Global Machine Condition Monitoring Market Overview:
Machine Condition Monitoring Market Size was valued at USD 2.5 billion in 2022. The Machine Condition Monitoring market industry is projected to grow from USD 2.6825 Billion in 2023 to USD 4.7135 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2023 - 2032). The requirement to offer improved diagnostics and aid in determining the machine’s health are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Machine Condition Monitoring Market Trends
-
Growing need for enhanced diagnostics is driving the market growth
Market CAGR for machine condition monitoring is being driven by the rising demand for sophisticated diagnostics to assess the machine's health. Manufacturers have looked for condition monitoring systems to improve, track, and maintain the operation of their machinery. In addition, the move towards lean manufacturing has compelled enterprises to look into condition monitoring to improve spare parts availability and cost forecasting, boost production efficiency, and reduce downtime.
Stakeholders have shown interest in condition monitoring for increased output, equipment longevity, elimination and reduction of downtime, minimising scrap components, and leveraging automation based on real-time machine status data. For instance, Doble Engineering Company, which provides asset health checks for the electric industry through diagnostic tests, services, and software, recently unveiled Calisto cable condition monitoring, a new product for medium and high voltage cable systems. The new Calisto cable provides safe and dependable cable operation while lowering the likelihood of failures, lowering total cost of ownership & solutions, and providing nearly essential real-time information about cable health.
Machine condition monitoring measures equipment parameters to detect changes that can portend an impending failure and to avert a breakdown. The method has become more popular in a variety of industries, including oil and gas, automotive, power generation, metal and mining, maritime, and aerospace. It is a crucial component of preventative maintenance that is becoming popular in order to extend asset life and reduce costs, maintain operator safety, and simplify operations. In addition, the proliferation of IoT has ushered in a paradigm shift that will promote device connectivity. Stakeholders have increased diagnostic efficiency and made more informed decisions as a result of the implementation of smart equipment.
For instance, to improve its condition monitoring services, ABB, a leader in automation and electrification technologies, teamed with Samotics, a provider of asset health monitoring systems, in September 2022. They will make use of the assets of each organisation to disseminate details regarding the well being and energy effectiveness of the machines. As a preliminary step, ABB will integrate Samotics' plug-and-play IIoT monitoring system into its digital offering. Thus, driving the Machine Condition Monitoring market revenue.
Machine Condition Monitoring Market Segment Insights:
Machine Condition Monitoring End- Use Insights
The Machine Condition Monitoring market segmentation, based on end use includes oil & gas industry, chemical & petrochemical industry, pulp & paper industry, and steel & metal industry. The steel & metal industry segment dominated the market, the strong need for lowering expenses, streamlining maintenance, and increasing capacity is thought to be a contributing factor to the metal and mining segment's predicted large growth rate over the assessment period. Technology advances and the high demand for software solutions bode well for the segment's expansion.
Machine Condition Monitoring, Monitoring Type Insights
The Machine Condition Monitoring market segmentation, based on monitoring type includes vibration monitoring, thermography, oil analysis, and corrosion monitoring. The vibration monitoring segment dominated the market. The high percentage is explained by the increase in interest in spotting wear, imbalances, and misalignments. The increasing use of vibration monitoring has been crucial in providing information about spotting flaws early on.
Machine Condition Monitoring, Monitoring Process Insights
The Machine Condition Monitoring market segmentation, based on monitoring process, includes online and portable. The portable category generated the most income. Data on crucial machinery can be collected and analyzed with the use of portable condition monitoring. They are highly capable, light, rapid, and simple to use. The characteristics and qualities of the portable machine diagnostics operation type will drive the segment's expansion. Due to the difficulty of using portable monitoring techniques in industrial units located in remote locations, there is a strong need for online condition monitoring. Online monitoring solutions for data accuracy are more popular as a result of the widespread use of sensors in monitoring technology.
Figure 1: Machine Condition Monitoring Market, by Monitoring Process, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Machine Condition Monitoring Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American machine condition monitoring market area will dominate this market. When compared to the strong demand from the power generation, aerospace, oil & gas, marine, and food & beverage industries, the U.S. and Canada are expected to offer significant growth potential. For oil condition monitoring in the equipment lubricants used on oil and gas platforms, vibration monitoring has been a prominent trend.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MACHINE CONDITION MONITORING MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Machine Condition Monitoring market accounts for the second-largest market share. In order to participate in the industry, well-known players are prepared to invest money in condition monitoring systems. Machine monitoring goods and services have become increasingly popular throughout the region as a result of Industry 4.0 and the Internet of Things. Further, the German Machine Condition Monitoring market held the largest market share, and the UK Machine Condition Monitoring market was the fastest growing market in the European region
The Asia-Pacific Machine Condition Monitoring Market is expected to grow at the fastest CAGR from 2023 to 2032. The significant rise in industrial robot deployment, the rising demand for automation, and the existence of high-production nations like China and Japan are all responsible for this segment's sizable market share. Moreover, China’s Machine Condition Monitoring market held the largest market share, and the Japan Machine Condition Monitoring market was the fastest growing market in the Asia-Pacific region.
Machine Condition Monitoring Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Machine Condition Monitoring market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Machine Condition Monitoring industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Machine Condition Monitoring industry to benefit clients and increase the market sector. In recent years, the Machine Condition Monitoring industry has offered some of the most significant advantages to medicine. Major players in the Machine Condition Monitoring market, including Emerson Electric Co., General Electric, Rockwell Automation Inc., Parker Hannifin Corp, Analog Devices Inc., SKF, Amphenol Inc., Allied Reliability, National Instruments Corp, Meggit Plc, and Fluke Corporation.
SKF AB manufactures machine and rotating equipment. It operates through the business segments for the industrial market and the automotive market. Industrial Sales Americas, Industrial Sales Europe, Middle East, and Africa, Industrial Sales Asia, Industrial Units, Bearing Operations, and Aerospace make up the Industrial Marget segment. In May 2022, SKF introduced SKF Axios, a product that, thanks to a partnership between SKF and Amazon Web Services, Inc. (AWS), reinvents the domains of industrial machine reliability and predictive maintenance.
Emerson, which was first founded as Emerson Electric Company, has been in operation since 1890. Network Power, Process Management, Industrial Automation, Climate Technologies, and Commercial and Residential Solutions (Tools and Storage) are Emerson's five main business divisions. In April 2022, Leading provider of software and technology worldwide Emerson updated their machinery health platform to let users switch to a more comprehensive, cutting-edge condition monitoring interface.
Key Companies in the Machine Condition Monitoring market include
-
Emerson Electric Co.,
-
General Electric,
-
Rockwell Automation Inc.,
-
Parker Hannifin Corp,
-
Analog Devices Inc.,
-
SKF, Amphenol Inc.,
-
Allied Reliability,
-
National Instruments Corp,
-
Meggit Plc,
-
Fluke Corporation
Machine Condition Monitoring Industry Developments
June 2022: The official launch of AquaRing, a comprehensive real-time monitoring system for online water condition management for the water, utility, and food and beverage industries, was announced by Watersight, a joint venture between MEKOROT and Newsight Imaging.
September 2022: In order to provide improved condition monitoring services, ABB and Samotics, a high-growth scaleup company in the Netherlands and a well-known supplier of ESA technology, have established a long-term strategic partnership. The technique will make use of each company's advantages to offer more information about the health and power effectiveness of the equipment.
Machine Condition Monitoring Market Segmentation:
Machine Condition Monitoring End Use Outlook
Machine Condition Monitoring, Monitoring Type Outlook
-
Vibration Monitoring
-
Thermography
-
Oil Analysis
-
Corrosion Monitoring
Machine Condition Monitoring, Monitoring Process Type Outlook
Machine Condition Monitoring Regional Outlook
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 2.5 billion |
| Market Size 2023 |
USD 2.6825 billion |
| Market Size 2032 |
USD 4.7134 billion |
| Compound Annual Growth Rate (CAGR) |
7.30% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
End Use, Monitoring Type, Monitoring Process Type, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Emerson Electric Co., General Electric, Rockwell Automation Inc., Parker Hannifin Corp, Analog Devices Inc., SKF, Amphenol Inc., Allied Reliability, National Instruments Corp, Meggit Plc, and Fluke Corporation |
| Key Market Opportunities |
Increase in adoption of industry 4.0 |
| Key Market Dynamics |
Rise in need for predictive maintenance and product innovations by market players |
Machine Condition Monitoring Market Highlights:
Frequently Asked Questions (FAQ) :
The Machine Condition Monitoring market size was valued at USD 2.5 Billion in 2022.
The market is projected to grow at a CAGR of 7.30% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Emerson Electric Co., General Electric, Rockwell Automation Inc., Parker Hannifin Corp.
The vibration monitoring category dominated the market in 2022.
The portable monitoring process type had the largest share in the market.
