Global Machine Condition Monitoring market outlook 2024, Forecast To 2033

5 Feb, 2024

The machine condition monitoring market has witnessed strong growth, increasing from $2.93 billion in 2023 to $3.16 billion in 2024, with a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period is attributed to the growth in industrial automation and manufacturing activities, increased emphasis on equipment reliability and asset performance, the demand for predictive maintenance in process industries, a focus on cost savings and operational efficiency in industries, and regulatory compliance and safety standards in manufacturing. Moving forward to 2028, the market is expected to experience strong growth, reaching $4.26 billion, maintaining a 7.8% CAGR. The anticipated growth in the forecast period can be linked to the adoption of wireless and IoT-enabled condition monitoring solutions, the integration of artificial intelligence (AI) and machine learning (ML) in predictive maintenance, the rising importance of remote monitoring for distributed assets, and research and development in advanced sensor technologies and data interpretation. Major trends in the forecast period include predictive analytics for early fault detection, vibration analysis for machinery health assessment, the integration of digital twins for asset performance monitoring, and the incorporation of wireless and IoT sensors, along with ultrasound and acoustic emission for non-destructive testing.

Global Machine Condition Monitoring Market Key Driver

The machine condition monitoring market is witnessing significant growth driven by the growing wireless communication in machine conditioning. Wireless communication offers quick deployment and reduced data gaps, enhancing system reliability. Innovations like Acoem's wireless monitoring contribute to the market's expansion. The demand for wireless communication in machine condition monitoring is expected to drive notable growth, with significant market sizes forecasted for 2023, 2024, and 2028.

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Global Machine Condition Monitoring Market Segments

The global machine condition monitoring market covered in this report is segmented –
1) By Type: Hardware, Software, Services
2) By Deployment Type: On-premises, Cloud
3) By Monitoring Technique: Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, Motor Current Analysis
4) By Industry: Oil And Gas, Power Generation, Metals And Mining, Chemicals, Automotive, Aerospace And Defense, Food And Beverages, Marine
By Geography: The regions covered in the Machine Condition Monitoring market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.

Major Machine Condition Monitoring Industry Players

ALS Limited, Bruel & Kjaer, Emerson Electric Co., Teledyne FLIR LLC, Fluke Corporation, Baker Hughes Company, General Electric, Honeywell International Inc, Meggitt PLC, National Instruments Corp, PARKER HANNIFIN CORP, Rockwell Automation Inc., Schaeffler India Limited, SKF Condition Monitoring Inc, Symphony Industrial AI, Wilcoxon Sensing Technologies Inc., Azima DLI Corporation, AB SKF (Swedish: Svenska Kullagerfabriken), Emerson Electric Co., Ifm Electronic Gmbh, Schaeffler AG & Co., Baker Hughes Company, Analog Devices Inc., RoadBotics Inc., Litmus Automation Inc., Amphenol Inc., Brüel & Kjaer Vibro, FLIR Systems Inc., Nippon Avionics Co. Ltd., Thermo Fisher Scientific Inc., Perkin Elmer Inc., PCB Piezotronics Inc., SPM Instrument AB, KCF Technologies Inc., Monnit Corporation

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Machine Condition Monitoring Market Overview

Machine condition monitoring refers to the ability to monitor a machine's status over time is known as machine condition monitoring. This can involve factors like efficiency, as losses in efficiency may point to a deeper problem. It is used for minimizing and removing unexpected machine downtime, improving the health and performance of the equipment, raising quality and lowering the amount of scrap, utilizing precise machine data to drive a maintenance schedule that performs better and enabling automation using data on the state of the machine in real time.

Machine Condition Monitoring Global Market Report 2023 provides data on the global machine condition monitoring market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The machine condition monitoring market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.