Machine Condition Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Machine Condition Monitoring Market is Segmented by Machine Condition Monitoring, Vibration Monitoring Equipment, Thermography Equipment, and Lubricating Oil Analysis Equipment. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Machine Condition Monitoring Market Size

Machine Condition Monitoring Market  Summary
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Study Period 2019 - 2029
Market Size (2024) USD 1.25 Billion
Market Size (2029) USD 1.97 Billion
CAGR (2024 - 2029) 9.65 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Machine Condition Monitoring Market  Major Players

*Disclaimer: Major Players sorted in no particular order

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Machine Condition Monitoring Market Analysis

The Machine Condition Monitoring Market size is estimated at USD 1.25 billion in 2024, and is expected to reach USD 1.97 billion by 2029, growing at a CAGR of 9.65% during the forecast period (2024-2029).

Increasing adoption of industry 4.0, increasing demand for reducing human involvement in predictive maintenance, and rising awareness regarding the benefits of installing machine condition monitoring solutions are expected to drive the machine condition monitoring market over the forecast period.

  • Industry 4.0 relies on automation and computer learning, including real-time information processing, to modernize industrial plant operations. This has expanded computerized production technology to enhance operating efficiencies, including digital analytics, automation, and commercial IoT. Furthermore, implementing predictive management in Industry 4.0 provides substantial prospects for numerous industries. Analyzing equipment data to identify and plan maintenance and decrease outage is part of the machine condition management process. Such progress enables the analysis of equipment functioning and the prediction of breakdown scenarios. As a result, rising knowledge of machine status tracking is projected to open up new business prospects.
  • Product developments by key players operating in the market are expected to contribute to market growth. For instance, in November 2022, Doble Engineering Company, which provides equipment health inspections for the electric sector via diagnostic tests and services, including software, introduced a new solution, Calisto cable condition monitoring, for moderate and higher voltage cable systems. The innovative Calisto cable provides safe and reliable cable operation, cutting the chance of failure, decreasing the overall cost of operations and solutions, and providing near-real-time information on cable health.
  • Post COVID-19 requirement for fully autonomous systems with minimum human administration is propelling the market, which is expanding in line with the gradual recovery of the economies worldwide and the growth in demand for distant operations. Furthermore, the growing adoption of Industry 4.0 due to the increased need for real-time machine monitoring is likely to generate attractive market development prospects.
  • However, short-term investment is required, and the equipment for condition monitoring is costly. Moreover, the condition monitoring sensors may not survive depending on the environment, and the machine exhibits unpredictable maintenance periods-such a factor challenges market growth.

Machine Condition Monitoring Market Trends

This section covers the major market trends shaping the Machine Condition Monitoring Market according to our research experts:

Automotive Transportation to Witness Significant Growth

  • Globally, the automotive sector is one of the significant segments of the manufacturing industry. With rapid advances in technology, automobiles are becoming more complex. This increased complexity is leading to possible production errors, which in turn is increasing the need for continuous machine condition monitoring solutions.
  • The automobile industry's market players are driven to streamline and upgrade their manufacturing processes. The various motors placed on the production lines need periodic monitoring. The motor voltage pattern analysis approach helps to reduce machine breakdowns and boost machine lifespan. The number of units manufactured in the vehicle industry is rapidly growing, which in turn is expected to contribute to market growth. For instance, Tesla Inc.'s 3rd quarter 2022 car manufacturing output was 365,900 units. Tesla's production level climbed by more than 41.5% quarter on quarter and reached nearly 53.9 % yearly in the third period of 2022. The technology on the car assembly facility's plant floor must be adequately serviced to provide an enhanced manufacturing cycle and output.
  • Air-handling systems and pumps are the most common uses of condition monitoring in the automobile sector. Other critical areas wherein condition monitoring is employed include motor and transmission part endurance testing, wind tunnels, electrical breakdowns for reliability testing, automotive test benches (artificial roadways), and others.
  • Increasing demand for condition monitoring in the automotive sector has led to increasing product development by key players. For instance, in April 2022, OMRON launched the innovative K7TM condition monitoring for heating equipment, which is utilized mainly in the automotive and FMCG sectors.
Machine Condition Monitoring Market : Motor Vehicle Production, in Million, Global, 2017-2021

Europe to Grow Considerably Over The Forecast Period

  • The machine condition monitoring market in Europe is anticipated to grow significantly over the next five years due to the presence of strong end-use industries such as automobile and aerospace. Furthermore, the presence of significant manufacturers across the region, including ABB, SKF AB, and Meggitt PLC, among others, will further contribute to market growth.
  • Since portable monitoring processes are challenging to utilize in remote manufacturing plants, the need for online condition monitoring has increased. Furthermore, technological advancements and the need for real-time alerts and metrics have increased the adoption of online condition monitoring processes across numerous end-use sectors. This has led to increasing product developments by key players. For instance, in June 2021, ABB introduced a novel digital condition monitoring service designed specifically for conveyor system predictive maintenance. Such developments are expected to boost the Machine Condition Monitoring Market growth over the forecast period.
  • The country homes 43 automobile assemblies and production plants, with more than 1/3rd of Europe's automobile production capacity. More than 3/4th of the cars produced in this country are destined for international markets. Thus, high automobile manufacturing will propel the need for condition-monitoring solutions in the automotive sector, boosting the market for machine condition monitoring over the forecast period. For instance, in April 2022, according to ACEA, around 9.9 million passenger vehicles were made in the European Union in 2021.
  • Developing smart manufacturing begins with automated machine monitoring. Equipment in an intelligent factory is linked via IoT-enabled, web-based monitors that allow for real-time machine extracting data. The linked machine system provides useful information about equipment performance, improves current output, and compares estimated to real output ratios. According to ETNO, by 2027, there will be 223 million active Internet of Things (IoT) links in the automotive sector and 19 million businesses throughout Europe. Thus, increasing smart manufacturing deployment across the automobile industry is expected to boost regional market expansion over the forecast period.
Machine Condition Monitoring Market - Growth Rate by Region

Machine Condition Monitoring Industry Overview

The Machine Condition Monitoring Market is moderately competitive, with several players. Some of the players operating in the market include Rockwell Automation, Inc., Meggitt PLC, GE Bently Nevada, Emerson Electric Co., and SKF Group, among others. These players are adopting several strategies, such as product launches, partnerships, and joint ventures, among others, to increase their customer base and expand their product portfolios.

  • November 2022 - Advantech and Actility have announced a novel combined AI-based solution to assist machine operation teams in implementing machine prognostics and condition monitoring. It enables users to check the status of several devices at the same time.
  • September 2022 - ABB and Samotics, a high-growth scaleup business in the Netherlands and a prominent vendor of ESA technology have formed a long-term strategic cooperation to deliver better condition monitoring services. The method will use each company's strengths to provide more insights into equipment health and power efficiency.

Machine Condition Monitoring Market Leaders

  1. Rockwell Automation, Inc.

  2. Meggitt PLC

  3. GE Bently Nevada

  4. Emerson Electric Co.

  5. SKF Group

*Disclaimer: Major Players sorted in no particular order

Machine Condition Monitoring Market Concentration
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Machine Condition Monitoring Market News

  • June 2022: Watersight, a joint venture between MEKOROT and Newsight Imaging, announced the formal introduction of AquaRing, a comprehensive real-time monitoring equipment for online water condition management for the water, utility, and food with beverage sectors.
  • April 2022: OMRON has introduced the innovative K7TM condition monitor for heating equipment, primarily utilized in the automobile and FMCG industries. The K7TM visualizes degradation trends to facilitate predictive maintenance and help to realize a carbon-free world.
  • March 2022: Gastops, a Canadian provider of condition monitoring solutions, introduced Gastops Connect, an online subscription platform that provides crucial equipment condition monitoring and analytics abilities to clients that use its condition monitoring sensor technologies and solutions. Gastops is a supplier of intelligent condition monitoring systems used to enhance the performance, availability, and security of key assets in the Aerospace, Energy, Defense, and Industrial sectors.

Machine Condition Monitoring Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH APPROACH AND METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness Porters Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Impact of COVID-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Equipment Performance and Productivity through Predictive Maintenance

      2. 5.1.2 Rising Predictive Maintenance Requirements

      3. 5.1.3 Industry 4.0 and Emerging Industrial Applications across Manufacturing and Process Industries

    2. 5.2 Market Challenges

      1. 5.2.1 Cost Implications in Line with Retrofits

      2. 5.2.2 Global Macroeconomic and Geopolitical Factors

  6. 6. MARKET SEGMENTATION

    1. 6.1 MACHINE CONDITION MONITORING

      1. 6.1.1 Type

        1. 6.1.1.1 Hardware

          1. 6.1.1.1.1 Vibration Condition Monitoring Equipment

          2. 6.1.1.1.2 Thermography Equipment

          3. 6.1.1.1.3 Lubricating Oil Analysis

          4. 6.1.1.1.4 Ultrasound Emission Monitoring

          5. 6.1.1.1.5 Other Types

        2. 6.1.1.2 Software

        3. 6.1.1.3 Services

          1. 6.1.1.3.1 Remote Monitoring Services

          2. 6.1.1.3.2 Instrumentation Maintenance Services

          3. 6.1.1.3.3 Machinery Diagnostics Services

    2. 6.2 VIBRATION MONITORING EQUIPMENT

      1. 6.2.1 End User Industry

        1. 6.2.1.1 Oil and Gas

        2. 6.2.1.2 Power Generation

        3. 6.2.1.3 Process and Manufacturing

        4. 6.2.1.4 Aerospace and Defense

        5. 6.2.1.5 Automotive and Transportation

        6. 6.2.1.6 Other End-user Industries (Marine, Mining, Metal, etc.)

      2. 6.2.2 Geography

        1. 6.2.2.1 North America

          1. 6.2.2.1.1 United States

          2. 6.2.2.1.2 Canada

        2. 6.2.2.2 Europe

          1. 6.2.2.2.1 Germany

          2. 6.2.2.2.2 United Kingdom

          3. 6.2.2.2.3 France

          4. 6.2.2.2.4 Rest of Europe

        3. 6.2.2.3 Asia Pacific

          1. 6.2.2.3.1 China

          2. 6.2.2.3.2 Japan

          3. 6.2.2.3.3 India

          4. 6.2.2.3.4 Rest of Asia Pacific

        4. 6.2.2.4 Rest of the World

      3. 6.2.3 Vendor Market Share Analysis

    3. 6.3 THERMOGRAPHY EQUIPMENT

      1. 6.3.1 End User Vertical

        1. 6.3.1.1 Oil and Gas

        2. 6.3.1.2 Power Generation

        3. 6.3.1.3 Process and Manufacturing

        4. 6.3.1.4 Aerospace and Defense

        5. 6.3.1.5 Automotive and Transportation

        6. 6.3.1.6 Other End-user Verticals (Marine, Mining, Metal, etc.)

      2. 6.3.2 Geography

        1. 6.3.2.1 North America

          1. 6.3.2.1.1 United States

          2. 6.3.2.1.2 Canada

        2. 6.3.2.2 Europe

          1. 6.3.2.2.1 Germany

          2. 6.3.2.2.2 United Kingdom

          3. 6.3.2.2.3 France

          4. 6.3.2.2.4 Rest of Europe (Eastern Europe and Other Western European Countries)

        3. 6.3.2.3 Asia Pacific

          1. 6.3.2.3.1 China

          2. 6.3.2.3.2 Japan

          3. 6.3.2.3.3 India

          4. 6.3.2.3.4 Rest of Asia Pacific

        4. 6.3.2.4 Rest of the World (Latin America and Middle East and Africa)

      3. 6.3.3 Vendor Market Share Analysis

    4. 6.4 LUBRICATING OIL ANALYSIS EQUIPMENT

      1. 6.4.1 End User Vertical

        1. 6.4.1.1 Oil and Gas

        2. 6.4.1.2 Power Generation

        3. 6.4.1.3 Process and Manufacturing

        4. 6.4.1.4 Aerospace and Defense

        5. 6.4.1.5 Automotive and Transportation

        6. 6.4.1.6 Other End-user Verticals (Marine, Mining, Metal, etc.)

      2. 6.4.2 Geography

        1. 6.4.2.1 North America

          1. 6.4.2.1.1 United States

          2. 6.4.2.1.2 Canada

        2. 6.4.2.2 Europe

          1. 6.4.2.2.1 Germany

          2. 6.4.2.2.2 United Kingdom

          3. 6.4.2.2.3 France

          4. 6.4.2.2.4 Rest of Europe

        3. 6.4.2.3 Asia Pacific

          1. 6.4.2.3.1 China

          2. 6.4.2.3.2 Japan

          3. 6.4.2.3.3 India

          4. 6.4.2.3.4 Rest of Asia Pacific

        4. 6.4.2.4 Rest of the World (Latin America and Middle East and Africa)

      3. 6.4.3 Vendor Market Share Analysis

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles*

      1. 7.1.1 Meggitt Sensing Systems (Meggitt PLC)

      2. 7.1.2 Rockwell Automation Inc.

      3. 7.1.3 GE Bently Nevada

      4. 7.1.4 Emerson Electric Co.

      5. 7.1.5 SKF AB

      6. 7.1.6 Brüel & Kjaer Vibro

      7. 7.1.7 FLIR Systems Inc.

      8. 7.1.8 Fluke Corporation

      9. 7.1.9 Nippon Avionics Co., Ltd.

      10. 7.1.10 Thermo Fisher Scientific Inc.

      11. 7.1.11 Perkin Elmer Inc.

      12. 7.1.12 AMETEK Spectro Scientific

      13. 7.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)

      14. 7.1.14 Gastops Ltd

  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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Machine Condition Monitoring Industry Segmentation

Machine condition monitoring is the capacity to examine a machine's functionality across time. This might involve factors such as efficiency because efficiency losses can signal an underlying problem. It also provides component wear and tear and effectiveness indications, including faulty part production, usage information, and upkeep statistics.

The Machine Condition Monitoring Market is segmented based on Machine Condition Monitoring, Vibration Monitoring Equipment, Thermography Equipment and Lubricating Oil Analysis Equipment, and geography (North America, Europe, Asia Pacific, and the rest of the world). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

MACHINE CONDITION MONITORING
Type
Hardware
Vibration Condition Monitoring Equipment
Thermography Equipment
Lubricating Oil Analysis
Ultrasound Emission Monitoring
Other Types
Software
Services
Remote Monitoring Services
Instrumentation Maintenance Services
Machinery Diagnostics Services
VIBRATION MONITORING EQUIPMENT
End User Industry
Oil and Gas
Power Generation
Process and Manufacturing
Aerospace and Defense
Automotive and Transportation
Other End-user Industries (Marine, Mining, Metal, etc.)
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Rest of the World
Vendor Market Share Analysis
THERMOGRAPHY EQUIPMENT
End User Vertical
Oil and Gas
Power Generation
Process and Manufacturing
Aerospace and Defense
Automotive and Transportation
Other End-user Verticals (Marine, Mining, Metal, etc.)
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe (Eastern Europe and Other Western European Countries)
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Rest of the World (Latin America and Middle East and Africa)
Vendor Market Share Analysis
LUBRICATING OIL ANALYSIS EQUIPMENT
End User Vertical
Oil and Gas
Power Generation
Process and Manufacturing
Aerospace and Defense
Automotive and Transportation
Other End-user Verticals (Marine, Mining, Metal, etc.)
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Rest of the World (Latin America and Middle East and Africa)
Vendor Market Share Analysis
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Machine Condition Monitoring Market Research FAQs

The Machine Condition Monitoring Market size is expected to reach USD 1.25 billion in 2024 and grow at a CAGR of 9.65% to reach USD 1.97 billion by 2029.

In 2024, the Machine Condition Monitoring Market size is expected to reach USD 1.25 billion.

Rockwell Automation, Inc., Meggitt PLC, GE Bently Nevada, Emerson Electric Co. and SKF Group are the major companies operating in the Machine Condition Monitoring Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Machine Condition Monitoring Market.

In 2023, the Machine Condition Monitoring Market size was estimated at USD 1.14 billion. The report covers the Machine Condition Monitoring Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Machine Condition Monitoring Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Machine Condition Monitoring Industry Report

Statistics for the 2024 Machine Condition Monitoring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Machine Condition Monitoring analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Machine Condition Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)