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. Condition monitoring focuses on monitoring the real-time conditions of machines, while predictive maintenance focuses on detecting and repairing faults before a failure occurs. Predictive maintenance is becoming popular in manufacturing firms globally owing to the benefits of this technique. For example, maintenance is carried out only when plant machinery requires repair services to avoid impending failures. Thus, the necessary, cost-effective downtime can be scheduled according to convenience.

“Motor current analysis segment is projected to grow at significant CAGR during the forecast period.”
The motor current analysis monitoring technique senses electrical signals that contain current components. These components are byproducts of unique rotating flux components caused by faults such as air gap eccentricity, broken rotor bars, and shorted turns in low-voltage stator windings. Motor current analysis enables the detection of such faults at an early stage, thereby avoiding the complete failure of machines. In the motor current analysis, current signals are processed to obtain the frequency spectrum, usually referred to as the current signature. To analyze this data and diagnose faults in machines, various advanced techniques are used, namely FFT, Short-time Fourier Transform (STFT), Gabor transform, and wavelength transform.

" Online machine condition monitoring segment is projected to grow at an impressive CAGR during the forecast period.”
Online machine condition monitoring systems are deployed to monitor the health of critical equipment such as turbines, blowers, critical pumps, and compressors that directly impact the safety, environment, and production in different industrial plants. Online condition monitoring systems include a series of sensors permanently mounted on critical machines such as monitors, analyzers, and central servers of industrial plants to track their performance constantly. They transmit data to plant operators through either a wireless or a cabled network.

"Power generation industry is expected to hold largest market share during the forecast period."
The modern power plants are comparatively complex, with sophisticated machinery and control systems and owing to the complexity of these plants it become more challenging to monitor the health of every equipment in the plants and identify potential problems before they lead to failures. machine condition monitoring systems helps to provide real-time data on the condition of critical equipment, and also provide the support to prevent unexpected downtime and improve overall plant reliability. Moreover, power generation companies are under increasing pressure to operate their plants reliably and efficiently. Machine condition monitoring systems can help to achieve these goals by providing early warning of potential problems, allowing for timely maintenance and repairs. This can help to prevent forced outages and reduce maintenance costs.

"The market in Europe is expected to grow at a impressive CAGR during the forecast period."
Germany is one of the key economies in Europe. The country is specifically known for its strong automotive manufacturing sector. The Government of Germany has undertaken many initiatives to computerize its process industries to enhance resource efficiency and industrial output. The technological base for this project is cyber-physical systems, cloud computing, and the IoT. Its goal is to increase digitalization through smart factories and IoT. This will ultimately offer advanced solutions to carry out predictive maintenance and condition monitoring and prevent machine failures to increase operational efficiency. The increasing use of smart sensing technologies and Industry 4.0 has significantly improved the monitoring techniques in Germany. Industry 4.0 helps digitalize industrial processes and improve plant performance and efficiency.

Breakdown of the profiles of primary participants:

  • By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
  • By Designation: C-level Executives - 45%, Directors - 30%, and Others - 25%
  • By Region: North America - 35%, Europe - 30%, Asia Pacific - 25%, and RoW – 10%

Major players profiled in this report are as follows: 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.

Research Coverage
The machine condition monitoring market has been classified by applications, equipment procurement, deployment type, offering, monitoring process, monitoring technique, industry and region. The market by applications has been classified into pumps, chillers, motors, bearings, and other. The offering segment is divided into hardware, software, and services. The market has been divided into original equipment manufacturers and end-users by equipment procurement segment. The market by monitoring technique has been classified into vibration analysis, thermography, oil analysis, corrosion monitoring, ultrasound emission, and motor current analysis. The market by monitoring process has been classified into portable condition monitoring and online condition monitoring. Based on deployment type the market has been segmented into on-premises and cloud. Furthermore, the industry segment includes oil & gas, power generation, metals & mining, chemicals, automotive, aerospace, food & beverages, marine, and other Industries. The study also forecasts the market size in four key regions?North America, Europe, Asia Pacific, and RoW.

Key Benefits of Buying the Report:

The report provides insights on the following pointers:

  • Analysis of key drivers (Advent of secured cloud computing platform to fuel market growth, Rising inclination towards wireless communication technology, Growing adoption of predictive maintenance techniques to reduce sudden breakdowns of equipment, Rising number of smart factories worldwide), restraints (Reliability issues in prediction capabilities of machine condition monitoring systems, Lack of availability of technical expertise to carry out data analysis), opportunities (Integration of big data analytics and machine learning in machine condition monitoring, Emergence of IIoT to drive new growth opportunities), and challenges ( Unavailability of technical expertise at remote locations, High cost associated with integration of machine condition monitoring systems with other maintenance systems) influencing the growth of the machine condition monitoring market
  • Product Development/Innovation: Detailed insights on new products, technologies, research & development activities, funding activities, industry partnerships, and new product launches in the machine condition monitoring market
  • Market Development: Comprehensive information about lucrative markets – the report analyses the machine condition monitoring market across regions such as North America, Europe, Asia Pacific, and RoW.
  • Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the machine condition monitoring market
  • Competitive Assessment: In-depth assessment of market position, growth strategies, and product offerings of leading players like Emerson Electric Co. (US), Honeywell International Inc. (US), SKF (Sweden), Amphenol Corporation (US) and among others in the machine condition monitoring market
  • Strategies: The report also helps stakeholders understand the pulse of the machine condition monitoring market and provides information on key market drivers, restraints, challenges, and opportunities.