Globally, the size of the machine condition monitoring market is set to grow at a CAGR of 5.6% to hit USD 2,887.1 million by 2025 driven by the traditional preventative maintenance has undergone scrutiny and a need to shift from preventive to predictive maintenance.
Machine condition monitoring refers to monitoring and observing the humidity, temperature, and pressure in mechanical equipment. Furthermore, it is mainly used in pumps, internal combustion engines, rotating and electric motors, and presses. Machine monitoring includes thermography, corrosion monitoring, ultrasound emission, vibration monitoring, oil analysis, and motor current analysis.
The novel coronavirus pandemic (COVID-19) has severely impacted and disturbed supply chain hubs across the world. China, one of the key manufacturing hubs, has registered a decline of approximately 14% in production capacity and a decline of nearly 40% in global electronic component shipments. The pandemic has infected the Global Value Chain hub wherein China played an important role in providing raw materials, assembly of products, and final dispatch. The global machine condition monitoring market was moderately impacted by the pandemic. In the prevailing COVID-19 situation, the growth of the global market is likely to decline as the pandemic is restricting the supply and adoption of hardware components, such as sensors and detectors, in several applications; this is due to the severe disruptions in businesses and the global economy.
The major decline in the export includes textile raw material, garments and clothing accessories, mechanical and electrical products, automatic data processing systems, central processing units, electrical equipment, and automobiles. In this, the automated data processing system has been hit worse, having an impact of approximately 30%
The shift from Preventive Maintenance to Predictive Maintenance:
In the developing global market, observations register significant opportunities in equipment manufacturing as the focus on optimizing maintenance and providing supporting services to enable cost savings is increasing. Several organizations are looking forward to determining the condition of their equipment to foresee a need for maintenance in the near future to make informed decisions. Traditional preventative maintenance has undergone scrutiny and a need to shift from preventive to predictive maintenance. Owing to these factors, a shift from preventive maintenance to predictive maintenance is witnessed.
Focus on Employee Health and Safety Standards:
All employers have a legal duty of care to ensure the health and safety of the employees at work. Worker health & safety legislation worldwide specifies obligations for all businesses to ensure the health and safety of employees. The industries comply with the condition monitoring processes for all machinery. These worker safety boards are committed to the monitoring process and regularly receive both specific and routine reports on health and safety performance.
The advent of Big Data Analytics:
Big data analytics has the ability to access real-time, and trending performance data for assets large and small can be transformative for industrial production companies. Big data analytics has boosted the process of the analysis of the data generated by condition monitoring systems due to its capability of processing large volumes of data. Machine learning carries out the easy benchmarking of machine performance, enables transparency in data, and supports efficient collaboration among different processes of condition monitoring systems. Big data-enabled condition monitoring is used by various companies in lowering the overall cost of ownership of assets, enabling them to run their business efficiently
Lack of Trained Technical Resources for Data Analysis:
There has been a rising requirement of integrating machine condition monitoring systems with other machine maintenance systems such as plant asset management (PAM) systems and computerized maintenance management systems (CMMS). Experienced operators are not sure about the diagnostics and predictions produced by machine condition monitoring systems. Owing to errors made by these machines is the kind of dropped service outages, metrics, and unreliable alerting signals.
Value Chain Analysis
The global machine condition monitoring market supply chain has evolved from a conventional approach to highly efficient supply chain processes. The supply chain for the global machine condition monitoring market comprises the stages of design & development, component supply, manufacture/assembly, and end use
The global machine condition monitoring market has been segmented on the basis of monitoring type, component, monitoring process type, end-use, and region.
By component, the machine condition monitoring market has been bifurcated into hardware and software. The hardware segment is further divided into vibration sensors and analyzers, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, corrosion probes, and others. The software segment is sub-categorized into data integration, diagnostic reporting, order tracking, and parameter calculation
By monitoring type, the machine condition monitoring market has been segmented into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission monitoring, and motor current analysis. The vibration monitoring segment accounted for the largest market share of 20.4% in 2018, with a market value of USD 449.3 million; it is expected to register a CAGR of 3.2% during the forecast period.
Based on monitoring process type, the machine condition monitoring market has been divided into online condition monitoring and portable condition monitoring. Online condition monitoring (OCM) is used to evaluate the hardware and software by regularly monitoring the system's state, machine, or process. It aims at reducing the processing time, escalating efficiency, and reducing waste
By end-user, the machine condition monitoring industry has been segmented into food & beverage, chemical & petrochemical, oil & gas, pulp & paper, steel & metal, automotive, mining, and power industry, cement industry, and pharmaceutical industry.
The machine condition monitoring market has been studied across Asia-Pacific, North America, Europe, and the Rest of the World. North America accounted for the largest market share of USD 822.3 million in 2018. This can be attributed due to the growing development of the manufacturing units across this region has created a considerable demand for the machine condition monitoring market.
The European machine condition monitoring industry is expected to grow due to the rising demand for production facilities across different areas of Europe has fueled the demand for automated solutions. Modern manufacturing units require advanced machinery equipment and constant monitoring of equipment during the production process.
The Asia-Pacific machine condition monitoring market has been growing at a rapid rate due to the growing industrialization and the rising need for heavy machinery in modern manufacturing facilities are the key factors promoting the growth of the machine condition monitoring industry in the region.
Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Parker Hannifin Corp (US), Analog Devices, Inc. (US), SKF (Sweden), Amphenol, Inc. (Maryland), Allied Reliability (US), National Instruments Corp (US), Meggitt PLC (UK), Fluke Corporation (US) are the major players in the machine condition monitoring market. Manufacturers are working to integrate technology to provide consumers with innovative and reliable systems and solutions. The demand for machine condition monitoring will expand because preventive maintenance strategies are the norm across industries with increasing consumer demand and improvement in machine technologies. The major players would seek to strengthen their global presence through mergers and acquisitions of local and regional players; they are expected to expand their presence and solutions in those countries during the forecast period. New technologies such as the advent of secure cloud computing platforms used for machine condition monitoring, the adoption of wireless communication technology in machine condition monitoring, inclination toward predictive maintenance of industrial machinery, and deployment of automated condition monitoring technologies in smart factories are anticipated to strengthen the market in the future and fuel its growth, making it an ideal time to expand the machine condition monitoring market geographically and for the players to increase their market share..
In September 2021, Emerson Electric Co. announced the new Rosemount XE10 continuous emissions monitoring system (CEMS), which is designed to help industrial plants meet increasingly stringent environmental regulations and evolving sustainability demands. The new system ensures accurate emissions monitoring and reporting to help plant operators reduce the risk of non-compliance shutdowns.
In August 2021, Allied Reliability announced the Industrial Internet of Things (IIoT) condition monitoring solution, Smart Reliability. The industrial innovation platform brings condition monitoring and predictive maintenance for equipment used in manufacturing and process plant operations.
In April 2021, GE Digital, a subsidiary of General Electric, announced its SmartSignal predictive maintenance software solution that helps industrial companies proactively predict, diagnose, forecast, and prevent equipment failures.
In February 2021, Analog Devices, Inc. launched CN0549 condition-based monitoring development platform designed to help accelerate condition monitoring hardware, software, and algorithm development.
In May 2019, National Instruments Corp. announced the launch of new wireless monitoring hardware for InsightCM, the open solution for online condition monitoring on the market with full access to data and customization with the InsightCM software development kit.
Machine condition monitoring has seen tremendous growth in the past couple of years. The market has been classified based on monitoring type, component, monitoring process type, end use, and region. The key factors contributing to the growth of the machine condition monitoring market include the shift from preventive maintenance to predictive maintenance and focus on employee health and safety standards. Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Parker Hannifin Corp (US), Analog Devices, Inc. (US) are expected to be the major players in the machine condition monitoring market during the projected period.
Scope of the Report
The scope of the global machine condition monitoring market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The machine condition monitoring market has been segmented based on monitoring type, component, monitoring process type, end use, and region.
|Market Size||2025: USD 2,887.1 Million|
|CAGR||5.6% CAGR (2021–2025)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Monitoring Type, Component, Monitoring Process Type, End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Parker Hannifin Corp (US), Analog Devices, Inc. (US)|
|Key Market Opportunities||• Advent Of Big Data Analytics|
|Key Market Drivers||• Shift From Preventive Maintenance to Predictive Maintenance • Focus On Employee Health and Safety Standards|
The global machine condition monitoring market has been growing rapidly from the past few decades at a CAGR of 5.6% during the forecast period
Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Parker Hannifin Corp (US), Analog Devices, Inc. (US), SKF (Sweden), Amphenol, Inc. (Maryland), Allied Reliability (US), National Instruments Corp (US), Meggitt PLC (UK), Fluke Corporation (US) are the major key players of the market.
Shift from preventive maintenance to predictive maintenance and focus on employee health and safety standards is expected to drive market growth
The end-user segments of the global market are - food & beverage, chemical & petrochemical, oil & gas, pulp & paper, steel & metal, automotive, mining, and power industry, cement industry, pharmaceutical industry.
North America, Europe, Asia-Pacific (APAC), and the Rest of the world are covered in the report along with a country-level analysis for each of these regions.