The Machine Condition Monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Machine condition monitoring involves the use of various sensors and instruments to monitor critical parameters of machines like vibration, temperature, pressure, lubrication etc. to detect any signs of wear and tear or potential failure. It helps to prevent unplanned downtime by scheduling maintenance at optimal time. Industries widely adopt machine condition monitoring solutions to improve asset utilization, reduce maintenance costs and ensure operational safety. The market offers diverse technologies like vibration monitoring, thermography, oil analysis, ultrasonic leakage detection etc. for condition monitoring of various equipment across industries.
Market Dynamics:
The global machine condition monitoring market is primarily driven by growing need for reliable and efficient industrial assets. Manufacturing industries are under constant pressure to maximize productivity while minimizing operational costs. Unplanned downtime of critical equipment can significantly impact the profitability of companies. Machine condition monitoring technologies help predict failures in advance and schedule maintenance when required, allowing smooth operations. This drives its increasing adoption across industries. Additionally, rising focus on predictive maintenance practices rather than preventive or breakdown maintenance further propels the market growth. The technology also helps companies comply with safety standards by detecting issues before catastrophic failures.
The other driver is advancement in real-time machine monitoring solutions. Remote condition monitoring technologies enabled with IoT and analytics are gaining traction as they facilitate constant equipment monitoring from any location. These solutions generate huge volume of machine data which is analyzed using advanced algorithms to detect anomalies and predict failures with high accuracy. This advancement in real-time machine condition monitoring solutions would continue fueling the market growth over the forecast period.
Segment Analysis
The machine condition monitoring market is dominated by the online condition monitoring sub segment. This sub segment accounts for over 50% of the total market share as it allows continuous monitoring of equipment health and enables real-time fault detection. The online technique uses sensors embedded in machines that transmit data wirelessly to a centralized system for analysis. This enables early detection and diagnosis of faults and reduces downtime.
PEST Analysis
Political: Governments across regions are focusing on increasing industrial automation while ensuring worker safety through condition-based maintenance systems. Strict norms regarding unplanned downtime will boost adoption.
Economic: High capital investment and operating costs associated with unexpected breakdowns is driving companies to invest in predictive maintenance using condition monitoring systems.
Social: Growing emphasis on workplace safety and asset productivity is prompting industries to monitor equipment health in real-time.
Technological: Advancements in IoT, cloud computing, AI and data analytics are enhancing the capabilities of condition monitoring systems to analyze huge amounts of sensor data and predict faults more accurately.
Key Takeaways
The Global Machine Condition Monitoring Market Size is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing focus on predictive maintenance and preventing unexpected breakdowns.
The North American region dominates the global market due to strong manufacturing sector and early adoption of Industry 4.0 technologies by major industries. Growing at a CAGR of over 8%, the region will continue to be a major revenue generator.
Key players operating in the machine condition monitoring market are Meggitt Sensing Systems, SKF AB, Parker Kittiwake, Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation. Meggitt Sensing Systems and SKF AB dominate owing to their wide product portfolio and strong distribution network across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it