Machine Condition Monitoring Market: Global Industry Analysis and Forecast (2023-2029)

Machine Condition Monitoring Market size was valued at US$ 3.55 Billion in 2022 and the total Machine Condition Monitoring revenue is expected to grow at 7.3% through 2023 to 2029, reaching nearly US$ 5.81 Billion.
Machine Condition Monitoring Market Overview:
Condition monitoring is the technique of continuously monitoring a machine's condition parameter e.g. vibrations, strength, etc. to detect a substantial change that indicates the onset of a malfunction. It's an important part of preventative maintenance. The use of machine condition monitoring enables the scheduling of maintenance or other activities to be conducted to avoid significant damages. Machine Condition monitoring offers the distinct advantage of allowing problems that might otherwise limit a machine's lifetime to be addressed before it becomes a serious failure. Rotating equipment, auxiliary systems, and other machinery are commonly subjected to condition monitoring procedures.To know about the Research Methodology :- Request Free Sample Report

Because operational equipment is sensitive to a wide range of mistakes and failures, it's critical to keep track of little and big changes in parameters like vibration, temperature, voltage, current, and pressure among others. A predictive maintenance approach for machine condition monitoring in factories is expected to minimize downtime by up to 45% and save manufacturers between 15% and 30% on equipment maintenance costs. Industries with well-maintained and dependable equipment are projected to be better positioned to respond to the anticipated growth in demand for goods and services.
Machine Condition Monitoring Market Dynamics:
A major driver of the machine condition monitoring market is the rising adoption of predictive maintenance of machinery by businesses. The major distinction between condition monitoring and predictive maintenance is that condition monitoring focuses on keeping track of machine conditions in real-time, whereas predictive maintenance focuses on detecting errors before they occur. Because of the benefits it provides, predictive maintenance is rapidly gaining acceptance in businesses across the globe. It is only carried out when plant machinery requires repairs to avert approaching failures, allowing for the necessary, cost-effective downtime to be planned at a suitable time.

A major restraint in the market is reliability issues of machine condition monitoring systems. Some operators depend on their gut impressions and past experiences to assess the quality of machines, but this is not always a safe bet. Operators may override the analysis based on personal experiences or a lack of faith in condition monitoring technology's forecasting abilities.

One of the key opportunities for the market is the emergence of big data analytics. Various firms employ big data-enabled condition monitoring to reduce the overall cost of ownership of assets, allowing them to run their businesses more effectively. For industrial production firms, the capacity to obtain real-time and trending performance data for assets is necessary for growth. Because of its capacity to analyze massive amounts of data, big data analytics has aided in the analysis of data supplied by condition monitoring systems. Machine learning provides an effective collaboration between multiple condition monitoring systems processes.
Machine Condition Monitoring Market Segment Analysis:
By Monitoring Process, Online Condition monitoring held the largest share in the market in 2022. This segment is also expected to grow at a CAGR of 7.1% in the forecast period (2022-29). Online condition monitoring is a more advanced monitoring method that gives operators real-time data, resulting in a greater adoption rate than portable condition monitoring. Online vibration monitoring systems are useful in sectors that demand 24-hour output. Failure of some equipment leads to total system overhauls, significant repair costs, and a dangerous work environment in production-intensive sectors including oil and gas, power generations, etc. As a result, such sectors need constant asset and condition monitoring.

By Industry, Oil and Gas industry segment is expected to dominate the market in 2029. It is also expected to witness a CAGR of 9.2% in the aforementioned forecast period.

Due to the increasing pressure of high operating costs of oil and gas facilities, the sector has been focusing on enhancing profitability. Oil price fluctuations in the global market are another element contributing to the oil and gas industry's rising demand to decrease operational expenses. As a result, this industry is expected to increase the use of condition monitoring systems to keep important assets operating efficiently and prevent downtime.
Regional Insights:
North America:

In 2022, North America held the highest share of the market. Machine condition monitoring systems and solutions are in high demand in North America due to factors such as an increased focus on optimum asset utilization, tight government regulations for workplace and personnel safety, and stringent quality control in the oil and gas, and chemicals industries. The strong demand for machine condition monitoring in the United States is due to a focus on plant asset management and the presence of significant market participants e.g General Electric, Honeywell International in the country.

Schneider Electric debuted its smart factory in the United States in June 2021, exhibiting the measurable, real-time advantages of breakthrough technologies. This factory primarily demonstrates Industrial IoT integration techniques with end-users and partners, which have resulted in a 20% decrease in the meantime to repair machinery. Furthermore, with the implementation of automation, the manufacturing industries, transportation sectors, and others are all expected to contribute to the growth of the market throughout the forecast period.

Asia Pacific:

Due to growing industrialization, rising use of predictive maintenance technologies, and increasing competitive pressure to offer operational efficiency across Asian countries, the Asia-Pacific market is expected to grow at a CAGR of 7.6% throughout the forecast period (2023-29). The rising migration of production bases to Asian countries, particularly China, India, and Japan, due to the simple availability of low-cost labor, leads to the establishment of manufacturing units in these economies. Machine condition monitoring systems are expected to be in high demand in the aforementioned forecast period due to the fast growth of manufacturing operations.

The objective of the report is to present a comprehensive analysis of the Machine Condition Monitoring market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Machine Condition Monitoring market dynamics, structure by analyzing the market segments and projecting the Machine Condition Monitoring market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Machine Condition Monitoring market make the report investor’s guide.
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Machine Condition Monitoring Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2022 to 2022
Market Size in 2022:
US $ 3.55 Bn.


Forecast Period 2023 to 2029 CAGR:
7.3 %
Market Size in 2029:
US $ 5.81 Bn.


 Segments Covered:
by Offering
Hardware
Software


by Monitoring Technique
Vibration Monitoring
Thermography
Oil Analysis
Corrosion Monitoring
Ultrasound Emission
Motor Current Analysis


by Monitoring Process
Online Condition Monitoring
Portable Condition Monitoring


by Industry
Oil & Gas
Power Generation
Metals & Mining
Chemicals
Automotive
Aerospace & Defense
Food & Beverages
Others



Machine Condition Monitoring Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. National Instruments
2. Honeywell
3. Meggitt
4. SKF
5. ALS Ltd.
6. Rockwell Automation
7. Parker Hannifin
8. Azima Dli
9. Fluke Corporation
10. Schaeffler
11. Bruel & Kjaer
12. Pruftechnik Dieter Busch
13. Pcb Piezotronics
14. Analog Devices
15. SPM Instrument
16. Flir Systems
17. PM Instrument AB.

FAQs:

1. Which region has the largest share in Global Machine Condition Monitoring Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Global Machine Condition Monitoring Market?
Ans: The Global Machine Condition Monitoring Market is growing at a CAGR of 7.3% during forecasting period 2023-2029.

3. What is scope of the Global Machine Condition Monitoring market report?
Ans: Global Machine Condition Monitoring Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Machine Condition Monitoring market?
Ans: The important key players in the Global Machine Condition Monitoring Market are – National Instruments, Honeywell, Meggitt, SKF, ALS Ltd., Rockwell Automation, Parker Hannifin, Azima Dli, Fluke Corporation, Schaeffler, Bruel & Kjaer, Pruftechnik Dieter Busch, Pcb Piezotronics, Analog Devices, SPM Instrument, Flir Systems and PM Instrument AB.

5. What is the study period of this market?
Ans: The Global Machine Condition Monitoring Market is studied from 2022 to 2029.