Europe Machine Condition Monitoring Market Size

Europe Machine Condition Monitoring Market Analysis

The Europe Machine Condition Monitoring Market size is estimated at USD 0.96 billion in 2024, and is expected to reach USD 1.40 billion by 2029, growing at a CAGR of 7.72% during the forecast period (2024-2029).

An outlook toward low-cost mass production has led maintenance professionals to turn to condition monitoring. With active machine condition monitoring, multiple industries can prevent machine failures, which is an added capital investment.

• One of the primary goals of any business is to prolong an asset's lifecycle and ensure that the asset functions efficiently for an extended period. This can be accomplished through the use of 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.
• Predictive maintenance systems can help organizations with condition-monitoring tools to track the performance of any equipment or machine in idle, normal, and peak performances. The data from machines operating at different conditions helps plan maintenance in the future to prevent sudden failure or downtime.
• Automated machine monitoring forms the first step toward achieving smart factories. In a smart factory, machines are interconnected with IoT-enabled, web-based sensors that facilitate real-time machine data extraction. The network of connected machines helps obtain valuable insights into machine performance, enhances ongoing production, and analyzes estimated versus actual production ratios.
• The rise of smart manufacturing and Industry 4.0 increased the possibility of monitoring the condition of the production equipment in a factory. Physical sensors can be deployed to collect data from the factory floor, and they can be processed and visualized on a dashboard on a workstation. This provides an overview of the condition of the machines and enables increased uptime and efficiency.
• All European businesses have crucial assets for manufacturing goods and services offering revenue, experiencing a rapid decline due to the COVID-19 pandemic. The management of such companies has been feeling extreme urgency and panic, increasing the emphasis on cutting costs. Since manufacturing activity is low, companies are tempted to eliminate maintenance, which can result in high costs during the forecast period.