Machine Condition Monitoring Market

Machine Condition Monitoring Market Snapshot 2022 - 2032

The machine condition monitoring market value is projected to reach US$ 5.5 Bn in 2032. The market for machine condition monitoring is primarily driven by the rising awareness of manufacturers regarding machine downtime, production efficiency, and other benefits of installing machine condition monitoring and the accelerating global deployment of automated technologies in smart factories.

According to FMI, the machine condition monitoring market is estimated to be valued at US$ 2.6 Bn in 2022 and is projected to increase at a CAGR of 7.5% in the forecast period from 2022 to 2032.

Attributes	Details
Market Size (2021)	US$ 2.49 Billion
Market Size 2022	US$ 2.6 Billion
Market Size 2032	US$ 5.5 Billion
Value CAGR (2022 to 2032)	7.5%

It's crucial to keep the industrial machines running smoothly and increase machine availability, failures on industrial equipment lead to severe consequences for end users. Condition monitoring hardware systems, software systems offer several advantages to various end-use industries, such as the analysis of real-time data, monitoring process parameters through technologies such as the Internet of Things (IoT), lower maintenance costs, reduced production downtime, the detection of catastrophic machine failures, etc. Hence, the market is anticipated to experience significant growth in the coming years.

Condition monitoring, a key element of predictive maintenance, assumes that machinery may deteriorate over time and eventually fail. By being proactive and tracking equipment performance through technology, condition monitoring gives the information needed to schedule maintenance while avoiding problems that can result in unplanned downtime.

In some countries, the adoption of automated manufacturing technologies has increased recently, which is due to the increasing number of smart factories. Automated technology is continually sought after in manufacturing facilities across industries by nations with significantly more manufacturing facilities, such as the U.S., China, Canada, U.K., Germany, Japan, and France. Expanding their manufacturing facilities is one of the most crucial strategies employed by manufacturers due to the continuously expanding market for manufacturing across industries. The growing number of industrial facilities has a positive impact on the demand for automated solutions since new and technologically advanced machinery necessitates routine monitoring of components while in operation.

Historic Market Outlook for Machine condition monitoring

Machine condition monitoring market analysis from 2017 to 2021 revealed a historical growth rate of around 3.8% CAGR, with this market expansion being fueled by increasing demand to cope with the industrial machines errors and faults, which is possible by monitoring the minor changes that happen to the equipment by taking measurements such as pressure, temperature, vibration, etc., into consideration which helps to increase the machinery safety, which in turn increases the human safety as well. The use of this system has a positive effect on the health of the machines and has therefore proved to be a most important boon for increasing the longevity of equipment.

Sales of this system are expected to increase during the forecast period, owing to the long-term shutdown of various companies and factories during the COVID-19 outbreak, and thus the need to adopt this solution to prevent machine failure and ensure safety-related concerns.

Furthermore, various technological advancements such as wireless technologies, machine integration with the Internet of Things, and the use of secure cloud computing platforms are major growth-inducing factors that will propel market growth in the coming years. As a result, market demand for machine condition monitoring is expected to grow at a CAGR of 7.5% by 2032.

What are the Various Factors Driving the Machine condition monitoring Market?

A significant growth factor for the global market for machine condition monitoring over the forecast period will be its benefits for various industries to increase their productivity. This system includes data analysis software that helps predict machine failure, pinpoint the reasons for such failures, provide updates for the future advancement of the machines, etc.

With increasing automation in the end-use industries, complex machinery is driving the modern industry, in which this system plays a vital role in the health of the end customer’s machines and their business, which is one of the primary factors supporting market growth. This, along with increasing awareness among end users about the advantages of implementing condition monitoring systems, are some of the key factors fueling the growth of the machine condition monitoring market.

This system helps to control and supervise the industry's operations from remote locations with the help of data gathered from the different equipment. Thus, these systems eliminate the need for human intervention in the supervision of industrial plants. Hence, it is expected to increase the installation of this system in various end-use industries.

Which Factors May Hinder the Machine condition monitoring Market Growth?

Software updates, system optimization, data transmission, and other technical tasks require technical competency. The global market is significantly hampered by the lack of technical expertise that is required to conduct data analysis and who is familiar with advanced technologies and the newest software systems.

This system can be expensive to install like in some cases, the systems may even require existing machine modification for retrofitting with sensors. There may also be additional sensor costs to take account of operating environments, which further increase the overall the price of installation. Some machines now include built-in condition monitoring sensors that track the health of the machine deployed, collect data from such equipment, and send it to a central computer for further processing. Because some factories' equipment lacks such an inbuilt system, an external integration is required, which incurs additional costs and may impede the growth of the targeted market.

What is the Regional Analysis of Machine condition monitoring Market Share?

The market for machine condition monitoring is segmented geographically into many key areas, including North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East & Africa. Globally, the market is likely to be dominated by North America. The regional government is investing in smart factory adoption, increased deployment of advanced technologies such as industrial IoT, big data, and machine learning, and high implementation of secure cloud computing platforms in manufacturing operations, creating growth opportunities in the North America region.

South Asia Pacific markets are expected to grow at a rapid pace, owing to ongoing industrialization, increased adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency, all of which will have an impact on market growth.

The European market is expected to account for a significant market share due to increasing consumer demand for connected vehicles, wireless communication, and electrical vehicles. In addition, the key global players, which have a strong presence in developed regions, are projected to increase their production bases in developing regions to support the growth of the regional market.

Market Competition

Key players operating in the machine condition monitoring market are significantly creating market growth opportunities through collaboration with system integrators, data analytics service providers, technology providers, etc. This collaboration and partnership activity is expected to develop technologies that can be used to manufacture world-class solutions to meet a diverse range of customer requirements.For instance,

In January 2021, Emerson launched the Plantweb insight inline corrosion software for the oil and gas industry with actual data analysis and interpretation that helps to prioritise maintenance and helps the customers make informed integrity decisions.

Scope of the Report

Attribute	Details
Growth Rate	CAGR of 7.5% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2017 to 2021
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million, Volume in Units and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Monitoring Techniques System Type Monitoring Process Deployement Type Application Region Industry
Regions Covered	North America Latin America Europe East Asia South Asia & Pacific Middle East and Africa
Key Countries Covered	USA Canada Mexico Brazil Germany Italy France UK Spain Benelux Russia China Japan South Korea India ASEAN ANZ GCC Countries Turkey South Africa North Africa
Key Companies Profiled	General Electric Emerson Electric SKF Honeywell International Schaeffler AG Rockwell Automation Inc. National Instruments Corporation Parker Hannifin Corporation Dewesoft Advanced Technology Services, Inc. Crystal Instruments Baker Huges Company Fluke Corporation Others
Customization & Pricing	Available upon Request

Key Segments Profiled in the Machine condition monitoring Market Report Machine condition monitoring Market

By Monitoring Techniques, Machine condition monitoring Market is segmented as:

• Vibrating Monitoring
• Thermography
• Oil Anlysis
• Corossion Monitoring
• Motor Current Analysis
• Ultrasound EmissionMonitoring

By System, Machine condition monitoring Market is segmented as:

• Hardware
• Software

By Monitoring Process, Machine condition monitoring Market is segmented as:

• Online Condition Monitoring
• Portable Condition Monitoring

By Deployement Type, Machine condition monitoring Market is segmented as:

• On premises
• Cloud

By Industry, Machine condition monitoring Market is segmented as:

• Power Generation
• Oil and Gas
• Automotive
• Chemical
• Aerospace
• Food & Beverage
• Metal & Mining
• Others

By Region, Machine condition monitoring Market is segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

Frequently Asked Questions

What was the value of the Machine condition monitoring Market in 2021?

In 2021, the value of the Machine condition monitoring Market reached over US$ 2.49 Bn.

At what rate is the Machine condition monitoring Market projected to expand during the forecast period?

During the forecast period, the Machine condition monitoring Market is estimated to expand at a CAGR of 7.5% during 2022-2032.

By 2032, what will the value of the Machine condition monitoring Market?

The Machine condition monitoring Market is projected to reach US$ 5.5 Bn by the end of 2032.

Which region is set to lead the Machine condition monitoring Market?

North America region is projected to lead the Machine condition monitoring market in the forecast period.

Which are the top players in the Machine condition monitoring Market?

The key players operating in the Machine condition monitoring market are Emerson Electric, SKF, Honeywell International, General Electric.