Machine condition monitoring involves continuous supervision of machines in various industrial operations in order to determine the condition of in-use equipment. It helps identify signs of deterioration, defects, or other maintenance-related problems which can help prevent unexpected downtime and catastrophic failures. Machine condition monitoring enables predictive maintenance by facilitating condition-based and data-driven maintenance practices.
The global machine condition monitoring market is estimated to be valued at US$ 3965.6 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Machine condition monitoring devices such as vibration sensors, infrared sensors, and ultrasonic detectors are installed on equipment like motors, gearboxes, production lines, and other assets to monitor various parameters including temperature, vibration, pressure, noise, and lubrication. This helps minimize downtimes, avoid costly repairs, and increase productivity and safety. Growing emphasis on predictive maintenance as an effective strategy to reduce maintenance costs and improve equipment uptime is expected to drive increased adoption of machine condition monitoring systems in industrial applications and manufacturing plants in the coming years.
Market Dynamics:
One of the primary drivers for the machine condition monitoring market is the increased inclination towards predictive maintenance practices across various industrial sectors. Predictive maintenance uses machine condition monitoring tools and real-time sensor data to detect failures at an early stage and schedule maintenance at optimal times to avoid unexpected breakdowns. This helps reduce downtimes and maintenance costs significantly compared to traditional preventive or run-to-failure maintenance. Rising need to maximize equipment uptime and minimize production disruptions especially in capital-intensive industries like oil and gas, power generation, automotive is fueling the demand for machine condition monitoring systems globally.
Segment Analysis
The machine condition monitoring market can be segmented based on monitoring technique, offering, monitoring process, deployment type, and industry vertical. Based on monitoring technique, vibration monitoring is projected to dominate the overall market during the forecast period. Vibration monitoring helps identify operating issues before costly failures occur and also helps reduce unplanned downtime.
PEST Analysis
Political: The governments across regions are promoting the adoption of machine condition monitoring solutions to improve industrial productivity and safety. Strict regulations regarding industrial safety are also positively impacting the market growth.
Economic: Rising industrialization and growing production activities are driving the demand for efficient production processes. Machine condition monitoring helps reduce operational costs by preventing downtime through predictive maintenance.
Social: Safety of workers is a top priority for companies. Machine condition monitoring solutions help identify issues in advance and avoid accidents. This is increasing their adoption.
Technological: Advances in sensor technologies, data analytics, AI/ML, and cloud computing are enhancing the capabilities of machine condition monitoring solutions. Technologies like IoT and edge computing are further expanding their use cases.
Key Takeaways
The global machine condition monitoring market is expected to witness high growth during the forecast period of 2023 to 2030. Global Machine Condition Monitoring Market Size is estimated to be valued at US$ 3965.6 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regional analysis indicates that Asia Pacific is projected to be the fastest growing as well as dominating region due to rapid industrialization in countries like China and India.
Key players operating in the machine condition monitoring market are Applied Sciences Inc., Argon, Azima DLI, Bruel & Kjaer Vibro GmbH, Emerson, Fluke, Honeywell, National Instruments, Parker Kittiwake, Rockwell Automation, SKF, and Siemens. Applied Sciences Inc. is a prominent player with expertise across multiple industries. Rockwell Automation is a leading provider of industrial automation solutions including machine condition monitoring.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it