Opportunities

• Rising application of secure cloud computing platforms used for machine condition monitoring is expected to drive the market during the forecast period.
• Increasing adoption of wireless communication technology in machine condition monitoring is estimated to propel the market in coming years
• Growing inclination toward predictive maintenance of industrial machinery is likely to surge the demand for machine condition monitoring
• Deployment of automated condition monitoring technologies in smart factories is projected to fuel the market expansion
• R&D investment and technological advancement in the machine condition monitoring market are expected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the machine condition monitoring market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment insights

The vibration monitoring equipment segment is projected to constitute a large market share

Based on equipment category, the machine condition monitoring market is segregated into vibration monitoring equipment, thermography equipment, and lubricating oil analysis equipment. The vibration monitoring equipment segment is expected to account for a key share of the market during the forecast period owing its application in detecting and preventing equipment failure or downtime. Furthermore it can screen faults such as imbalance, misalignment, looseness and late-stage bearing wear, providing precipitous warning of impending failure.

The oil and gas segment is expected to register a substantial CAGR

Based on end user industry, the machine condition monitoring market is divided into oil and gas, power generation, process and manufacturing, aerospace and defense, automotive and transportation, and other end-user industries. The oil and gas segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to rising pressure of high operating costs of oil and gas plants. Furthermore, fluctuations in oil prices in the global market are contributing to the increasing pressure on the oil and gas industry to reduce its operating costs. Therefore, this industry is anticipated to adopt condition monitoring solutions and systems to maintain the efficient working of its critical assets and reduce downtime. Moreover, the increasing demand for online condition monitoring solutions is expected to further drive the growth of the machine condition monitoring market for oil and gas industry; however, automotive and transportation segment is anticipated to expand at a rapid pace during the forecast period owing to rapid changes undergone by this segment such as technological advances which includes radios, alarms, and wipers therefore, these  increased complexity is leading to possible production errors and surging the demand for machine condition monitoring.

Europe is expected to dominate the market

In terms of geography, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Europe is anticipated to expand at a robust CAGR during the forecast period the aerospace industry in this region is one of the most innovative and best-performing industries and has observed significant success; therefore it is expected to drive the market growth in near future. Furthermore, increasing requirement to replace old and low-efficient aircraft and rapidly growing passenger volumes are driving this market of machine condition monitoring.