Global Machine Condition Monitoring Market is Segmented By Component (Software, Hardware, Service), By Type (Online condition monitoring, Manual condition monitoring, Optical condition monitoring, Web-based condition monitoring), By Technique (Oil Analysis, Vibration Analysis, Motor Circuit Analysis, Thermography, Ultrasonic Monitoring, Neutron Radiography, Corrosion Monitoring, Others), By Development Model (Cloud-Based, On-Premises), By End Users (Renewable Energy, Mining, Additive Industrial Manufacturing, Aerospace, Automotive, Electronics, Oil & Gas, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Machine Condition Monitoring Market Overview
The Global Machine Condition Monitoring Market is projected to witness lucrative growth by reaching at a CAGR of 8.2% during the forecast period (2024-2031).
Machine condition monitoring inspects machines, optimizes equipment performance and reduces downtime. It monitors critical machine parameters such as pressure and temperature, assesses the likelihood of failure to fulfill planned services and prevents resultant damages. It is gaining traction in various industries, including manufacturing, steelmaking, food, robotics and packaging. The Internet of Things has made it feasible to monitor the state of a machine without physically being present during up- or downtimes. IoT and web-based condition monitoring solutions improve the efficiency of manufacturing equipment throughout its life cycle.
Machine Condition Monitoring Market Summary
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Metrics |
Details |
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Market CAGR |
8.2% |
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Segments Covered |
By Component, By Type, By Technique, By Development Model, By End Users, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Machine Condition Monitoring Market Trends
The introduction to the Internet of Things and Web-Based
The use of IoT platforms in machine condition monitoring is projected to enhance demand for the machine condition monitoring market. Reduced implementation costs, connectivity with other management systems via API and continual updates and 24/7 monitoring are all advantages of IoT-based condition monitoring. Manufacturers desire increased productivity from their equipment and smart factory scenarios in the Industry 4.0 age.
Several companies have implemented condition monitoring systems to optimize productivity and avoid unneeded downtime. Kaeser Kompressoren, one of the world's leading compressed air systems providers, leverages SAP Leonardo Internet of Things for Sigma Smart Air Service to deliver insights into asset health via the SAP Predictive Maintenance and Service solution. In addition, for more efficient and effective operations, the company linked IoT sensors with SAP HANA in the compressors.
Hirotec Group was incurring significant losses due to unforeseen downtime. To prevent key system failures such as exhaust system inspection lines, the company linked an IoT platform with HPE Edgeline systems. The platform also analyzes historical data to understand manufacturing facility performance better and identify improvement opportunities.
High installation costs and lack of skilled professionals
High installation costs and a scarcity of experienced people to interpret data are weighing on the machine status monitoring business. Analyze machine downtime; skilled personnel is required. The rapid resolution of data analysis results in minimum losses; nevertheless, if the data is not handled correctly, substantial losses arise.
Access to the cloud and automated solutions for machine condition monitoring is also difficult in remote places. Many operators rely on their own experience to determine machine conditions, which is not always a reliable alternative. Furthermore, condition monitoring necessitates trained personnel to operate cutting-edge equipment and software. Technical knowledge is required for system optimization, system networking, software updates, data transports, etc. As a result, existing resources must be educated to operate new systems.
Machine Condition Monitoring Market Segmentation Analysis
The global machine condition monitoring market is segmented by type, component, technique, development model, end-user and region.
Growing demand for data analyzers from various systems, machines and equipment
Hardware as a component in machine condition monitoring dominates the global market. Machine condition monitoring hardware is a set of devices and sensors used to collect and analyze data from various systems, machines and equipment to help understand their performance and efficiency and identify potential problems or issues.
Machine condition monitoring hardware is a crucial component in modern manufacturing and production operations, as it helps organizations to optimize machine performance, reduce downtime and make informed decisions. By collecting and analyzing data from various systems, machines and equipment, organizations can gain valuable insights into their operations, leading to improved efficiency, cost savings and safety in the workplace. Different types of hardware, such as sensors, analyzers, detectors, data collectors, spectrometers and others, are available in the market each offers a vital function.
Companies are also investing in sensors to boost the machine condition monitoring market. For instance, on April 12, 2021, At the Hannover Messe 2021, Siemens announced introducing a new Industrial Internet of Things (IIoT) solution- Sitrans, SCM IQ, designed for Smart Condition Monitoring. It enables early detection and prevention of probable accidents, which lowers maintenance costs and downtimes while upping plant performance by up to 10%. The wireless, robust Sitrans MS200 multi-sensors form the hardware basis for installation on machinery, including gear units, compressors, pumps and drive trains, where they collect vibration and temperature data.
Global Machine Condition Monitoring Market Geographical Share
North America’s strong demand from the power generation, aerospace, oil & gas, marine and food & beverage industries boosts the machine condition monitoring market
In response to strong demand from the power generation, aerospace, oil & gas, marine and food & beverage industries, U.S. and Canada are expected to offer attractive growth potential.
Vibration monitoring has been a prominent trend for oil condition monitoring in the equipment lubricants used on oil and gas platforms. As offshore oil exploration increases across North America, forward-thinking businesses may be better positioned to compete in the local market. Predictive maintenance and reliability are set to increase for oil condition monitoring.
The aircraft industry's rising footfall has constrained the growth of the North America market. Significantly, the increase in airline travel between U.S. and Canada bodes favorably for important players attempting to support their portfolios.
According to the Bureau of Transportation Statistics, the number of system-wide (domestic and international) scheduled service passengers transported by U.S. airlines in May 2022 was estimated to be around 71.2 million.
Additionally, the popularity of temperature, pressure and vibration sensors has helped machine status monitoring devices advance. The natural capacity of condition monitoring systems to address and anticipate impending failure, reduce collateral damage to the aircraft and improve dispatch dependability is expected to pay off for the aviation sector.
Machine Condition Monitoring Companies
The major global players include General Electric Company, Rockwell Automation Inc., Baker Hughes Company, Emerson Electric Co., Adlink Technology Inc, Crystal Instruments, Dewesoft d.o.o, SPM Instruments AB, Ixon B.V and Tulip Interfaces
Machine Condition Monitoring Market Key Developments
- On September 27, 2022, The General Electric subsidiary GE Renewable Energy chose ONYX Insight as the sole supplier of condition monitoring solutions for its onshore wind turbines. ONYX Insight is an independent data analytics and engineering firm. The company plans to install ONYX Insight’s innovative drive train monitoring solutions, combining hardware and software.
- On September 27, 2022, Rockwell Automation launched Threat Detection Offering through their Managed Services. The company provides some services: security alert monitoring, hardware health monitoring, System tuning, Software update administration, backup administration, Value reporting and training. Its services are cloud-based with certified information technology for the Claroty and Cisco threat detection software.
- On February 12, 2022, SPM Instrument Finland delivered Leonova Diamond to Koskisen. The new condition monitoring equipment at the chipboard plant in Jarvela has been selected by Finnish wood products and processing business Koskisen: Leonova Diamond and Condmaster Ruby.
The global machine condition monitoring market report would provide approximately 77 tables, 87 figures and 203 Pages.
