Machine Condition Monitoring Market - By Monitoring Technique (Thermography, Corrosion Monitoring, Vibration Monitoring, Ultrasound Emission, Motor Current Analysis, Oil Analysis), By Deployment Type, By Offering, By Monitoring Process, By End Use & Forecast, 2023 – 2032

Machine Condition Monitoring Market Size

Machine Condition Monitoring Market was valued at USD 2.5 billion in 2022 and is anticipated to grow at a CAGR of over 8% between 2023 and 2032. Industries across the spectrum are increasingly recognizing the pivotal role of machine condition monitoring in ensuring uninterrupted operations. By adopting a proactive approach to maintenance, companies can predict & prevent machine failures, thereby eliminating costly downtime and enhancing operational reliability. The widespread adoption of machine condition monitoring is being propelled by the relentless pursuit of operational efficiency. It empowers organizations with real-time insights into the health of their machinery, allowing them to fine-tune operations, minimize energy consumption, and reduce maintenance costs. As a result, market players are launching innovative solutions. For instance, in April 2021, NSK Ltd. launched the ACOUS NAVI (FIELD system), a condition monitoring and diagnostic application compatible with the FANUC Intelligent Edge Link & Drive (FIELD) system, an open software platform for the manufacturing industry.
 

Machine condition monitoring refers to the process of monitoring and analyzing the machine and equipment health to identify potential faults & issues. It involves the use of various sensors, data analysis tools, and software to continuously track machine performance, detect anomalies, and predict maintenance needs. This proactive approach to maintenance minimizes unplanned downtime, reduces maintenance costs, and extends the lifespan of critical machinery.
 

The sheer volume of data generated by sensors and monitoring systems is a significant challenge in the market. While these data streams provide valuable insights, the complexities associated with the same can overwhelm organizations. The extraction of meaningful information and the setting up of actionable alerts can be daunting without proper data analysis tools and expertise. Many industrial setups rely on legacy machinery and control systems. The integration of machine condition monitoring solutions with these older systems can be challenging and may necessitate additional investments in retrofitting or upgrading equipment to enable seamless data collection and analysis.
 

COVID-19 Impact

The pandemic disrupted global supply chains, affecting the availability of critical components for machine condition monitoring systems. Manufacturers faced challenges in sourcing sensors and monitoring equipment, leading to temporary delays in project implementation. On the other side, economic uncertainties prompted organizations to scrutinize costs rigorously. Machine condition monitoring solutions can reduce unplanned downtime and maintenance expenses, thereby emerging as strategic tools for cost optimization during the crisis.
 

Machine Condition Monitoring Market Trends

The integration of Internet of Things (IoT) and edge computing into machine condition monitoring systems is revolutionizing predictive maintenance. IoT sensors are deployed in machinery, which helps in collecting real-time data. Edge computing processes this data locally, enabling faster analysis and immediate action when anomalies are detected. This trend streamlines maintenance processes, reduces data transfer latency, and enhances the overall effectiveness of solutions.
 

AI and Machine Learning (ML) technologies are becoming the integral components of machine condition monitoring systems. These technologies analyze vast amounts of data generated by sensors to identify patterns, predict failures, and recommend maintenance actions. By continuously learning from data, AI-powered solutions improve accuracy and reduce false alarms, thereby increasing the efficiency of maintenance efforts.
 

Machine Condition Monitoring Market Analysis

Based on monitoring technique, the market is segmented into thermography, corrosion monitoring, vibration monitoring, ultrasound emission, motor current analysis, and oil analysis. The thermography segment is estimated to register a CAGR of over 9.5% during 2023 to 2032.
 

• Thermography excels in identifying anomalies in machinery by capturing temperature variations. It allows maintenance teams to detect the overheating of components before they lead to critical failures, thereby reducing downtime and maintenance costs.
   
• This technique is non-invasive, indicating that it does not require physical contact with the machinery. This makes it suitable for monitoring hard-to-reach or hazardous equipment without causing disruptions to operations.
   
• By providing early warnings of potential failures, thermography enables organizations to shift from reactive to predictive maintenance strategies, thereby improving the overall equipment reliability.

Based on deployment type, the market is segmented into on-premises and cloud. The on-premises segment dominated the global market in 2022, accounting for a share of over 60% in revenue. On-premise solutions provide organizations with full control over their data. This is crucial for industries with strict data security and compliance requirements such as healthcare and finance.
 

• On-site data processing reduces latency, enabling real-time monitoring and faster response to critical events, which is vital for industries with low tolerance for delays such as manufacturing.
   
• Organizations can tailor on-premise systems to their specific needs, adapting them to the unique operational requirements and workflows
   
• Data remains within the organization's physical boundaries, reducing the risks of external breaches or cyberattacks.
   
• While on-premise solutions provide long-term control, they often require significant upfront investments in hardware, software, and infrastructure solutions.

North America dominated the machine condition monitoring market in 2022, accounting for a significant share of over 32%. North America is a prominent hub for machine condition monitoring due to its advanced industrial landscape and the early adoption of cutting-edge technologies. The region’s robust manufacturing sector, which includes automotive, aerospace, and electronics, accounts for the high demand for effective condition monitoring solutions. Regulatory compliance issues, such as safety standards and environmental regulations, have also propelled the adoption of machine condition monitoring solutions in North America. The presence of key players in the machine condition monitoring industry along with the rising focus on R&D has led to the development of innovative solutions.
 

Machine Condition Monitoring Market Share

The machine condition monitoring industry is highly competitive owing to the presence of key players such as:

• Emerson Electric
• General Electrics
• Honeywell International
• National Instruments
• Baker Huges
• Analog Devices Inc.
• Amphenol Inc.

These market players are adoption strategic initiatives including mergers & acquisitions, product offerings, technological advancements, innovations, and geographical expansion to gain significant market share and a competitive edge.
 

Machine Condition Monitoring Industry News

• In April 2022, OMRON launched the K7TM condition monitoring device for the predictive maintenance of heaters used in automotive and FMCG industries. The K7TM visualizes deterioration tendencies to enable predictive maintenance and contributes to the realization of a carbon-free society.
   

The machine condition monitoring market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD million) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

by monitoring technique

• Thermography
• Corrosion monitoring
• Vibration monitoring
• Ultrasound emission
• Motor current analysis
• Oil analysis

by offering

• Hardware
• Software
• Services

by deployment type

• On-premises
• Cloud

by monitoring process

• Online condition monitoring
• Portable condition monitoring

by end use

• Automotive
• Oil & gas
• Power generation
• Chemicals
• Metals & mining
• Aerospace & defense
• Food & beverages
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • GCC
  • South Africa
  • Rest of MEA