Machine Condition Monitoring Market

Machine Condition Monitoring Market Size, Share, Growth (2023-2028)

Machine Condition Monitoring Market is anticipated to grow USD 3.9 billion by 2028 from USD 2.6 billion in 2023, registering a CAGR of 7.0%

Machine Condition Monitoring Market Overview:

Machine Condition Monitoring solutions are processes of monitoring selected physical parameters that are associated with machinery operation. The control of these parameters is either periodically or continuously for determining the integrity of the machine. This monitoring helps analyze the current conditions of the machinery and enable the early detection of the possibility of failure.

Recent Developments

• Envirosuite Limited has announced that it is going to acquire EMS Brüel & Kjær Holdings Pty Ltd (EMS) which is a noise and vibration monitoring technology company that combining to create a global leader in environmental technology.

• Sabre Systems, Inc., a Texas-based company, was selected for a contract by the NAVAIR Digital Department for providing technology acceleration and integration, information technology, information management, and cybersecurity support services, which worth around $77.7M.

Machine Condition Monitoring Market Drivers and Restraints

The growth of this market is due to technological developments such as remote monitoring and wireless technology, which are enabling the industries for collecting data and monitor the underlying equipment and processing of machines. The advent of secure cloud platforms that are employed in condition monitoring, increasing disposition towards predictive maintenance, and high demand from emerging applications are the major drivers for the growth of the Global Machine Condition Monitoring Market. However, the higher cost of monitoring machines, the deficiency of trained technical resources for data analysis, and unpredictable maintenance periods are the major restraints that are challenging the condition monitoring market growth.Further, the growing usage of this machine condition monitoring systems across numerous industries like chemicals, automotive, aerospace & defense, metals, and mining among many others are creating lucrative opportunities for the target market expansion.

Machine Condition Monitoring Market Segmentation

Based on the monitoring process, the global machine condition monitoring market is segmented into Online Condition Monitoring and Portable Condition Monitoring.

Based on the monitoring technique, the global machine condition monitoring market is segmented into Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, and Motor Current Analysis.

On the industry outlook, the global machine condition monitoring market is segmented into Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace & Defense, Food & Beverages, Marine, Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics.

In the deployment outlook, the global machine condition monitoring market is segmented as On-premises and Cloud. 

Based on the offering outlook, the global machine condition monitoring market is segmented into Hardware and software. Of these, the hardware segment is sub-segmented into Accelerometers, Proximity Probes, Tachometers, Thermal Infrared Sensors, Quantum Infrared Sensors, Infrared Spectrometers, Ultraviolet Spectrometers, Atomic Spectrometers, Mass Spectrometers, Sound Pressure Meters, Stethoscopes, Ultrasonic Leak Detectors, Swept Spectrum Analyzers, Real-time Spectrum Analyzers, Corrosion Probes, Velocity Sensors and Transmitters, Thermal Cameras and IR Thermometers, Viscometers and Particle Counters, Wireless Transmitters and Corrosion Data Collectors, Ultrasonic Probes, Current Transformers, and Resistive Shuts & Networking Devices. 

The Software segment is divided into Data Integration, Diagnostic Reporting, Order Tracking Analysis, and Parameter Calculation.

Machine Condition Monitoring Market Region-wise Analysis

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In the regional analysis of the Global Machine Condition Monitoring Market, North America's local market is a crucial contributor as it is the home to some of the largest multinational corporations that include the majority of the leading players like Emerson Electric (US), Honeywell International (US), General Electric (US), and National Instruments (US). These machine condition monitoring solutions have the capability to accurately forecast the equipment failure that is helpful for organizations for reducing their maintenance and operational expenses.

Machine Condition Monitoring Market Key Players

1. Emerson Electric Co.,

2. General Electric,

3. Honeywell International Inc.,

4. National Instruments.,

5. SKF,

6. ALS Limited,

7. Meggitt PLC ,

8. Parker Hannifin Corp.,

9. Rockwell Automation, Inc.,

10. Schaeffler AG,

11. COPYRIGHT AZIMA DLI CORPORATION.,

12. Brüel & Kjær.,

13. Fluke Corporation,

14. PRÜFTECHNIK Dieter Busch AG.,