How Has The Machine Condition Monitoring Market Size Evolved Historically?
The machine condition monitoring market has seen considerable growth due to a variety of factors.
• Over recent years, there has been significant growth in the machine condition monitoring market, which is predicted to further expand from $3.14 billion in 2024 to $3.37 billion in 2025, realizing a compound annual growth rate (CAGR) of 7.6%.
This expansion in the historical period can be credited to factors such as the escalation in industrial automation and manufacturing activities, the heightened attention towards equipment reliability and asset performance, increasing demand for predictive maintenance in the process industries, the industrial focus on cost reduction and operational efficiency, as well as regulatory compliance and safety standards in manufacturing.
What Will Be The Machine Condition Monitoring Market Size In The Future?
The machine condition monitoring market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for machine condition monitoring is predicted to witness a significant rise in the coming years, escalating to $4.6 billion in 2029 with a compound annual growth rate (CAGR) of 8.1%.
This predicted growth in the future period is due to the proliferation of wireless and IOT-based condition monitoring solutions, incorporation of AI and machine learning within predictive maintenance, the growing significance of remote monitoring for scattered assets, advancements in research and sensor technologies, along with data interpretation. Furthermore, prominent trends within the forecast period comprise predictive analytics for premature fault detection, vibration analysis for machinery health diagnosis, digital twin integration for assessing asset performance, inclusion of wireless and IOT sensors, and employing ultrasound and acoustic emissions for non-destructive evaluations.
What Are The Primary Growth Drivers In The Machine Condition Monitoring Market?
The expansion of wireless communication in machine conditioning is playing a significant role in propelling the machine condition monitoring market forward. Wireless communication is defined as the process of transporting data between two points without the aid of physical mediums like wires or cables. It facilitates the rapid and straightforward installation of machine condition monitoring, minimizing gaps in the data flow and avoiding adverse impact on system reliability. For example, a report by US-based Information group, The WorldData.info, in September 2024, revealed that in 2023 there were 473.99 million connections in total, comprised of 386.00 million mobile phones. This equates to an average of 1.2 mobile phones per individual, a statistic that is also replicated within the EU. Thus, the escalating demand for wireless communications is projected to fuel the growth of the machine condition monitoring market.
What Is The Segmentation Of The Global Machine Condition Monitoring Market?
The 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
Subsegments:
1) By Hardware: Vibration Sensors, Temperature Sensors, Acoustic Emission Sensors, Control Units And Data Acquisition Systems
2) By Software: Condition Monitoring Software, Predictive Maintenance Software, Data Analysis And Visualization Software, Integration Software For IoT And Cloud Platforms
3) By Services: Installation And Setup Services, Maintenance And Support Services, Consulting And Training Services, Data Analysis And Reporting Services
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What Emerging Trends Are Shaping The Machine Condition Monitoring Market Landscape?
Renowned firms in the machine condition monitoring market are prioritizing the introduction of innovative motor condition monitoring devices. The goal is to bolster predictive maintenance, mitigate downtime, amplify operational efficacy, and curtail maintenance expenses by offering real-time data about machine health and performance. These devices constitute highly sophisticated tools engineered to perpetually evaluate the performance and health of electric motors and similar apparatus. The device permits localized monitoring sans the demand for intricate installations or reliance on cloud systems, thus simplifying the inclusion in pre-existing setups. For instance, OMRON Corporation, a firm rooted in Japan, unveiled its advanced motor condition monitoring device, the K7DD-PQ Series, in February 2023. This was specially designed to improve predictive maintenance in manufacturing landscapes. The K7DD-PQ has the capacity to measure both current and voltage or just current, emanating from power lines that power motors and other equipment. It excels at identifying multiple failure modes spanning diverse load conditions and can analyze more than 400 varieties of feature values extracted from voltage and current assessments.
Who Are the Key Players in the Machine Condition Monitoring Market?
Major companies operating in the machine condition monitoring market include:
• 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
What are the Regional Insights into the Machine Condition Monitoring Market?
North America was the largest region in the machine condition monitoring market share in 2024. Asia-Pacific is expected to be the fastest-growing market in the machine condition monitoring market. The regions covered in the machine condition monitoring market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
