Global Machine Condition Monitoring Market Size study & Forecast, by Monitoring Technique (Vibration Monitoring, Oil Analysis, Thermography, Others), by Component (Hardware, Software, Services), by Deployment (Cloud, On-premises), by Monitoring Process (O

Global Machine Condition Monitoring Market Size study & Forecast, by Monitoring Technique (Vibration Monitoring, Oil Analysis, Thermography, Others), by Component (Hardware, Software, Services), by Deployment (Cloud, On-premises), by Monitoring Process (Online, Portable), by End-use Industry (Power Generation, Automotive, Oil & Gas, Others) and Regional Analysis, 2023-2030

Global Machine Condition Monitoring Market is valued at approximately USD 2.75 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.3% over the forecast period 2023-2030. Machine condition monitoring is a process used to assess the health and performance of machines and equipment in various industries. It entails the constant observation of the state and behavior of machines, including rotating machinery, engines, pumps, compressors, and other crucial assets, using a variety of sensors, instruments, and data analysis tools. The Machine Condition Monitoring market is expanding because of factors such as the growing adoption of industrial IoT and big data analytics, and the rising deployment of automated condition monitoring technologies in smart factories.

Machine Condition Monitoring is strongly related to the Industrial Internet of Things (IIoT) and big data analytics. The combination of sensors, connectivity, and data analytics platforms enables real-time monitoring and analysis of machine health, resulting in proactive maintenance and better decision-making. IIoT and big data analytics are being adopted by businesses more and more, which is resulting in market growth. According to Statista, in the year 2020, the Industrial Internet of Things (IIoT) market size worldwide stood at USD 216.13 billion which increased to USD 263.52 billion in the year 2021 and it is projected to reach USD 1110 billion by the year 2028. This increase in market size indicates the rising adoption of IoT in the industrial sector which integrates sensors, connectivity, and data analytics platforms enable smart automation in the industry, resulting in market growth.. In addition, Surging adoption of wireless communication technology in machine condition monitoring and increasing use of predictive maintenance techniques by industry players is creating new opportunities to the market growth. However, the high cost of machine condition monitoring and the shortage of technical expertise necessary to carry out data analysis stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Machine Condition Monitoring Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the dominance of key market players, rising adoption of smart manufacturing technologies, rising development of smart factories, rising industrial automation and rising investment for the adoption of advanced technologies in the industry. Furthermore, Asia Pacific is projected to have significant growth owing to factors such as rising initiatives for adoption of automation technologies, and rising development of smart manufacturing facilities in the region.

Major market player included in this report are:
Meggitt Sensing Systems (Meggitt PLC)
Rockwell Automation Inc.
GE Bently Nevada
Emerson Electric Co.
SKF AB
Brüel & Kjaer Vibro
Teledyne FLIR LLC
Fluke Corporation
Nippon Avionics Co., Ltd.
Thermo Fisher Scientific Inc.

Recent Developments in the Market:
In April 2022, SKF and Amazon Web Services collaborated to develop a scalable and user-friendly condition monitoring and analysis system. The business wants to reinvent industrial machine dependability and preventive maintenance.

In June 2022, Watersight, a partnership between MEKOROT and Newsight Imaging, officially unveiled AquaRing, a comprehensive real-time monitoring solution for online water condition management for the water, utility, and food and beverage industries.

Global Machine Condition Monitoring Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Monitoring Technique, Component, Deployment, Monitoring Process, End-use Industry, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Monitoring Technique:
Vibration Monitoring
Oil Analysis
Thermography
Corrosion Monitoring
Others
By Component:
Hardware
Software
Services
By Deployment:
Cloud
On-premises

By Monitoring Process
Online
Portable

By End-use Industry:
Power Generation
Automotive
Oil & Gas
Metal & Mining
Aerospace
Food & Beverages
Chemicals
Marine
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Meggitt Sensing Systems (Meggitt PLC)
Rockwell Automation Inc.
GE Bently Nevada
Emerson Electric Co.
SKF AB
Brüel & Kjaer Vibro
Teledyne FLIR LLC
Fluke Corporation
Nippon Avionics Co., Ltd.
Thermo Fisher Scientific Inc.

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