February 22, 2024
Machine Condition Monitoring Market

Machine Condition Monitoring Market is expected to be Flourished by Growth of Industrial IoT Deployments

Machine condition monitoring involves the use of condition monitoring techniques and technologies to monitor the condition of operating machines in order to detect and diagnose faults. It involves techniques like vibration analysis, ultrasonic detection, thermography, and oil analysis to collect machine condition data and help prevent unexpected failures. Machine condition monitoring finds application across industries like oil & gas, energy & power, transportation, metal & mining, and food & beverages for monitoring critical assets like motors, pumps, fans, gearboxes, and turbines. Growing deployments of Industrial IoT technologies are enabling industries to monitor machines remotely and in real-time, analyze huge amounts of condition data using advanced analytics, and take predictive maintenance actions. This is helping improve asset reliability, optimize maintenance costs, and minimize downtime.

The global Machine Condition Monitoring Market is estimated to be valued at US$ 4568.38 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growth of Industrial IoT Deployments (as mentioned in the heading): The rapid adoption of Industrial IoT technologies across manufacturing facilities and industrial operations is providing a major boost to the machine condition monitoring market. IoT-enabled sensors deployed on machines are generating huge amounts of real-time condition data that can be monitored on dashboards, analyzed using advanced algorithms, and used to trigger automated maintenance actions if anomalies are detected. This is helping industries move from reactive to predictive maintenance approaches and improve asset use efficiency.

Growing Investments in Predictive Maintenance: Manufacturers are increasingly investing in predictive maintenance programs that utilize machine condition monitoring techniques to move from scheduled to condition-based maintenance of critical assets. Predictive maintenance aims to reduce unexpected breakdowns and optimize maintenance budgets. The availability of affordable condition monitoring devices, cloud-based monitoring platforms, and advanced data analytics solutions is propelling the growth of predictive maintenance deployments globally.

Segment Analysis
The machine condition monitoring market can be segmented into device type, monitoring technique, offering, deployment type, industry, and region. By device type, the vibration monitoring segment dominated the market and is projected to continue its dominance during the forecast period. This is because vibration analysis is one of the most commonly used techniques for machine condition monitoring as machines’ vibrations directly indicate mechanical conditions and efficiency.

PEST Analysis
Political: Governments across various countries are promoting industrial automation which is driving the adoption of machine condition monitoring solutions for predictive maintenance needs.
Economic: With the growing global GDP and industrialization, especially in emerging economies, the demand for industrial machinery is increasing rapidly thereby positively impacting the machine condition monitoring market.
Social: With increasing awareness about asset management and reducing downtime, industries are more open to adopting condition monitoring solutions.
Technological: Advent of technologies like IoT, cloud, AI/ML are allowing remote and wireless condition monitoring of assets and enabling advanced analytics for predictive maintenance.

Key Takeaways
The global machine condition monitoring market is expected to witness high growth over the forecast period owing to rapid industrialization worldwide. Global Machine Condition Monitoring Market Demand is estimated to be valued at US$ 4,568.38 million in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.

Regional analysis
The Asia Pacific region accounted for over 35% share of the global machine condition monitoring market in 2024 led by China, Japan, and India. This was due to rising industrialization and increasing adoption of automated solutions across industries like oil & gas, energy & power, mining, and manufacturing in the region.

Key players

Key players operating in the machine condition monitoring market are Applied Sciences Inc., Argonide Corporation, CHUETSU PULP & PAPER CO. LTD, Donaldson Company Inc., DuPont, Esfil Tehno AS, eSpin Technologies Inc., Hollingsworth & Vose Companym, IREMA-Filter GmbH, Japan Vilene Company Ltd, LIME, Merck KgAA, Nanofiber Solutions, NanoLayr Limited, NANOVAL GmbH & Co. KG, NIPPON PAPER INDUSTRIES CO. LTD, PARDAM s.r.o., SAPPI LTD, SNC Fibers, SPUR AS, TEIJIN LIMITED, TORAY INDUSTRIES INC., and US Global Nanospace Inc. Key players are focused on launching new and innovative products and solutions to expand their presence and address customer requirements better.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it