糖心vlog传媒

logo

Machine Condition Monitoring Market Size (2024 - 2029)

The machine condition monitoring market is poised for significant growth, driven by the increasing adoption of Industry 4.0 and the demand for reduced human involvement in predictive maintenance. The market's expansion is supported by the rising awareness of the benefits of machine condition monitoring solutions, which enhance operational efficiencies through automation and real-time data analysis. Despite challenges such as high initial investment costs and environmental limitations on sensor durability, the market is expected to thrive as economies recover and the need for autonomous systems grows.

Home Market Analysis Technology, Media and Telecom Research Automation Research Industrial Automation Research Industrial Maintenance Research Machine Condition Monitoring Market Market Size

Market Size of Machine Condition Monitoring Industry

Machine Condition Monitoring Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 1.25 Billion
Market Size (2029) USD 1.97 Billion
CAGR (2024 - 2029) 9.65 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Machine Condition Monitoring Market Major Players

*Disclaimer: Major Players sorted in no particular order

Machine Condition Monitoring Market Analysis

The Machine Condition Monitoring Market size is estimated at USD 1.25 billion in 2024, and is expected to reach USD 1.97 billion by 2029, growing at a CAGR of 9.65% during the forecast period (2024-2029).

Increasing adoption of industry 4.0, increasing demand for reducing human involvement in predictive maintenance, and rising awareness regarding the benefits of installing machine condition monitoring solutions are expected to drive the machine condition monitoring market over the forecast period.

  • Industry 4.0 relies on automation and computer learning, including real-time information processing, to modernize industrial plant operations. This has expanded computerized production technology to enhance operating efficiencies, including digital analytics, automation, and commercial IoT. Furthermore, implementing predictive management in Industry 4.0 provides substantial prospects for numerous industries. Analyzing equipment data to identify and plan maintenance and decrease outage is part of the machine condition management process. Such progress enables the analysis of equipment functioning and the prediction of breakdown scenarios. As a result, rising knowledge of machine status tracking is projected to open up new business prospects.
  • Product developments by key players operating in the market are expected to contribute to market growth. For instance, in November 2022, Doble Engineering Company, which provides equipment health inspections for the electric sector via diagnostic tests and services, including software, introduced a new solution, Calisto cable condition monitoring, for moderate and higher voltage cable systems. The innovative Calisto cable provides safe and reliable cable operation, cutting the chance of failure, decreasing the overall cost of operations and solutions, and providing near-real-time information on cable health.
  • Post COVID-19 requirement for fully autonomous systems with minimum human administration is propelling the market, which is expanding in line with the gradual recovery of the economies worldwide and the growth in demand for distant operations. Furthermore, the growing adoption of Industry 4.0 due to the increased need for real-time machine monitoring is likely to generate attractive market development prospects.
  • However, short-term investment is required, and the equipment for condition monitoring is costly. Moreover, the condition monitoring sensors may not survive depending on the environment, and the machine exhibits unpredictable maintenance periods-such a factor challenges market growth.

Machine Condition Monitoring Industry Segmentation

Machine condition monitoring is the capacity to examine a machine's functionality across time. This might involve factors such as efficiency because efficiency losses can signal an underlying problem. It also provides component wear and tear and effectiveness indications, including faulty part production, usage information, and upkeep statistics.

The Machine Condition Monitoring Market is segmented based on Machine Condition Monitoring, Vibration Monitoring Equipment, Thermography Equipment and Lubricating Oil Analysis Equipment, and geography (North America, Europe, Asia Pacific, and the rest of the world). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

MACHINE CONDITION MONITORING
Type
Hardware
Vibration Condition Monitoring Equipment
Thermography Equipment
Lubricating Oil Analysis
Ultrasound Emission Monitoring
Other Types
Software
Services
Remote Monitoring Services
Instrumentation Maintenance Services
Machinery Diagnostics Services
VIBRATION MONITORING EQUIPMENT
End User Industry
Oil and Gas
Power Generation
Process and Manufacturing
Aerospace and Defense
Automotive and Transportation
Other End-user Industries (Marine, Mining, Metal, etc.)
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Rest of the World
Vendor Market Share Analysis
THERMOGRAPHY EQUIPMENT
End User Vertical
Oil and Gas
Power Generation
Process and Manufacturing
Aerospace and Defense
Automotive and Transportation
Other End-user Verticals (Marine, Mining, Metal, etc.)
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe (Eastern Europe and Other Western European Countries)
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Rest of the World (Latin America and Middle East and Africa)
Vendor Market Share Analysis
LUBRICATING OIL ANALYSIS EQUIPMENT
End User Vertical
Oil and Gas
Power Generation
Process and Manufacturing
Aerospace and Defense
Automotive and Transportation
Other End-user Verticals (Marine, Mining, Metal, etc.)
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Rest of the World (Latin America and Middle East and Africa)
Vendor Market Share Analysis
Need A Different Region Or Segment?
Customize Now

Machine Condition Monitoring Market Size Summary

The Machine Condition Monitoring Market is poised for significant growth, driven by the increasing adoption of Industry 4.0 and the demand for reducing human involvement in predictive maintenance. The integration of automation, digital analytics, and IoT in industrial operations is enhancing operational efficiencies and providing substantial opportunities for predictive management across various industries. The market is further bolstered by the rising awareness of the benefits of machine condition monitoring solutions, which enable real-time analysis of equipment data to predict breakdowns and plan maintenance, thereby reducing outages. Key players in the market are actively developing innovative products, such as Doble Engineering Company's Calisto cable condition monitoring solution, to enhance operational reliability and reduce costs. The post-COVID-19 shift towards fully autonomous systems with minimal human intervention is also contributing to market expansion, aligning with the global recovery of economies and the growing demand for remote operations.

The automotive sector, a significant segment of the manufacturing industry, is experiencing increased complexity in vehicle production, necessitating continuous machine condition monitoring to prevent errors and enhance manufacturing processes. The demand for condition monitoring solutions is driving product development by key players, with innovations like OMRON's K7TM condition monitor for heating equipment. The European market is expected to grow significantly due to the presence of strong end-use industries such as automotive and aerospace, along with major manufacturers like ABB and SKF Group. The need for online condition monitoring, driven by technological advancements and the demand for real-time metrics, is further propelling market growth. The deployment of smart manufacturing solutions, particularly in the automotive sector, is anticipated to boost regional market expansion, supported by the increasing number of IoT links and businesses in Europe. The market remains moderately competitive, with key players employing strategies like product launches and strategic partnerships to expand their offerings and customer base.

Explore More

Machine Condition Monitoring Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness Porters Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 MACHINE CONDITION MONITORING

      1. 2.1.1 Type

        1. 2.1.1.1 Hardware

          1. 2.1.1.1.1 Vibration Condition Monitoring Equipment

          2. 2.1.1.1.2 Thermography Equipment

          3. 2.1.1.1.3 Lubricating Oil Analysis

          4. 2.1.1.1.4 Ultrasound Emission Monitoring

          5. 2.1.1.1.5 Other Types

        2. 2.1.1.2 Software

        3. 2.1.1.3 Services

          1. 2.1.1.3.1 Remote Monitoring Services

          2. 2.1.1.3.2 Instrumentation Maintenance Services

          3. 2.1.1.3.3 Machinery Diagnostics Services

    2. 2.2 VIBRATION MONITORING EQUIPMENT

      1. 2.2.1 End User Industry

        1. 2.2.1.1 Oil and Gas

        2. 2.2.1.2 Power Generation

        3. 2.2.1.3 Process and Manufacturing

        4. 2.2.1.4 Aerospace and Defense

        5. 2.2.1.5 Automotive and Transportation

        6. 2.2.1.6 Other End-user Industries (Marine, Mining, Metal, etc.)

      2. 2.2.2 Geography

        1. 2.2.2.1 North America

          1. 2.2.2.1.1 United States

          2. 2.2.2.1.2 Canada

        2. 2.2.2.2 Europe

          1. 2.2.2.2.1 Germany

          2. 2.2.2.2.2 United Kingdom

          3. 2.2.2.2.3 France

          4. 2.2.2.2.4 Rest of Europe

        3. 2.2.2.3 Asia Pacific

          1. 2.2.2.3.1 China

          2. 2.2.2.3.2 Japan

          3. 2.2.2.3.3 India

          4. 2.2.2.3.4 Rest of Asia Pacific

        4. 2.2.2.4 Rest of the World

      3. 2.2.3 Vendor Market Share Analysis

    3. 2.3 THERMOGRAPHY EQUIPMENT

      1. 2.3.1 End User Vertical

        1. 2.3.1.1 Oil and Gas

        2. 2.3.1.2 Power Generation

        3. 2.3.1.3 Process and Manufacturing

        4. 2.3.1.4 Aerospace and Defense

        5. 2.3.1.5 Automotive and Transportation

        6. 2.3.1.6 Other End-user Verticals (Marine, Mining, Metal, etc.)

      2. 2.3.2 Geography

        1. 2.3.2.1 North America

          1. 2.3.2.1.1 United States

          2. 2.3.2.1.2 Canada

        2. 2.3.2.2 Europe

          1. 2.3.2.2.1 Germany

          2. 2.3.2.2.2 United Kingdom

          3. 2.3.2.2.3 France

          4. 2.3.2.2.4 Rest of Europe (Eastern Europe and Other Western European Countries)

        3. 2.3.2.3 Asia Pacific

          1. 2.3.2.3.1 China

          2. 2.3.2.3.2 Japan

          3. 2.3.2.3.3 India

          4. 2.3.2.3.4 Rest of Asia Pacific

        4. 2.3.2.4 Rest of the World (Latin America and Middle East and Africa)

      3. 2.3.3 Vendor Market Share Analysis

    4. 2.4 LUBRICATING OIL ANALYSIS EQUIPMENT

      1. 2.4.1 End User Vertical

        1. 2.4.1.1 Oil and Gas

        2. 2.4.1.2 Power Generation

        3. 2.4.1.3 Process and Manufacturing

        4. 2.4.1.4 Aerospace and Defense

        5. 2.4.1.5 Automotive and Transportation

        6. 2.4.1.6 Other End-user Verticals (Marine, Mining, Metal, etc.)

      2. 2.4.2 Geography

        1. 2.4.2.1 North America

          1. 2.4.2.1.1 United States

          2. 2.4.2.1.2 Canada

        2. 2.4.2.2 Europe

          1. 2.4.2.2.1 Germany

          2. 2.4.2.2.2 United Kingdom

          3. 2.4.2.2.3 France

          4. 2.4.2.2.4 Rest of Europe

        3. 2.4.2.3 Asia Pacific

          1. 2.4.2.3.1 China

          2. 2.4.2.3.2 Japan

          3. 2.4.2.3.3 India

          4. 2.4.2.3.4 Rest of Asia Pacific

        4. 2.4.2.4 Rest of the World (Latin America and Middle East and Africa)

      3. 2.4.3 Vendor Market Share Analysis

Machine Condition Monitoring Market Size FAQs

The Machine Condition Monitoring Market size is expected to reach USD 1.25 billion in 2024 and grow at a CAGR of 9.65% to reach USD 1.97 billion by 2029.

In 2024, the Machine Condition Monitoring Market size is expected to reach USD 1.25 billion.

Machine Condition Monitoring Market Report Snapshots

Machine Condition Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)