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The manufacturing industry often operates with outdated maintenance procedures, relying on reactive or calendar-based approaches for equipment upkeep. This outdated methodology often lacks real-time machine condition data, leaving manufacturers in a bind: either they perform routine repairs or wait until equipment fails, leading to inefficient maintenance practices. This results in significant waste, with unnecessary maintenance costs or prolonged equipment downtimes becoming commonplace. Additionally, the industry is facing the challenge of becoming more streamlined and reliant on connected solutions to meet demands for quality products at competitive prices, particularly due to a shortage of labor.
The essence of Industry 4.0 lies in enhancing operational efficiency through automation. Among the key technologies driving this advancement are condition monitoring systems within the industrial internet of things (IIoT). These systems leverage predictive analytics, cognitive computing, and machine learning to automate and optimize preventive maintenance strategies. By continuously monitoring machine data, they can detect signs of wear, enabling proactive planning for repairs and minimizing downtime. Ultimately, this approach often leads to reduced maintenance expenses as only components showing signs of wear need to be replaced.
Condition monitoring plays a pivotal role in lean manufacturing setups by significantly reducing downtime, enhancing production efficiency, and facilitating accurate cost forecasting, spare parts supply, maintenance schedules, and production planning. In essence, machine condition monitoring empowers manufacturers to maximize the efficiency of their existing equipment without unnecessary expenditure on repairs. This is achieved through a deeper understanding of equipment performance, enabling informed decision-making. Consequently, it empowers operators, managers, and maintenance teams to perform better, resulting in improved key performance indicators (KPIs) such as machine uptime, utilization rates, and overall equipment effectiveness (OEE).
This method of condition monitoring represents an advanced form of machine monitoring. It harnesses valuable machine data to strike a balance between scheduled and reactive maintenance. Initially, many manufacturers might start by monitoring equipment uptime, but as competition intensifies, the imperative to monitor machine conditions for a comprehensive understanding of equipment health and performance becomes apparent. This evolution allows them to make informed decisions based on accurate equipment insights, optimizing performance and minimizing unnecessary downtime or costs associated with repairs.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 2.5 Billion |
| Market Size Value In 2023 | USD 2.6825 Billion |
| Growth Rate | 7.30% (2023-2032) |
Machine Condition Monitoring Market Highlights:
Global Machine Condition Monitoring Market Overview:
Machine Condition Monitoring Market Size was valued at USD 2.6825 billion in 2023. The Machine Condition Monitoring market industry is projected to grow from USD 2.8783 Billion in 2024 to USD 4.713 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.36% during the forecast period (2024 - 2032). The requirement to offer improved diagnostics and aid in determining the machine’s health are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Machine Condition Monitoring Market Trends
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Growing need for enhanced diagnostics is driving the market growth
Market CAGR for machine condition monitoring is being driven by the rising demand for sophisticated diagnostics to assess the machine's health. Manufacturers have looked for condition monitoring systems to improve, track, and maintain the operation of their machinery. In addition, the move towards lean manufacturing has compelled enterprises to look into condition monitoring to improve spare parts availability and cost forecasting, boost production efficiency, and reduce downtime.
Stakeholders have shown interest in condition monitoring for increased output, equipment longevity, elimination and reduction of downtime, minimising scrap components, and leveraging automation based on real-time machine status data. For instance, Doble Engineering Company, which provides asset health checks for the electric industry through diagnostic tests, services, and software, recently unveiled Calisto cable condition monitoring, a new product for medium and high voltage cable systems. The new Calisto cable provides safe and dependable cable operation while lowering the likelihood of failures, lowering total cost of ownership & solutions, and providing nearly essential real-time information about cable health.
Machine condition monitoring measures equipment parameters to detect changes that can portend an impending failure and to avert a breakdown. The method has become more popular in a variety of industries, including oil and gas, automotive, power generation, metal and mining, maritime, and aerospace. It is a crucial component of preventative maintenance that is becoming popular in order to extend asset life and reduce costs, maintain operator safety, and simplify operations. In addition, the proliferation of IoT has ushered in a paradigm shift that will promote device connectivity. Stakeholders have increased diagnostic efficiency and made more informed decisions as a result of the implementation of smart equipment.
For instance, to improve its condition monitoring services, ABB, a leader in automation and electrification technologies, teamed with Samotics, a provider of asset health monitoring systems, in September 2022. They will make use of the assets of each organisation to disseminate details regarding the well being and energy effectiveness of the machines. As a preliminary step, ABB will integrate Samotics' plug-and-play IIoT monitoring system into its digital offering. Thus, driving the Machine Condition Monitoring market revenue.
Machine Condition Monitoring Market Segment Insights:
Machine Condition Monitoring End- Use Insights
The Machine Condition Monitoring market segmentation, based on end use includes oil & gas industry, chemical & petrochemical industry, pulp & paper industry, and steel & metal industry. The steel & metal industry segment dominated the market, the strong need for lowering expenses, streamlining maintenance, and increasing capacity is thought to be a contributing factor to the metal and mining segment's predicted large growth rate over the assessment period. Technology advances and the high demand for software solutions bode well for the segment's expansion.
Machine Condition Monitoring, Monitoring Type Insights
The Machine Condition Monitoring market segmentation, based on monitoring type includes vibration monitoring, thermography, oil analysis, and corrosion monitoring. The vibration monitoring segment dominated the market. The high percentage is explained by the increase in interest in spotting wear, imbalances, and misalignments. The increasing use of vibration monitoring has been crucial in providing information about spotting flaws early on.
Machine Condition Monitoring, Monitoring Process Insights
The Machine Condition Monitoring market segmentation, based on monitoring process, includes online and portable. The portable category generated the most income. Data on crucial machinery can be collected and analyzed with the use of portable condition monitoring. They are highly capable, light, rapid, and simple to use. The characteristics and qualities of the portable machine diagnostics operation type will drive the segment's expansion. Due to the difficulty of using portable monitoring techniques in industrial units located in remote locations, there is a strong need for online condition monitoring. Online monitoring solutions for data accuracy are more popular as a result of the widespread use of sensors in monitoring technology.
Figure 1: Machine Condition Monitoring Market, by Monitoring Process, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Machine Condition Monitoring Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American machine condition monitoring market area will dominate this market. When compared to the strong demand from the power generation, aerospace, oil & gas, marine, and food & beverage industries, the U.S. and Canada are expected to offer significant growth potential. For oil condition monitoring in the equipment lubricants used on oil and gas platforms, vibration monitoring has been a prominent trend.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MACHINE CONDITION MONITORING MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Machine Condition Monitoring market accounts for the second-largest market share. In order to participate in the industry, well-known players are prepared to invest money in condition monitoring systems. Machine monitoring goods and services have become increasingly popular throughout the region as a result of Industry 4.0 and the Internet of Things. Further, the German Machine Condition Monitoring market held the largest market share, and the UK Machine Condition Monitoring market was the fastest growing market in the European region
The Asia-Pacific Machine Condition Monitoring Market is expected to grow at the fastest CAGR from 2023 to 2032. The significant rise in industrial robot deployment, the rising demand for automation, and the existence of high-production nations like China and Japan are all responsible for this segment's sizable market share. Moreover, China’s Machine Condition Monitoring market held the largest market share, and the Japan Machine Condition Monitoring market was the fastest growing market in the Asia-Pacific region.
Machine Condition Monitoring Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Machine Condition Monitoring market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Machine Condition Monitoring industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Machine Condition Monitoring industry to benefit clients and increase the market sector. In recent years, the Machine Condition Monitoring industry has offered some of the most significant advantages to medicine. Major players in the Machine Condition Monitoring market, including Emerson Electric Co., General Electric, Rockwell Automation Inc., Parker Hannifin Corp, Analog Devices Inc., SKF, Amphenol Inc., Allied Reliability, National Instruments Corp, Meggit Plc, and Fluke Corporation.
SKF AB manufactures machine and rotating equipment. It operates through the business segments for the industrial market and the automotive market. Industrial Sales Americas, Industrial Sales Europe, Middle East, and Africa, Industrial Sales Asia, Industrial Units, Bearing Operations, and Aerospace make up the Industrial Marget segment. In May 2022, SKF introduced SKF Axios, a product that, thanks to a partnership between SKF and Amazon Web Services, Inc. (AWS), reinvents the domains of industrial machine reliability and predictive maintenance.
Emerson, which was first founded as Emerson Electric Company, has been in operation since 1890. Network Power, Process Management, Industrial Automation, Climate Technologies, and Commercial and Residential Solutions (Tools and Storage) are Emerson's five main business divisions. In April 2022, Leading provider of software and technology worldwide Emerson updated their machinery health platform to let users switch to a more comprehensive, cutting-edge condition monitoring interface.
Key Companies in the Machine Condition Monitoring market include
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Emerson Electric Co.,
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General Electric,
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Rockwell Automation Inc.,
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Parker Hannifin Corp,
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Analog Devices Inc.,
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SKF, Amphenol Inc.,
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National Instruments Corp,
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Meggit Plc,
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Fluke Corporation
Machine Condition Monitoring Industry Developments
In 2024: a wireless sensor called the Vibration Meter was recently released by Worldsensing. It gauges vibrations with the use of a tri-axial accelerometer. The battery life is longer lasting and has a wider range of communication while being cheaper than other products like it on the market. Vibration Meter’s goal is to aid engineering companies in meeting building integrity regulations such as German DIN 4140-3 standard or British BS 7385-2, among others, which touch on vibration effects on humans according to ISO 2631-2. This announcement coincides with increased regulatory scrutiny for industries that generate high-vibration activities, including construction, mining, and off-highway operations, where this type of equipment would be used most frequently. There has been a change towards safeguarding against structural stability failures by buildings located near construction sites so as not only to ensure safety but also comfort within those communities.
July 2023: semiconductor solutions provider Ambiq launched two new ultra-low processors for the remote healthcare monitoring sector. These chips are part of their Apollo4 Lite and Apollo4 Blue Lite System-on-Chips (SoCs) lines, respectively; both designed specifically with remote health monitoring devices in mind as they need long battery lives due to being constantly active without being plugged into an outlet all day like most stationary devices would be required to have power at all times during operation hours. These products are currently in mass production so that supply can meet demand from customers who want these chips, which now range anywhere between digital health products such as smartwatches or fitness bands. Additionally, even animal trackers' voices, industrial maintenance applications, and smart home Internet of Things (IoT) devices may require ultra-low-powered processors.
November 2022: SICK unveiled its MPB10 Multi-Physics Box condition monitoring sensor—a rugged bolt-on device built to provide real-time continuous service data from electric motors, pumps, fans, and conveyor systems found in harsh industrial environments, according to the company. The MPB10 is the German sensor manufacturer’s first dedicated condition monitoring sensor. It makes it easy to monitor vibration, shock, and temperature measurements at the core of machines with an all-in-one design that includes an integrated processing unit for interpreting measurement results on-site or remotely when combined with external gateways such as SICK’s SIG200 gateway. This product will help businesses run more cost-effective predictive maintenance programs, which can lead to higher plant availability while extending operational life and protecting both product quality and process quality.
September 2022: In order to provide improved condition monitoring services, ABB and Samotics, a high-growth scaleup company in the Netherlands and a well-known supplier of ESA technology, have established a long-term strategic partnership. The technique will make use of each company's advantages to offer more information about the health and power effectiveness of the equipment.
June 2022: The official launch of AquaRing, a comprehensive real-time monitoring system for online water condition management for the water, utility, and food and beverage industries, was announced by Watersight, a joint venture between MEKOROT and Newsight Imaging.
Machine Condition Monitoring Market Segmentation:
Machine Condition Monitoring End Use Outlook
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Oil & Gas Industry
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Chemical & Petrochemical Industry
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Pulp & Paper Industry
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Steel & Metal Industry
Machine Condition Monitoring, Monitoring Type Outlook
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Vibration Monitoring
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Thermography
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Oil Analysis
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Corrosion Monitoring
Machine Condition Monitoring, Monitoring Process Type Outlook
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Online
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Portable
Machine Condition Monitoring Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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