Condition Monitoring Equipment Market Size

Condition Monitoring Equipment Market Analysis

The Condition Monitoring Equipment Market size is estimated at USD 2.6 billion in the current year and is expected to reach USD 3.58 billion by the next five years, registering a CAGR of 6.66% during the forecast period.

The market growth is driven by an increasing number of smart factories and growing usage of renewable energy. Further, vibration monitoring systems are gaining momentum owing to their support in enhancing production, reducing downtime due to greater analytics, and reducing human-mediated activities like manual inspections and unplanned corrections.

One of the primary goals for any business is to prolong an asset's lifecycle and ensure that the asset functions efficiently for a long period. This can be accomplished using condition monitoring. Maintenance is crucial to machines. Machine condition monitoring is an important part of maintenance, and thus, many companies have been focusing more on asset utilization and increasing productivity.

As operational equipment is responsive to many types of errors and faults, it is important to monitor minor/major changes in equipment by measuring parameters like vibration, temperature, voltage, current, pressure, flow, and several others. This significance has pushed various verticals to make extra efforts to protect their machinery. The main benefit of fault identification using condition monitoring includes allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus increasing human safety.

The advent of Industry 4.0 coupled with 5G and 3D printing technology is also expected to increase the demand for machine monitoring products connected to IoT devices through low latency signals. Industry 4.0 relies on automation, machine learning, and real-time data processing to automate manufacturing plant processes. This has expanded the use of automated manufacturing technologies such as automation, data analytics, and industrial IoT to improve operational efficiencies.

Furthermore, implementing predictive maintenance in Industry 4.0 offers substantial prospects for numerous industries. Monitoring machine data to detect and plan repairs and reduce downtime is part of the machine condition monitoring process. Such progress enables the analysis of equipment performance and the prediction of breakdown scenarios. As a result, rising awareness of machine status monitoring is projected to open up new business prospects.

The high costs of automated systems are concerned with effective and robust hardware and efficient software. Automation equipment requires high capital investment to invest in the smart factory (an automated system can cost millions of dollars to install, design, and fabricate).

Also, the need for the maintenance of automated machines is more than a manual system (even flexible automation is less flexible than humans, the most versatile machines of all). Further, the sluggish adoption of Industrial IoT technologies can be linked to the higher costs of maintaining their connections, considering that M2M connections were charged with heavy taxation, similar to mobile device subscriptions. Such factors are also linked to the factors hindering the growth of the studied market.

In the post-COVID-19 pandemic scenario, several firms are developing various products to capture the market share. For instance, in April 2021, ACOUS NAVI (FIELD System), a condition monitoring and diagnostic program compatible with FANUC Intelligent Edge Link & Drive system (FIELD system), an open software platform for the manufacturing industry, was to be sold by NSK Ltd. ACOUS NAVI is a comprehensive solution for monitoring the operation of machine components and detecting or predicting indicators of damage or deterioration.