Machine Condition Monitoring Market Size, Share, Statistics and Industry Growth Analysis Report by Technique (Vibration Monitoring, Thermography, Oil Analysis, Ultrasound Emission), Offering (Vibration Sensors, Infrared Sensors, Spectrometers, Corrosion Probes, Spectrum Analyzers), Region - Global Forecast to 2029
Machine Condition Monitoring Market
Machine Condition Monitoring Market and Top Companies
- Emerson Electric- Emerson Electric manufactures process control systems, valves, and analytical instruments. Condition monitoring solutions offered by the company include vibration transmitters, online condition monitoring solutions, machinery protection systems with embedded prediction capabilities, integrated condition monitoring solutions for power and water applications, route-based vibration analyzers, and machinery health monitors for the power industry.
- General Electric- General Electric (GE) develops and manufactures power generators, aircraft engines, water processors, medical imaging equipment, security solutions, and different types of industrial products. In addition, the company offers services for business and consumer financing, online computing, and media content. GE provides machine condition monitoring solutions, primarily for the oil & gas sector. The company offers machine condition monitoring solutions through its Power segment. In 2002, GE acquired Bently Nevada (US), a leading provider of machinery protection and condition monitoring solutions. The company currently offers its machine condition monitoring systems under the brand name Bently Nevada.
- Honeywell International- Honeywell International is a diversified technology and manufacturing company serving its customers worldwide. The company operates through four major segments—Aerospace, Performance Material and Technologies, Safety and Productivity Solutions, and Honeywell Building Technologies. The company majorly offers machine condition monitoring solutions and related products and services through the Safety and Productivity Solutions segment. It offers automation and control solutions for process and hybrid applications, such as refining, in oil & gas; pulp & paper; mining, minerals, metals; chemicals; and pharmaceuticals industries.
- National Instruments- National Instruments is one of the leading providers of automated test equipment and virtual instrumentation software. The company offers machine condition monitoring solutions for end users from the industrial, heavy equipment, transportation, oil & gas, wind energy, and power generation markets. Machine condition monitoring offerings of the company include vibration sensors, pressure sensors, temperature sensors, load cells, acoustic sensors, the NI InsightCM Enterprise Software, embedded control and monitoring systems, and the CompactRIO monitoring platform. National Instruments offers machine condition monitoring solutions through its Product business segment.
- SKF- SKF is one of the global key players in manufacturing bearings, seals, lubrication management systems, maintenance products, power transmission products, mechatronics, condition monitoring systems, and related services. SKF offers machine condition monitoring solutions through its Industrial segment. The company offers an extensive range of condition monitoring products, including thermometers, thermal cameras, vibration measurement tools, tachometers, stroboscopes, ultrasonic instruments, and electrical discharge detectors.
Machine Condition Monitoring Market and Top Industries
- Power Generation- Power generation is one of the emerging industries that has witnessed rapid adoption of machine condition monitoring systems. Increased investments in information technology (IT) by the players in the power generation industry to optimize operations and ensure high profitability drive the adoption of condition monitoring systems in power generation plants. This industry is facing challenges owing to the elevated demand for power and energy losses during generation and distribution. Companies are expected to generate power at low costs and monitor their processes for unwanted changes in the power supply. Hence, machine condition monitoring systems and solutions play a crucial role in the power sector.
- Oil & Gas- Asset performance and security are crucial for upstream or downstream operations in oil and gas plants. Companies operating in the oil & gas industry are looking for effective ways to meet the rising energy requirements, as well as reduce operating costs and improve the efficiency of their plants. Several developments are taking place in this industry to meet the growing global energy demand. Moreover, oil and gas companies are researching new technologies to increase their output. As these companies are carrying out their drilling operations in remote offshore locations, the need to improve the safety and efficiency of these offshore plants is continuously increasing. This leads to the requirement of machine condition monitoring systems within the industry.
- Metals & mining - Metals & mining companies must ensure supply cost containment, supply chain visibility, and risk management while considering the increasing demand for metals and ongoing globalization. Several companies adopt automation solutions to stay competitive, enhance profitability and productivity, and reduce operating costs while improving their safety.Machine condition monitoring enables the metals & mining industry to collect data that can be used by internal and external members. This data is used to instantly access, review, distribute, and archive documents regarding the health and operational efficiency of machines deployed in mines. The industry has started using predictive analytics and modeling technologies to improve accessibility and the operational efficiency of machines.
Machine Condition Monitoring Market and Top Monitoring Techniques
- Vibration monitoring - Vibration monitoring is the most widely used technique for machine condition monitoring. Vibration may be defined as a cyclic or periodic displacement of a machine from its static position owing to its back-and-forth motion. This motion is mainly caused by oscillating various components, such as belts, gears, bearings, and drive motors. Vibration monitoring can detect imbalances, misalignments, and wear almost three months before the breakdown occurs. This technique also provides an opportunity to improve energy consumption in manufacturing plants since misaligned water pumps consume 15% more energy than well-aligned pumps.
- Thermography - Thermography, as a monitoring technique, has matured and is widely used to measure the temperature of machines in real time. Thermography is also known as thermal imaging. The process enables the early detection of equipment flaws and faulty industrial processes, thereby reducing system downtime, breakdowns, and maintenance costs. This machine condition monitoring technique has several applications, including detecting misalignment, improper lubrication, imbalances, stress, and wear in mechanical parts. It also identifies overheating, pipe leaks, and pressure vessel weaknesses in electrical equipment. Infrared thermography has become a popular method for predictive maintenance and non-destructive testing.
- Oil Analysis - The oil analysis technique is only applicable to machine oils, fluids, and lubricants. This technique helps detect overheating, wear, and contamination of oils or lubricants. For instance, high levels of iron often indicate dirt and grit. Being spotted on time, can reduce the gearbox failures by 50%. By avoiding contamination, the bearing failure can be decreased by 75%. Further, to prevent machinery failures, there are several oil analysis tests, such as ferrography, water presence tests, infrared spectroscopy, ultraviolet spectroscopy, viscosity tests, dielectric strength tests, iron content (particle quantification index), ICP/spectroscopy, microbial analysis, potentiometric titration (total acid number/total base number), and sediment tests.
[279 Pages Report] The global machine condition monitoring market size is expected to grow from USD 3.1 billion in 2024 to USD 4.7 billion by 2029, at a CAGR of 8.3% from 2024 to 2029. Predictive maintenance assures safe and continuous plant operations with improved safety of employees by reducing the chances of sudden breakdowns of equipment. This technique can be implemented on a large scale, especially in capital-intensive industries, such as automotive and oil & gas. Several predictive maintenance tools such as vibration analyzers, ultrasonic analyzers, and oil analyzers are available in the market to monitor the condition of machines and equipment by identifying the symptoms of wear and other failures in advance.
Machine Condition Monitoring Market Forecast to 2029
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Market Dynamics
DRIVERS: Rising inclination towards wireless communication technology
Mechanical failure of industrial equipment is among the most common causes of unplanned production halts, which result in shutdowns of industrial plants and subsequent economic losses. Hence, companies are continuously focused on developing and adopting suitable solutions to reduce maintenance costs and ensure the safety of workers. With the introduction of wireless communication technology, small and easy-to-install sensors are deployed in areas wherein fixed cabling is not feasible to acquire high-frequency condition monitoring data. This technology overcomes barriers posed by factors such as location, length of cables, and availability of spaces to install cables and facilitates remote monitoring of machinery.
RESTRAINTS: Reliability issues in prediction capabilities of machine condition monitoring systems
Some operators rely on their instincts and experiences to judge the condition of machines, which is not always a reliable option. There may be instances wherein operators can overrule the analysis based on their personal experiences or lack trust in the prediction capabilities of condition monitoring technology. Experienced operators are at times skeptical about the diagnostics and predictions provided by machine condition monitoring systems owing to mistakes made by these machines in the form of dropped metrics, service outages, and unreliable or false alerting signals.
OPPORTUNITIES: Integration of big data analytics and machine learning in machine condition monitoring
The advent of machine learning, coupled with efficient big data analytics and a parallel processing framework, is transforming the machine condition monitoring industry. Big data analytics has accelerated the data analysis process by condition monitoring systems owing to their capability to handle large volumes of data. Machine learning carries out easy benchmarking of machine performance, enables transparency in data, and supports efficient collaboration among different processes monitored and controlled by condition monitoring systems. Big data-enabled condition monitoring helps companies lower the overall cost of ownership of assets and enables them to run their business efficiently and with improved profit margins.
CHALLENGES: Unavilability of technical expertise at remote locations
Machines Several companies deploy machine condition monitoring systems to achieve operational excellence in their manufacturing processes by reducing equipment failures. It is a predictive maintenance strategy wherein the main objective is to determine the current health condition of assets and predict their future behavior to carry out maintenance at the most appropriate time. This results in a decreased downtime and consequently increased productivity. The efficiency of machine condition monitoring systems depends on the technical expertise of operators to accurately measure and analyze data. As oil and gas production facilities and power generation plants are located at remote locations, the availability of experts at these locations acts as a challenge. Technical expertise is necessary for system optimization, software updates, system networking, data transmissions, etc. Therefore, it becomes difficult to implement machine condition monitoring systems in locations where access to expertise is difficult.
Machine Condition Monitoring Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers such as Emerson Electric Co. (US), Honeywell International Inc. (US), SKF (Sweden), and Amphenol Corporation (US). These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Along with the well-established companies, there are a large number of small and medium companies operating in this market, such as Machine Saver (US) and LogiLube, LLC (US).
Software segment is expected to grow with highest CAGR during the forecast period.
Machine condition monitoring software plays an important role in simplifying the defect analysis process by implementing sophisticated algorithms preprogrammed to suit the maintenance requirements of manufacturers. The successful monitoring of the machinery in industrial plants is highly dependent on the software installed in them. Integrated software solutions help minimize downtime of industrial plants and maximize the performance of machines, which further reduces their overall maintenance costs. For instance, vibration monitoring software plays an important role in simplifying the defect analysis process by implementing sophisticated algorithms preprogrammed to fulfill the machine maintenance requirements of manufacturers. This software works with vibration monitors and portable data collectors to establish and implement condition-based predictive maintenance programs.
The market for cloud segment is projected to grow with substantial CAGR during the forecast period.
Cloud deployment type of machine condition monitoring solutions and systems involves the use of the internet and the engagement of third-party vendors. Its key advantage is that it helps enterprises understand the real-time condition of assets from remote locations. Further, the key advantages of using a cloud-based platform are the superior flexibility, convenience, and scalability offered by it, which allows business owners to continue with their business operations even in unforeseen circumstances. Cloud platforms can help reduce the requirement for human staff as such models facilitate remote monitoring of machines on the shop floor during difficult situations.
The market in Asia Pacific is projected to hold the substantial market share from 2024 to 2029.
Machine Condition Monitoring Market Statistics by Region
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The machine condition monitoring market growth in Asia Pacific has been studied for China, Japan, India, and Rest of Asia Pacific. The region is emerging to be the world’s most powerful economy owing to the increased spending on improving economic stability. Asia Pacific is witnessing a surge in the deployment of machine condition monitoring systems and solutions. China, one of the top manufacturing countries in the world, has been adopting real-time machine monitoring systems to increase the operational efficiency and production of its manufacturing plants. The rising maintenance costs of the manufacturing industry have forced companies to adopt advanced technologies such as predictive maintenance to optimize maintenance processes and minimize operating costs. Condition monitoring helps manufacturers reduce their operating costs by predicting the failure of critical assets in advance so that sudden breakdowns and subsequent financial losses can be avoided.
China is one of the fastest-growing economies in the world. With its flourishing automotive and manufacturing sectors, China has become one of the key adopters of machine condition monitoring solutions in the world. Thus, there is a high potential for both the development and sales of machine condition monitoring systems and software solutions in this country. The country is rapidly adopting automation solutions in its thriving industrial sector. This is leading to the increased adoption of advanced manufacturing technologies and creating requirements for machine condition monitoring.
Key Market Players
Emerson Electric Co. (US), Honeywell International Inc. (US), SKF (Sweden), Amphenol Corporation (US), and General Electric (US) are among a few top players in the machine condition monitoring companies.
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Report Metric |
Details |
Estimated Value |
USD 3.1 billion |
Expected Value |
USD 4.7 billion |
Growth Rate |
CAGR of 8.3% |
Market Size Available for Years |
2020–2029 |
Base Year |
2023 |
Forecast Period |
2024–2029 |
Units |
Value (USD Million/Billion) |
Segments Covered |
Application, Equipment Procurement, Offering, Monitoring Technique, Monitoring Process, Deployment Type, and Industry |
Geographic Regions Covered |
North America, Europe, Asia Pacific, and RoW |
Companies Covered |
Major Players: Emerson Electric Co. (US), Honeywell International Inc. (US), SKF (Sweden), Amphenol Corporation (US), PARKER HANNIFIN CORP. (US), General Electric (US), Rockwell Automation (US), Schaeffler AG (Germany), Siemens (Germany), Teledyne Technologies Incorporated (US), Analog Devices, Inc. (US) and Others - (Total 25 players have been covered) |
Machine Condition Monitoring Market Highlights
This research report categorizes the machine condition monitoring market by applications, equipment procurement,
Segment |
Subsegment |
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By Equipment Procurement: |
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By Offering: |
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By Monitoring Technique: |
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By Monitoring Process: |
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Recent Developments
- In November 2023, SKF has expanded its condition monitoring portfolio with the introduction of the SKF Enlight Collect IMx-1-EX sensor solution. This innovative wireless monitoring system enables proactive identification of machine faults, preventing costly and disruptive downtime.
- In June 2022, Siemens acquired Senseye, a leading provider of AI-powered solutions for industrial machinery performance. With this acquisition Siemens expanded its portfolio in the field of innovative predictive maintenance and asset intelligence.
- In March 2021, Emerson Electric Co. introduced a complete portfolio of corrosion and erosion monitoring systems fully integrated with the Plantweb digital ecosystem through the new Rosemount 4390 series of corrosion and erosion wireless transmitters and Plantweb Insight Non-Intrusive Corrosion application. The monitoring portfolio turns existing offline corrosion probes into online tools to monitor the risk of corrosion or erosion in oil and gas processing activities.
Frequently Asked Questions(FAQs):
What is the total CAGR expected to be recorded for the machine condition monitoring market size during 2024-2029?
The global machine condition monitoring market is expected to record a CAGR of 8.3% from 2024–2029.
What are the driving factors for the machine condition monitoring market share?
Rising inclination towards wireless communication technology and growing adoption of predictive maintenance technique to reduce sudden breakdowns are some of the driving factors for the machine condition monitoring market.
Which industry will grow at a fast rate in the future?
Automotive and aerospace industry is expected to grow at the highest CAGR during the forecast period.
Which are the significant players operating in the machine condition monitoring market?
Emerson Electric Co. (US), Honeywell International Inc. (US), SKF (Sweden), General Electric (US), and Amphenol Corporation (US) are among a few top players in the machine condition monitoring market.
Which region will grow at a fast rate in the future?
The machine condition monitoring market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
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The study involved four major activities in estimating the current size of the machine condition monitoring market. Exhaustive secondary research has been done to collect information on the market, peer, and parent markets. The next step has been to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the total market size. After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments. Two sources of information—secondary and primary—have been used to identify and collect information for an extensive technical and commercial study of the machine condition monitoring market.
Secondary Research
Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.
Primary Research
Primary sources mainly consist of several experts from the core and related industries, along with preferred machine condition monitoring system providers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from machine condition monitoring system providers, such as Emerson Electric Co. (US), Honeywell International Inc. (US), SKF (Sweden), and Amphenol Corporation (US); research organizations, distributors, industry associations, and key opinion leaders. Following is the breakdown of primary respondents.
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Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the total size of the machine condition monitoring market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:
- Major players in the industry and markets have been identified through extensive secondary research.
- The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Machine Condition Monitoring Market: Top-down Approach
In the top-down approach, the overall market size has been used to estimate the size of the individual market segments (mentioned in market segmentation) through percentage splits from secondary and primary research. For specific market segments, the size of the most appropriate immediate parent market has been used to implement the top-down approach. The bottom-up approach has also been implemented for data obtained from secondary research to validate the market size of various segments.
Machine Condition Monitoring Market: Bottom-up Approach
The bottom-up approach has been used to arrive at the overall size of the machine condition monitoring market from the revenues of the key players and their market shares. Calculations based on revenues of key companies identified in the market led to the estimation of their overall market size.
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Market Definition
The machine condition monitoring process includes periodic or continuous collection, analysis, interpretation, and diagnosis of data to determine the operational state and condition of machines for detecting potential failures before they turn into functional failures. This approach is different from traditional methods wherein the maintenance personnel manually controls the process of determining the condition of machines. The machine condition monitoring optimizes equipment readiness while reducing maintenance and staff requirements. This technique is widely used in several industries, such as chemicals, oil & gas, aerospace & defense, power generation, automotive, heavy equipment, and manufacturing.
Key Stakeholders
- Asset management consultants specializing in physical asset management
- Associations and regulatory authorities developing standards related to plant maintenance
- Government bodies, venture capitalists, and private equity firms
- Manufacturers of hardware such as vibration sensors, accelerometers, IR sensors, ultrasound detectors, and other instruments used in machine condition monitoring
- Maintenance service providers, as well as manufacturers and suppliers of machine condition monitoring systems
- Research institutes and organizations
Report Objectives
- To define and forecast the machine condition monitoring market regarding application, equipment procurement, offering, monitoring technique, monitoring process, deployment type, and industry.
- To describe and forecast the machine condition monitoring market and its value segments for four regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their respective countries.
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze micro-markets concerning individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain of the machine condition monitoring market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
- To strategically profile key players and comprehensively analyze their market position regarding ranking and core competencies, along with a detailed market competitive landscape.
- To analyze strategic approaches such as agreements, collaborations, and partnerships in the machine condition monitoring market
- To provide an analysis of the recession impact on the growth of the market and its segments
Available Customizations
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Machine Condition Monitoring Market
With IoT offering a single platform where the companies can integrate all the data and process them accordingly, IoT is creating new opportunities for the companies that require machine condition monitoring solutions. How will condition monitoring be impacted by IoT platform?
Major industries such as oil & gas and power generation are impacted by advent of Industry 4.0 and adoption of related solutions, How will Industry 4.0 address the machine condition monitoring needs of these industries in next 3-4 years?
The disposition of end-user industries towards predictive maintenance to avoid the probable faults in processes and unplanned shutdowns is increasing. How will machine condition monitoring solutions support in efficient predictive maintenance?
The growth of the machine condition monitoring market can be attributed to the rapid developments and advancements in the industries as well as the rising need for predictive maintenance. How will be the growth trend of the market for next 3–5 years owing to these advancements?
Cloud-based deployment helps enterprises in understanding the real-time condition of the asset from a remote location and makes the machine condition monitoring easier. How will the trend of cloud-based and on-premises deployment for condition monitoring vary in the coming 2–3 years?