Machine Condition Monitoring Market size was valued at USD 2.1 billion in 2022 and is poised to grow from USD 2.6 billion in 2023 to USD 9.38 billion by 2031, growing at a CAGR of 8.32% during the forecast period (2024-2031).
The increased need to enhance diagnostics and assess machines’ health has been a key factor that spurred the growth of the machine condition monitoring market. Manufacturers are increasingly adopting condition monitoring systems to monitor and optimize the performance and maintenance of their machines. Moreover, the growing trend of lean manufacturing has primarily been driving the need for condition monitoring among manufacturers to enhance the production process efficiency, minimize downtime, improve the supply of spare parts and cost prediction. Interest in condition monitoring among stakeholders for improved productivity, equipment longevity, elimination and reduction of downtime, reduction of scrap parts, and real-time machine condition data for automation has been high. The machine condition monitoring measures equipment parameters to avoid breakdown and detect changes milestone of faults’ development. The method has been increasingly used in different industries including oil & gas, automotive, power generation, metal & mining, marine, and aerospace. It is a vital component of predictive maintenance that has also become more popular to extend asset life and savings, provide operator safety, and enhance operations. In addition, the IoT’s adoption has brought a new era in terms of promoting devices’ communication. Some of the benefits of using intelligent machines include the ability of stakeholders to make sound decisions and improved diagnostics’ efficiency.
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Growing Focus on Predictive Maintenance to Efficiently Monitor Machine Condition
Predictive maintenance is a disruptive method for industrial operations that underpins the machine condition monitoring market’s expansion. The method permits companies to predict breakdowns of the equipment and take maintenance actions ahead of time. In addition, mechanical condition monitoring is based on predictive maintenance as it continually surveys the machinery condition, analyses the critical data patterns, and assists in detecting any possible issues. Moreover, the demand for predictive maintenance is proliferating since it can help include operational activities, reduce unplanned outages, extend machinery life, and increase profits. This discipline is becoming more widely adopted as additional companies realize the benefits of predictive maintenance, such as its cost-saving potential and markedly| improved reliability.
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Increasing Focus on Energy Efficiency to Reduce Energy Consumption and Emission of Toxins
Another critical factor contributing to the growth of the machine condition monitoring market is the growing worldwide focus on energy efficiency and sustainability. Modern industries experience rising pressure to decrease the amount of consumed energy and emitted toxins, requiring compliance with strict environmental regulations. Thus, monitoring the condition of a machine is highly beneficial since it allows detecting potential inefficiency, misalignment, or wear and enables timely corrective action that considerably reduces the amount of wasted energy. Likewise, governments continue implementing new stricter standards and regulations for the energy efficiency of different industries. Thus, companies are increasingly compelled to adopt more sophisticated monitoring and control solutions. Furthermore, when condition monitoring is integrated into energy management systems, it offers a systemic approach to monitoring machines while guaranteeing the sustainability of the pursued industrial activity. Finally, a factor stimulating the growth of the machine condition monitoring market is the rising interest in advanced solutions that ensure energy efficiency.
- OMRON has introduced the new K7TM condition monitor for heater equipment in May 2022. Heating equipment is mainly used in the automotive and FMCG industries. The K7TM visualizes deterioration tendencies and realizes a carbon-free society.
- Schneider Electric has introduced a rotating machine condition-monitoring technology in May 2022. In order to monitor the condition of the rotating machine, motor currents are analyzed instead of machine vibrations. The company states that this approach has some benefits, such as prognostication of machine degradation, the ability to work in severe conditions, the provided data can be implemented to decrease energy consumption and to optimize the machinery.
- In October 2022, Emerson Electric Co. introduced AMS Condition Monitoring Service. This is a new digital solution that allows users to build comprehensive monitoring strategies.
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This Market has the Following Segment
Monitoring Technique
- Vibration Monitoring
- Thermography
- Oil Analysis
- Corrosion Monitoring
Offering
- Hardware
- Software
Deployment
- On-premises
- Cloud
Monitoring Process
- Online Condition Monitoring
- Portable Condition Monitoring
Key Players Operating in the Machine Condition Monitoring Market
- Emerson Electric Co.
- Honeywell International Inc.
- SKF
- General Electric
- Parker Hannifin Corp
- Rockwell Automation
- Schaeffler AG
- Siemens
- 3D Signals
- Banner Engineering Corp.
- Crystal Instruments
- Analog Devices, Inc.
- Fluke Corporation
Emergence of Industry 4.0 to Increase Use of Smart Components and Machines in Factories
A major transformation within the sectors, Industry 4.0, is making use of smart components and digital machines in the factories. Moreover, the development of ecosystems, which integrates different plants and organizations under the same roof with similar production and manufacturing capabilities, further adds to this. This is also focusing on interconnected products and production measures that pave the way for effective communication, real-time optimization, and newer production methods. The overall market is expected to grow due to the increase in productional efficiency and productivity, real-time assets implementation, and decreased downtime rate, which can increase the adoption rate of Industry 4.0 and lead to immense market growth opportunities.
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