Machine condition monitoring involves continuous monitoring of various critical parameters associated with industrial machines and equipment to predict potential failures and enable predictive maintenance. It helps reduce unexpected downtime and maintenance costs. Key products associated with machine condition monitoring include vibration monitoring, lubrication oil analysis, corrosion monitoring, ultrasound emission, motor current analysis, and others. These systems provide real-time notifications on equipment health and help extend the life of assets. The growing adoption of Industrial Internet of Things (IIoT) technologies is enabling advanced monitoring solutions through wireless sensors and cloud connectivity. This allows remote monitoring of fleets and easy data analysis.
The global Machine Condition Monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The adoption of IIoT technologies and the ability to conduct remote monitoring are driving the growth of the machine condition monitoring market. IIoT sensors enable real-time data collection on the operational health of machines and predictive maintenance through wireless connectivity to cloud platforms. This removes the need for on-site inspection and monitoring. Data analytics tools further help operators optimize maintenance schedules through advanced diagnostics of faults. The focus on improving asset reliability and minimizing unplanned downtime through condition-based monitoring is another key driver.
However, budget constraints remain a challenge, especially for small and medium enterprises. High initial installation and service costs also hinder widespread adoption of advanced monitoring solutions in certain industries. Lack of skilled workforce for maintaining IIoT networks and data interpretation is another restraining factor. Ongoing research in low-cost wireless sensors, edge computing, and improved analytics is expected to overcome some of these barriers.
The global machine condition monitoring market is dominated by the vibration monitoring sub segment. Vibration monitoring accounts for over 40% of the market share as it is the most effective technique for detecting mechanical faults in rotating equipment like motors, pumps, compressors and gears. It helps monitor changes in vibration signatures to detect onset of faults at an early stage before they could result in equipment breakdown or catastrophic failure.
Political: Governments across major economies are promoting adoption of condition monitoring technologies to improve asset utilization and process efficiency in critical manufacturing industries. Strong support through policy frameworks and funding is boosting market growth.
Economic: Growing capital expenditure on preventive maintenance by organizations to minimize unexpected production downtimes is a key factor spurring demand. Cost savings from reduced repairs and replacements enhance the business case for condition monitoring solutions.
Social: Rising awareness about benefits of predictive maintenance is encouraging more companies to adopt condition monitoring approaches. Users prefer wireless and portable devices for convenience in condition inspection of hard-to-reach assets.
Technological: Advancements in sensor technologies, data connectivity and analytics are enhancing the capabilities of condition monitoring systems. IoT integration and AI/ML driven solutions are gaining traction to gain deeper insights from equipment date for improved maintenance planning.
The Global Machine Condition Monitoring Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global Machine Condition Monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis comprises the Asia Pacific region dominates the global market currently due to large manufacturing activities in countries like China and India. China accounts for over 30% of the APAC machine condition monitoring market owing to wide industrial base.
Key players related content comprises Key players operating in the machine condition monitoring market are Ceec Trucks Industry, Dongfeng Motor, Cheng Li, Curbtender, Cnhtc, Zoomlion, Foton car, Fujian Longma sanitation, Dennis Eagle, Labrie Enviroquip, Faun, McNeilus Truck & Manufacturing, EZ Pack, and Bridgeport Manufacturing. Key players are focusing on product launches and partnerships to expand their business and gain higher market shares.
For instance, in October 2022, Fujian Longma Environmental Sanitation Equipment introduced their newly developed intelligent machine condition monitoring systemLMS-B06 for garbage trucks. The system monitors critical parameters like temperature, vibration, lubricating oil parameters and automatically sends alerts in case of any abnormality. This has helped the company enhance their aftermarket service offerings.
Similarly, Dongfeng Motor partnered with SKF in 2022 to jointly develop and promote integrated solutions for electric vehicle powertrain condition monitoring. Their first product is an end-to-end diagnostic management platform that monitors key parameters in electric motors, traction inverters and battery packs. This allows Dongfeng to efficiently service their growing electric commercial vehicle business.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it