Machine Condition Monitoring Market Outlook 2031
The global machine condition monitoring market size was USD 2.83 Billion in 2022 and is estimated to reach USD 6.15 Billion by 2031, expanding at a CAGR of 9% during the forecast period, 2023–2031. 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.
Machine Condition Monitoring 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 Machine Condition Monitoring Market 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.
Machine Condition Monitoring Market –Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Equipment Category (Vibration Monitoring Equipment, Thermography Equipment, and Lubricating Oil Analysis Equipment) and End User Industry (Oil and Gas, Power Generation, Process and Manufacturing, Aerospace and Defense, Automotive and Transportation, and Other End-user Industries)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
GE Bently Nevada, Emerson Electric Co, Rockwell Automation, Inc., SKF Group, and Meggitt PLC
Machine Condition Monitoring Market Segment insights
Equipment Category Segment Analysis
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.
End-user Industry Segment Analysis
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.
Geography Segment Analysis
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.
The machine condition monitoring market has been segmented on the basis of
- Vibration Monitoring Equipment
- Thermography Equipment
- Lubricating Oil Analysis Equipment
End User Industry
- Oil and Gas
- Power Generation
- Process and Manufacturing
- Aerospace and Defense
- Automotive and Transportation
- Other End-user Industries
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the machine condition monitoring market include GE Bently Nevada, Emerson Electric Co, Rockwell Automation, Inc., SKF Group, and Meggitt PLC.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
In April 2020, SKF join forces with wireless specialist LumenRadio to intensify automated machine monitoring. With the help of this collaboration SKF developed a new wireless sensor as part of a condition monitoring system for improving rotating equipment performance programs on a scale previously considered uneconomic.
In March 2020, STMicroelectronics enlarged the next generation of Industry 4.0 applications with a new vibration-sensing technology that is mainly enhanced to enable smart maintenance of factory equipment. The IIS3DWB vibration sensor and supporting STEVAL-STWINKT1 multi-sensor evaluation kit has been created to increase development of condition-monitoring systems that boost productivity by inferring equipment maintenance needs.