The global machine condition monitoring market size was valued at USD 2.91 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030.
Need to provide advanced diagnostics and help determine a machine's health has underpinned market growth. Manufacturers have sought condition monitoring systems to optimize and monitor performance and maintenance of their equipment. Besides, the trend for lean manufacturing has prompted manufacturers to seek condition monitoring to bolster production efficiency, minimize downtime, and enhance spare parts supplies and cost prediction. Stakeholders have exhibited traction for condition monitoring for enhanced productivity, equipment longevity, elimination & reduction of downtime, minimizing scrap parts, and leveraging automation based on real-time machine condition data.
For instance, in November 2022, Doble Engineering Company which offers asset health checks through their diagnostic test, services, and software for electric industry, released a new product, Calisto cable condition monitoring for medium and high voltage cable systems. The new Calisto cable offers secure and dependable cable operation, lowering the risk of failures, reducing total cost of ownership and solutions, and giving near crucial real-time data regarding cable health.
Gather more insights about the market drivers, restrains and growth of the Machine Condition Monitoring Market
Machine Condition Monitoring Market Report Highlights
• The vibration monitoring segment led the market in 2022, accounting for over 26% share of the global revenue. This growth can be attributed to the rising demand for detecting wear, misalignments, and imbalances, along with the widespread use of monitoring devices for early-stage fault detection.
• The turbines & generators segment led the market in 2022, accounting for over 16% of global revenue. This growth is attributed to the rising demand for wind and solar power, necessitating regular monitoring of turbines and generators to ensure continuous operations.
• The online condition monitoring segment is likely to account for a sizable share of the global market due to the trend for remote monitoring and an increased need to reduce downtime.
• The hardware segment will grow as the development of strong sensors and other devices that enable remote machine health analysis is a major focus of hardware manufacturers.
• Due to rising oil exploration activities, North America will contribute significantly to the global market.
• Some regions in North America have the most competitive and constantly changing and rising technology improvements in the machine condition monitoring market. The expanding number of machine condition monitoring businesses globally is projected to support market expansion.
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Machine Condition Monitoring Market Segmentation
Grand View Research has segmented the global machine condition monitoring market based on monitoring technique, component, product type, application, architecture type, plant type, monitoring process, end-use industry, and region:
Machine Condition Monitoring Technique Outlook (Revenue, USD Billion, 2017 - 2030)
• Torque Monitoring
• Vibration Monitoring
• Oil Analysis
• Thermography
• Corrosion Monitoring
• Others
Machine Condition Monitoring Component Outlook (Revenue, USD Billion, 2017 - 2030)
• Hardware
• Portable/Handheld Condition Monitoring Units
• Software
• Services
Machine Condition Monitoring Product Type Outlook (Revenue, USD Billion, 2017 - 2030)
• Valves
• Compressors
• Turbines
• Gearbox
• Motors
• Bearings
• Couplings
• Others
Machine Condition Monitoring Application Outlook (Revenue, USD Billion, 2017 - 2030)
• HVAC Systems
• Turbines & Generators
• Material Handling
• Conveyors
• Pump Systems
• Sprockets
• Bushings & Hubs
• Control Cabinet Monitoring
• Paper Presses
• Storage Rooms
• Motor Control
• Lubricant Level Monitoring on CNC Machines
• Others
Machine Condition Monitoring Architecture Type Outlook (Revenue, USD Billion, 2017 - 2030)
• Public Cloud
• Edge Platform
• Hybrid Cloud
• On-premises
Machine Condition Monitoring Plant Type Outlook (Revenue, USD Billion, 2017 - 2030)
• Greenfield Plant
• Brownfield Plant
Machine Condition Monitoring Process Outlook (Revenue, USD Billion, 2017 - 2030)
• Online Condition Monitoring
• Portable Condition Monitoring
Machine Condition Monitoring End-use Industry Outlook (Revenue, USD Billion, 2017 - 2030)
• Mining
• Primary Metals
• Power Generation
• Automotive
• Oil & Gas
• Aerospace
• Food & Beverages
• Chemicals
• Marine
• Pharmaceutical
• Pulp & Paper
• Others
Machine Condition Monitoring Regional Outlook (Revenue, USD Billion, 2017 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
• Asia Pacific
o China
o Japan
o India
• Central & South America
o Brazil
• MEA
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