Machine Condition Monitoring Market by Component (Hardware, Software), Monitoring Type (Continuous Monitoring, Periodic Monitoring), Deployment, Function, Industry - Global Forecast 2024-2030

Machine Condition Monitoring Market by Component (Hardware, Software), Monitoring Type (Continuous Monitoring, Periodic Monitoring), Deployment, Function, Industry - Global Forecast 2024-2030

The Machine Condition Monitoring Market size was estimated at USD 3.14 billion in 2023 and expected to reach USD 3.35 billion in 2024, at a CAGR 7.11% to reach USD 5.08 billion by 2030.

Machine condition monitoring is a set of techniques used to monitor machinery's operational status and performance. It helps identify potential issues promptly, allowing corrective measures to be taken before the problems become too severe. Machine condition monitoring works through visual inspections, acoustic emissions monitoring, vibration analysis, oil analysis, thermography, and other methods that provide insight into the machine's health. It becomes essential to lean manufacturing facilities as it reduces downtime, boosts production efficiency, and helps with cost prediction, spare parts supplies, maintenance needs, timing, and more accurate production predictions. Consequently, this system gives manufacturers the real-time machine condition data they require to make proactive choices depending on the state of their machinery. The rising need to maintain the operational health of equipment, the significant shift toward predictive maintenance, and the growing deployment of smart factories are driving the growth of the machine monitoring equipment market. However, requirements of additional expenses, interoperability issues, and concerns regarding unreliable or faulty data may hinder market development. However, introducing smart machine monitoring systems with advanced technology may overcome these challenges and sustain the market growth in the forecast period.

Regional Insights

The market for machine condition monitoring solutions in EMEA has grown steadily over the past few years due to significant competitors and ensuring government support for smart factory adoption. According to the European Union, 80% to 100% of manufacturing could use the Internet of Things applications, allowing machines, sensors, and other equipment to mutually connect and communicate through the Internet by 2025. Furthermore, major European players have been investing heavily in R&D efforts to develop solutions tailored to different industry verticals. As a result, competition is expected to remain fierce as more providers enter the field and existing vendors seek to differentiate themselves with specialized offerings. On the other hand, the Americas region has also observed positive growth regarding machine condition monitoring solutions uptake. Companies are emphasizing cost-effectiveness while still offering robust functionality; this could be a key area of development for the sector in the future. In the APAC region, Machine Condition Monitoring has observed a steady increase in adoption across all industries due to increasing investments in infrastructure and digital transformation initiatives. The market is expected to continue to expand over the coming years as more companies look to leverage predictive maintenance technologies.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Machine Condition Monitoring Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing adoption to maintain operational health of equipment
Rapid inclination towards predictive maintenance over preventive maintenance
Accelerated digitalization of the manufacturing sector and implementation of smart factories

Market Restraints

Additional expenses and interoperability issues during retrofitting of existing system

Market Opportunities

Emergence of smart and real-time machine condition monitoring solutions
Integration of IIoT, AI, and Big data technologies in machine condition monitoring

Market Challenges

Concern regarding false prediction and unreliable or misleading information

Market Segmentation Analysis

Component: Expanding usage of softwares or data acquisition and processing
Monitoring Type: Increasing inclination towards continuous monitoring to minimizing downtime and maintenance costs
Deployment: Growing preference for cloud-based deployment of machine condition monitoring systems due to their ability to easily scale up or down
Industry: Increasing demand for industrial processing to maintain quality and safety standards

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Machine Condition Monitoring Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Machine Condition Monitoring Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Acquisition of ECO-Adapt SAS strengthens Schaeffler’s portfolio of Lifetime Solutions

Schaeffler Technologies AG & CoKG announced the acquisition of complete shares in ECO-Adapt SAS, a company that offers innovative solutions for condition monitoring based on electrical signal analysis and systems for energy consumption optimization. The acquisition extends the Industrial division’s portfolio of lifetime solutions and strengthens its position in digitally-based predictive maintenance.

ABB Ltd partners with Samotics to expand condition monitoring services with electrical signature analysis

ABB Ltd, a company focused on industrial automation and digitalization, recently announced a collaboration with Samotics, a startup providing condition monitoring solutions. Together, they offer customers reliable access to suitable analytics and services to improve their overall operational and energy efficiency. This partnership is part of ABB's effort to strengthen its portfolio of condition-monitoring services by leveraging the cutting-edge technologies offered by Samotics.

SKF AB launches of SKF Axios powered by AWS

SKF AB recently announced the launch of their SKF Axios powered by AWS Machine Condition Monitoring service designed to provide an advanced level of monitoring and analysis services that enable industry professionals to better monitor their machine's condition, allowing them to make decisions that can ensure the effective operation and health of their machines. With this new product launch, SKF aims to bring state-of-the-art machine condition monitoring technology directly into the hands of its customers.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Machine Condition Monitoring Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Machine Condition Monitoring Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Advanced Technology Services, Inc., ALS Limited, Amphenol Corporation, Analog Devices Inc., Baker Hughes Company, Balluff Pty Ltd., Canstar Instruments Inc., Crystal Instruments Corporation, Dewesoft d.o.o., Eaton Corporation PLC, Emerson Electric Co., Fluke Corporation, General Electric Company, Honeywell International Inc., ifm efector pty ltd., Infineon Technologies AG, International Business Machines Corporation, MachineMetrics, Inc., Mitsubishi Electric Corporation, MoviTHERM, National Instruments Corporation, NSK Ltd., Omron Corporation, Parker Hannifin Corporation, Rockwell Automation Inc., SAP SE, Schaeffler Technologies AG & CoKG, Schneider Electric SE, Siemens AG, SKF AB, Teledyne FLIR LLC, Viking Analytics, and Yokogawa Electric Corporation.

Market Segmentation & Coverage

This research report categorizes the Machine Condition Monitoring Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Hardware
Cameras
Handheld Data Collectors & Analyzers
Sensors
Software
Online Condition Monitoring Systems
Optical Condition Monitoring
Route-Based Monitoring
Monitoring Type
Continuous Monitoring
Periodic Monitoring
Deployment
Cloud
On-Premises
Function
Corrosion Monitoring
Motor Current Analysis
Oil Analysis
Thermography
Vibration Monitoring
Industry
Automotive Engineering
Industrial Processing
Metal Mining
Oil & Gas
Wind Energy
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year