by The machine condition monitoring market involves regular monitoring and evaluating the condition of various critical assets in multiple industry verticals. Machine condition monitoring solutions comprise data acquisition tools such as vibration sensors and data analysis software that helps identify anomalies in industrial assets and predict failures. They help optimize maintenance activities and reduce unplanned downtime of critical machines. Machine condition monitoring finds widespread adoption across industries including oil & gas, energy & power, aerospace & defense, metals & mining, and food & beverages. These industries utilize machine condition monitoring solutions to continuously monitor the health of assets such as turbines, motors, compressors, pumps, gearboxes, and conveyor belts.
The global machine condition monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing adoption of predictive maintenance techniques: Predictive maintenance is emerging as a major driver boosting the machine condition monitoring market. Predictive maintenance techniques rely on machine condition monitoring solutions to collect vital operational data and diagnose potential equipment failures well in advance. This helps organizations schedule maintenance activities proactively and optimize repairs. As predictive maintenance offers significant long-term cost savings over traditional time-based maintenance, its adoption is growing across industries. This increasing focus on predictive maintenance from industrial facilities will propel the demand for machine condition monitoring solutions in the coming years.
Expanding base of critical assets: As industrial operations expand throughput and optimize asset utilization, the base of critical equipment such as rotating machinery, boilers, pumps, and presses is constantly growing. Machine condition monitoring finds widespread usage in condition-based monitoring of motors, generators, compressors, turbines, fans, and other machinery. Advanced machine condition monitoring solutions help organizations monitor the health of an increasing number of assets and optimize maintenance resource planning. This expanding machinery fleet is expected to drive the demand for condition monitoring systems over the forecast period.
Segment Analysis
The global machine condition monitoring market can be segmented based on type of monitoring into vibration monitoring, thermography, lubricant analysis, ultrasound emissions, and corrosion monitoring. Among these, vibration monitoring dominates the segment as it can detect issues at an early stage before parts fail. Vibration monitoring is a non-invasive technique used to determine the condition of machines in operation. It helps identify mechanical faults and predict failures by analyzing vibrations in machines and helps plan maintenance accordingly to prevent downtime.
PEST Analysis
Political: Governments across regions are focusing on advancing industrial automation and promoting the adoption of condition monitoring solutions to enhance productivity and reduce operational costs of industries. They provide subsidies and relax regulatory norms for deployment of such technologies.
Economic: The global economy is recovering post-pandemic which is driving investments in industrial machinery and infrastructure development. This is increasing demand for machine condition monitoring solutions from sectors like oil & gas, manufacturing, mining etc to optimize asset performance.
Social: Workplaces are focusing on worker safety and reducing accidents. Machine condition monitoring helps identify issues in advance and prevent unexpected breakdowns which could lead to hazards. This social aspect is increasing acceptance of such technologies.
Technological: Advancements in sensor technologies, IoT, edge computing, AI/ML are enabling the development of smart, affordable and easy to deploy machine condition monitoring solutions. This is supporting their large scale adoption across industries.
Key Takeaways
Global Machine Condition Monitoring Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The global machine condition monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
North America dominates currently due to rapid industrial automation adoption. However, Asia Pacific is expected to emerge as the fastest growing region owing to increasing manufacturing activities and investments in countries like China, India.
Key players operating in the machine condition monitoring market are Ceec Trucks Industry, Dongfeng Motor, Cheng Li, Curbtender, Cnhtc, Zoomlion, Foton car, Fujian Longma sanitation, Dennis Eagle, Labrie Enviroquip, Faun, McNeilus Truck & Manufacturing, EZ Pack, and Bridgeport Manufacturing. Key players are focused on developing advanced IoT and AI-enabled solutions as well as expanding into growing regional markets through partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
