Machine Condition Monitoring Market Size, Share, and Trends 2024 to 2033

Machine Condition Monitoring Market Size and Growth 2024 to 2033

The global machine condition monitoring market size was estimated at USD 3.48 billion in 2023 and it is expected to reach around USD 6.58 billion by 2033, poised to grow at a CAGR of 6.6% between 2024 and 2033.

Machine Condition Monitoring Market Key Takeaways

• Asia Pacific region accounted for a market share of 39.14% in 2023.
• The vibration monitoring technique segment has garnered a 27% revenue share in 2023.

Machine Condition Monitoring Market Size in the Asia Pacific 2024 To 2033

The Asia Pacific machine condition monitoring market size reached USD 1.36 billion in 2023 and is anticipated to be worth around USD 2.66 billion by 2033, poised to grow at a CAGR of 6.96% from 2024 to 2033.

Asia pacific region shared the largest economic rate in machine monitoring condition market in the year 2023. Increased revenue due to increased usage in various industries and new development and technologies with effective growth and good productivity. India, China, South Korea are the Asian countries. Machine monitoring condition market will increase more during the forecast period.

North America Machine Condition Monitoring Market Size 2024 to 2033

Countries included are the U.S., Brazil, India, Italy, China, Japan, France, the United Kingdom, Australia, Russia, and Germany. The increased demand of the regions has the largest growth during the forecast of the period with increased revenue of the machine monitoring condition market. The vast development of the countries with increasing demands of the market helps to boost the market growth in various fields and regions.

Machine Condition Monitoring Market Overview

Machine monitoring is generally explained as to monitor the condition of the machine after a certain period of time according to the schedule to maintain the productivity of the machine. Monitoring is basically to detect the temperature, humidity of the machine and the pressure in the equipments. Additionally it involves thermography, vibration of machine, oil analysis, and corrosion, to check the condition of the motor, and ultra sound. Machine monitoring is performed on a large scale to avoid the future problems and to maintain the consistency of the machine in performing the various task. It mainly monitors the unwanted aids produced by the machine for example unwanted ultra sound, excessive temperature, and vibration of the machine components may led to the damage of the inner components of the machine. Which gives good productivity and improves the safety of the machine. 

Expansion of the digitalization worldwide with symbolic rising of the market due to increased population and rising demands affected the growth of the market. There is convincing growth seen in the development of oil and gas, manufacturing industries, food and beverages, automotive industries, medical sections, aerospace, defense and marine industries which has created an important growth rate in the market. Machine monitoring is done in both hardware and software components to end up the upcoming future problems in the machine. There are various developed technologies in this digitalization world wireless technologies developed. Such as usage of cloud computing, internet of things affected the market.

Awareness has been created related to the effects of the machine monitoring. Which supports the machine productivity to contribute towards the consistent growth of the market. Which gives the quality to the product and meet the needs as required by the machine for good productivity. The development of new technologies has geared the growth of the machine monitoring market. It gives the idea about if the machine is in good condition for the output and to determine the problems in the machine.

Due to the outbreak of the Covid-19 the pandemic situation created in the nation affected the market in a good ways and bad ways. Increasing crisis led to increase in demand of the various machine monitoring in health sectors to give accurate results. It slowed the supply of the needs required during the monitoring of machine condition due to lock down as norms and guidelines imposed by the government hampered the transportation and supply and affected the market economy. In last few years tremendous changes in the automotive sectors with the developed technologies in the machines. Electrical systems developed in the cars, bikes. Automobiles section is largely developing with improved technology being effective and efficient.

Machine Condition Monitoring Market Growth Factors

The major growth factors increasing due to various technologies developed and the machines used by the companies and engineers provided for the maintenance of the machine and the interaction made with the companies for the monitoring of the machine conditions. In manufacturing industries wide growth of the machine monitoring conditions due to large scale development of the products which require different plants for the operations. In health sector it is the rising development of the machine monitoring condition which require scheduled maintenance of the machine for the good productivity and to avoid future problems of the machine and improve the good output. Improved digitalization worldwide wireless machines developed with symbolic growth of the machine monitoring condition in the market.

Increasing awareness about the preventive measures to be taken for the maintenance of the machine which induce the market growth. The growth based on deployment type which include cloud and premises. Cloud is wireless which is 24*7 available with increased speed which contributed for the growth of the market because choices are rising towards the software technologies and the increased revenue of the market.

Machine monitoring condition enables to understand the defects in the machine and to keep the maintenance of the machine to run smoothly. Power generation is the expanding sector in the industries which has improved the growth of machine monitoring in power generation. Machine monitoring condition plays an important role in power generation. Oils and gases are also looking for the new developments which are effective and efficient and improved safety. Rising of the demands in metals and mining many companies take the automation for the maintenance of the machine which improves the productivity, decrease the cost and safety. The techniques used for the machine condition monitoring techniques which improved the market rate. The techniques are vibration monitoring technique which is widely used in machine monitoring vibration can be backward or forward motion by using components like motors, gears, bearings, and belts.

Thermography is the monitoring technique which is used to determine the temperature of the machine. Machine condition monitoring has several benefits involves misalignment of the component, lubrication problem, stress and many more. The oil analysis techniques used in fluids, lubricants. To determine the overheating, contaminated soils developments are taking place in the industries to meet the demand of the market. Moreover companies are in process of researching new technology to improve the growth and output. Metals and mining fields also increasing due to demand from the market for metal.  Companies have adopted automation technologies to increase productivity and effectiveness in the market.

The outbreak of the pandemic crisis covid-19 affected the machine monitoring condition market. Due to lockdown in the nation shortage of supply of the needs to the market ceased the transportation in to the regions and decreased the market growth rate. The market in 2021 has consistently raised due increased demands from the industries.

Machine Condition Monitoring Market Scope

Monitoring Techniques Insights

Based on monitoring techniques which involves vibration monitoring, oil analysis, motor current analysis, thermography, corrosion monitoring, and ultrasound emission monitoring determining the defects in machines which enhanced the growth. Types based on offering like Hardware and software. Hardware has gained the largest market growth in the machine monitoring condition in the year 2021. Usage of the sensors, spectrometers, vibration analyzers, ultrasonic detectors, probes and anymore. Software’s developed and adopted the components which gives scheduled maintenance and low cost. Divided based on the industry for example marine, health sectors, chemical companies, metals and mining, automotive, food and beverages and others. On the basis of deployment type outlook that is divided in to on premises and cloud. Cloud has contributed for the growth of revenue in machine monitoring condition in the year 2021. It has 24 hour services with increased speed and the services. Another type is Monitor process outlook which is segmented in to portable condition monitoring and online condition monitoring.

Application Insights

Application based on the machine monitoring condition has been segmented in to various industries for example food and beverages, pharmaceutical industries, metals and mining industries, heath sectors, automotive companies, aerospace companies, in power generation, oils and gases, chemical companies and other. As far as market has shown increased economy in the industry sectors with improving various technologies and development with high efficiency and productivity with long terms effects of the servicing has gained the attention of the market and gained a height. Cloud based solutions has increased the growth rate of the market.

Distribution Channel Insights

The machine condition monitoring has flawlessly improved the techniques which ensures good quality with affectivity and efficiency and good productivity. The certified technicians and engineers are called for the scheduled servicing of the machines to operate the machines smoothly with no disturbances in operating system. Increased automatic technologies wireless, internet of things. For some devices improved market trends and increased awareness of the machine servicing cost effective avoid future problems and run smoothly.  Automobiles are majorly increasing sector. Technologies developed with improving vehicles facility with electrical vehicles.

Machine Condition Monitoring Market Recent Developments

• In January 2020, Emerson launched the software of corrosion called Plantweb Insightline corrosion which support oil and gas industry to determine and analysis of the data.
• In January 2021 SKF interacted to Solvang, to launch fleet of tankers maintenance to invest in to new system for monitoring vibration, and enlight.
• In April 2021, Rockwel Automation, Comau Collaborated to deliver instruments or devices required for manufacturing and to improve the efficiency and productivity.

Machine Condition Monitoring Market Companies

• SKF (Sweden)
• Emerson Electric (US)
• General Electric (US)
• Honeywell International (US)
• National Instruments (US)
• Parker Hannifin Corporation
• Rockwell Automation, Inc.
• Schaeffler AG
• Fortive Corporation (Fluke Corporation)
• ALS Limited

Segments covered in the report

By Monitoring Technique

• Thermography
• Vibration Monitoring
• Motor Current Analysis
• Corrosion Monitoring
• Oil Analysis
• Ultrasound Emission

By Offering

• Hardware
• Vibration & Infrared Sensors
• Ultrasound Detectors
• Spectrum Analyzers
• Corrosion Probes
• Others
• Software
• Data Integration
• Order Tracking Analysis
• Others

By Monitoring Process

• Portable Condition Monitoring
• Online Condition Monitoring

By Deployment

• Cloud
• Premises

By Industries

• Marine
• Health
• Oil and Gas
• Power generation
• Metals and mining
• Automotive
• Chemicals
• others

By Application

• Pharmaceuticals
• Food & beverages
• Automobiles

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa