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Global Machine Condition Monitoring Market – Industry Trends and Forecast to 2030

Semiconductors and Electronics

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Global Machine Condition Monitoring Market – Industry Trends and Forecast to 2030

  • Semiconductors and Electronics
  • Upcoming Report
  • Oct 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Machine Condition Monitoring Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 3.21 Billion
Diagram Market Size (Forecast Year) USD 5.12 Billion
Diagram CAGR %

Major Markets Players

  • - Emerson Electric Co. - General Electric - Honeywell International Inc. - National Instruments Corp. - AB SRF - ALS - Wilcoxon Sensing Technologies - Rockwell Automation Inc. - PARKER HANNIFIN CORP - Others -

Global Machine Condition Monitoring Market, By Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission and Motor Current Analysis), Offering (Hardware and Software), Deployment Type (On-premises, Cloud), Monitoring Process (Online Condition Monitoring and Portable Condition Monitoring), End-Use (Oil and Gas, Power Generation, Metals and Mining, Chemicals, Automotive, Aerospace and Defense, Food and Beverages, Marine and Others) - Industry Trends and Forecast to 2030.

 Machine Condition Monitoring Market

Machine Condition Monitoring Market Analysis and Size

Machine condition monitoring is a procedure for monitoring the condition of a machine. It basically helps in predicting mechanical wear and failure by monitoring the condition of machine such as humidity, temperature, pressure and others. It also provides early warning system for the machines to detect damage in correct time and helps to prevent further consequential damage. The increasing disposition towards predictive maintenance along with trends of smart factory or 4.0 will emerge as the major factor driving market growth.

Data Bridge Market Research analyses that the global machine condition monitoring market which was USD 3.21 billion in 2022, is expected to reach USD 5.12 billion by 2030, and is expected to undergo a CAGR of 6.00% during the forecast period 2023-2030. This indicates the market value. “Vibration Monitoring” dominates the monitoring technique segment of the global machine condition monitoring market due to Vibration monitoring is one of the most effective and widely adopted techniques for detecting faults and abnormalities in machinery. Vibrations are early indicators of potential problems such as misalignments, unbalance, bearing wear, and mechanical looseness. By monitoring vibrations, maintenance teams can identify issues before they lead to more significant failures or downtime. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Machine Condition Monitoring Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable from 2015 to 2020)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission and Motor Current Analysis), Offering (Hardware and Software), Deployment Type (On-premises, Cloud), Monitoring Process (Online Condition Monitoring and Portable Condition Monitoring), End-Use (Oil and Gas, Power Generation, Metals and Mining, Chemicals, Automotive, Aerospace and Defense, Food and Beverages, Marine and Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa

Market Players Covered

Emerson Electric Co. (U.S.), General Electric (U.S.), Honeywell International Inc. (U.S.), National Instruments Corp. (U.S.), AB SRF (India), ALS (Australia), Wilcoxon Sensing Technologies (U.S.), Rockwell Automation, Inc. (U.S.), PARKER HANNIFIN CORP (U.S.), Schaeffler AGSYMPHONY AZIMAAI, Brüel & Kjær. (Germany), Fluke Corporation (U.S.), Meggitt PLC (U.K.), PCB Piezotronics, Inc. (U.S.), FLIR Systems, Inc. (U.S.), SPM Instrument AB. (Sweden), Analog Devices, Inc. (U.S.), Machine Saver (U.S.), 3d SignalsLogiLube, LLC (Canada), Petasense Inc. (U.S.), and Senseye Ltd. (U.K.)

Market Opportunities

  • Rising IoT Integration
  • Increasing use of artificial intelligence (AI) and machine learning
  • Growing edge computing solutions

Market Definition

Machine condition monitoring refers to the worldwide industry focused on the development, manufacturing, deployment, and maintenance of technologies, tools, and solutions designed to assess and monitor the condition of machinery and equipment in various sectors and industries. This market encompasses a wide range of hardware and software solutions, sensors, devices, and services that are employed to continuously or periodically collect, analyze, and interpret data from machines to assess their operational health and performance.

Global Machine Condition Monitoring Market Dynamics

Drivers

  • Increasing Demand for Predictive Maintenance

Organizations across industries are shifting from reactive maintenance to predictive maintenance strategies. Machine condition monitoring enables early detection of equipment issues, reducing unplanned downtime and maintenance costs, which is a compelling incentive for adoption.

  • Growing Complexity of Industrial Machinery

As industrial machinery becomes more complex and interconnected, the need for continuous monitoring and real-time data analysis has increased. Machine condition monitoring helps manage this complexity and ensures the optimal performance of critical equipment.

  • Advancements in Sensor Technology

Innovations in sensor technology have led to more accurate and cost-effective sensors for measuring various parameters, such as vibration, temperature, pressure, and oil quality. These advancements have made machine condition monitoring more accessible and affordable.

Opportunity

  • Rising IOT Integration

The Internet of Things (IoT) is expected to play a significant role in the future of machine condition monitoring. Integrating sensors and monitoring systems into IoT networks will enable real-time data collection and analysis on a massive scale. This will open up opportunities for more comprehensive and predictive maintenance strategies.

Restraints/ Challenges

  • High Initial Costs

Implementing a comprehensive machine condition monitoring system, including sensors, software, and infrastructure, can involve a substantial upfront investment. Small and medium-sized enterprises (SMEs) may find these costs prohibitive.

  • Complexity of Integration issues

Implementing a comprehensive machine condition monitoring system, including sensors, software, and infrastructure, can involve a substantial upfront investment. Small and medium-sized enterprises (SMEs) may find these costs prohibitive..

This global machine condition monitoring market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global machine condition monitoring market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In March 2021, Emerson launched a comprehensive suite of digital solutions for operators, featuring the Rosemount 4390 Series of Corrosion and Erosion Wireless Transmitters and the Plantweb Insight Non-Intrusive Corrosion Application. These innovations provided real-time monitoring, predictive maintenance, and plant optimization capabilities, enabling operators to proactively manage corrosion and erosion risks, ensuring maximum plant performance and cost savings
  • In April 2020, GE Healthcare deployed its Mural Virtual Care Solution on Microsoft Azure, allowing clinicians to remotely monitor ventilated COVID-19 patients in real-time, helping identify deteriorating conditions early and optimizing clinical resources. The technology also supported the activation of COVID-19 care protocols, contributing to improved patient care during the pandemic

Global Machine Condition Monitoring Market Scope  

The global machine condition monitoring market is segmented on the basis of monitoring technique, offering, deployment type, monitoring process and end-use. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Monitoring Technique

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis

Offering

Deployment Type

  • On-Premises
  • Cloud

Monitoring Process

  • Online Condition Monitoring
  • Portable Condition Monitoring

End-Use

  • Oil and Gas
  • Power Generation
  • Metals and Mining
  • Chemicals
  • Automotive
  • Aerospace and Defense
  • Food and Beverages
  • Marine
  • Others

Global Machine Condition Monitoring Market Region Analysis/Insights

The global machine condition monitoring market is analyzed and market size insights and trends are provided by country, monitoring technique, offering, deployment type, monitoring process, and end-use as referenced above.

The countries covered in the global machine condition monitoring market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global machine condition monitoring market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa.

Asia-Pacific region dominates the global machine condition monitoring market due to increased focus on optimum asset utilization.

North America region is projected to undergo substantial during the forecast period 2023-2030 owing to the increasing industrialization, rising adoption of predictive maintenance tools, and increasing competitive pressure to deliver operational efficiency across the Asian countries.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Machine Condition Monitoring Market Share Analysis

The global machine condition monitoring market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global machine condition monitoring market.

Some of the major players operating in the global machine condition monitoring market are:

  • Emerson Electric Co. (U.S.)
  • General Electric (U.S.)
  • Honeywell International Inc. (U.S.)
  • National Instruments Corp. (U.S.)
  • AB SRF (India)
  • ALS (Australia)
  • Wilcoxon Sensing Technologies (U.S.),
  • Rockwell Automation, Inc. (U.S.)
  • PARKER HANNIFIN CORP (U.S.)
  • Schaeffler AGSYMPHONY AZIMAAI, Brüel & Kjær (Germany)
  • Fluke Corporation (U.S.)
  • Meggitt PLC (U.K.)
  • PCB Piezotronics, Inc. (U.S.)
  • FLIR Systems, Inc. (U.S.)
  • SPM Instrument AB (Sweden)
  • Analog Devices, Inc. (U.S.)
  • Machine Saver (U.S.)
  • 3d SignalsLogiLube, LLC (Canada)
  • Petasense Inc. (U.S.)
  • Senseye Ltd. (U.K.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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FREQUENTLY ASK QUESTIONS

The Machine Condition Monitoring Market will be worth USD 5.12 billion by 2030.
The Machine Condition Monitoring Market growth rate is 6.00% during the forecast period.
Advancements in Sensor Technology, Growing Complexity of Industrial Machinery & Increasing Demand for Predictive Maintenance are the growth drivers of the Machine Condition Monitoring Market.
The monitoring technique, offering, deployment type, monitoring process and end-use are the factors on which the Machine Condition Monitoring Market research is based.
GE Healthcare deployed its Mural Virtual Care Solution on Microsoft Azure, allowing clinicians to remotely monitor ventilated COVID-19 patients in real-time, helping identify deteriorating conditions early and optimizing clinical resources & Emerson launched a comprehensive suite of digital solutions for operators, featuring the Rosemount 4390 Series of Corrosion and Erosion Wireless Transmitters and the Plantweb Insight Non-Intrusive Corrosion Application are the latest developments in the Machine Condition Monitoring Market.
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