The global machine condition monitoring market size was valued at USD 2.91 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030. Need to provide advanced diagnostics and help determine a machine's health has underpinned market growth. Manufacturers have sought condition monitoring systems to optimize and monitor performance and maintenance of their equipment. Besides, the trend for lean manufacturing has prompted manufacturers to seek condition monitoring to bolster production efficiency, minimize downtime, and enhance spare parts supplies and cost prediction. Stakeholders have exhibited traction for condition monitoring for enhanced productivity, equipment longevity, elimination & reduction of downtime, minimizing scrap parts, and leveraging automation based on real-time machine condition data.
For instance, in November 2022, Doble Engineering Company which offers asset health checks through their diagnostic test, services, and software for electric industry, released a new product, Calisto cable condition monitoring for medium and high voltage cable systems. The new Calisto cable offers secure and dependable cable operation, lowering the risk of failures, reducing total cost of ownership and solutions, and giving near crucial real-time data regarding cable health.
Machine condition monitoring measures equipment parameters to prevent breakdown and identify changes that could hint at developing faults. The technique has gained ground across oil & gas, automotive, power generation, metal & mining, marine, and aerospace. It is an invaluable part of predictive maintenance that has become trendier to boost asset life and cost savings, ensure operator safety, and streamline operations. Besides, prevalence of IoT has brought a paradigm shift to foster communication between devices. Adopting smart machines has led stakeholders to make informed decisions and boost diagnostic efficiency.
Global landscape grappled with headwinds, including semiconductor shortages and COVID-19 pandemic. Semiconductor shortages compelled factory closures and manufacturers to halt operations. Moreover, onset of COVID-19 outbreak led to reduction in hardware production and supply chain disruptions. With plants reopening post-COVID, soaring demand for electronic goods triggered a backlog for chips. However, surging need for remote supervision has provided promising growth opportunities for manufacturers and suppliers of machine condition monitoring.
The post-COVID period has witnessed Industrial Internet of Things (IIoT) trends and the prevalence of Industry 4.0, mainly due to demand for real-time monitoring of assets. Rising penetration of IIoT has enabled manufacturers to connect assets to actuators and smart sensors to enhance industrial and manufacturing processes. Real-time data collected from various IoT devices catalyze seamless supervision and control of plant operations. As stakeholders prioritize business agility, demand for IIoT will further expand across industry verticals. For instance, in September 2022, ABB, a technology leader in automation and electrification, partnered with Samotics, an asset health monitoring system provider, to enhance its condition monitoring services. They will utilize resources of each organization to provide information about health and energy efficiency of machines. ABB will incorporate a plug-and-play monitoring IIoT solution from Samotics into its digital offering as a first step.
The widespread adoption of wireless technology in machine condition monitoring is revolutionizing industries by providing an affordable and easily implementable solution. Wireless sensors enable real-time monitoring, offering operators a comprehensive overview of machine health. This proactive approach allows for early problem identification and resolution, preventing costly downtime. The cost-effectiveness of wireless solutions, attributed to their avoidance of complex wiring infrastructure, significantly benefits small and medium-sized businesses, making this technology an accessible option. Moreover, implementation of wireless technology in machines, requiring no specialized skills or equipment, is a boon for businesses with limited IT resources. As demand for preventive maintenance grows, wireless technologies emerge as a cost-effective means to implement proactive programs, crucial for avoiding disruptive equipment failures.
Thus, the industrial landscape is undergoing a revolutionary shift with widespread adoption of wireless technology in machine condition monitoring. The demand for wireless machine condition monitoring is driven by its ability to provide accurate insights into crucial variables like temperature and vibration. This real-time data facilitates predictive analytics, allowing maintenance teams to anticipate issues and schedule precise maintenance activities. The wireless nature of these systems simplifies installation and scalability, making them accessible across various industries.
The vibration monitoring segment led market in 2022, accounting for over 26% share of global revenue. The high share can be attributed to soaring demand to detect wear, imbalances, and misalignments. Rising penetration of monitoring vibration has played a pivotal role in offering insights into detecting faults at an early stage. Vibration monitoring solutions have witnessed an uptick in minimizing maintenance, integration, and operational complexities. Industry players have increased investments in continuously monitoring equipment, including cooling tower gearboxes, boiler feed pumps, steam turbines, and gas. End-users will likely embed vibration monitoring into their system to foster reliability and protect data. Technology will remain highly sought-after for diagnosing emerging issues and robust troubleshooting.
The oil analysis segment is predicted to foresee significant growth in the forecast years. This growth can be attributed to an increasing demand for predictive maintenance, driven by data analytics to prevent equipment failures and reduce costs related to unplanned downtime. Additionally, growing awareness of benefits of oil analysis in preventing disruptions and optimizing operational efficiency is fueling its adoption. Technological advancements, such as online monitoring and remote analysis capabilities, further enhance the accessibility and cost-effectiveness of oil analysis, contributing to its expanding presence in the market.
The hardware segment led the market in 2022, accounting for over 55% share of the global revenue. The high share can be attributed to increasing use of infrared sensors, ultrasonic detectors, vibration analyzers, and accelerometers. Technologies used in condition monitoring have specialized knowledge of areas where various types of failure can occur. Hardware or sensor manufacturers offer their products in two varieties, static and dynamic, depending on the different frequencies hardware or sensors have. Additionally, this allows manufacturers to minimize machine downtime and implement successful predictive maintenance.
The portable/handheld condition monitoring units segment is expected to showcase significant growth over the forecast period. Growth is attributed to factors such as rising demand for predictive maintenance in industrial settings, increasing popularity of wireless connectivity enabling remote monitoring of assets, and decreasing cost of portable condition monitoring units. These units offer advantages over traditional wired systems, including flexibility, ease of installation, and maintenance. Popularity grows as they cater to industrial organizations seeking effective and cost-efficient asset monitoring and maintenance solutions.
The motors segment led the market in 2022, accounting for over 17% of global revenue. Growth is attributed to rising demand for motors in key industries like oil and gas, automotive, and manufacturing. Ensuring motors are in their optimal condition is essential to prevent failures, boost operational efficiency, and minimize downtime, thereby driving the growth of motors segment in machine condition monitoring. As demand for motors in various industries continues to increase, motors segment is anticipated to maintain its growth trajectory in foreseeable future.
The bearings segment will witness significant growth in the coming years. Increasing demand for machine tools in manufacturing, automotive, and aerospace industries drives the overall growth of machine tool market, subsequently bolstering demand for bearings. Additionally, there is a rising need for high-precision bearings to cater to requirements of machine tools that demand utmost accuracy and precision. Moreover, the growing adoption of automation in manufacturing further propels demand for machine tools and bearings. Increasingly stringent regulations about noise and vibration emissions from machine tools are pushing manufacturers to seek high-performance bearings that can help reduce emissions, aligning with regulatory standards.
The turbines & generators segment led the market in 2022, accounting for over 16% of global revenue. Escalating demand for preventive maintenance in the power generation industry drives the segment's growth. These components are crucial for power plants, and early identification of potential issues through machine condition monitoring helps prevent costly outages. Segment's growth is further fueled by increasing use of renewable energy sources, necessitating advanced monitoring solutions and the adoption of predictive maintenance strategies to optimize costs and uptime. Moreover, development of new technologies, such as vibration analysis and infrared thermography, provides more accurate and detailed data on condition of turbines and generators, boosting the segment's prominence.
The HVAC systems segment will witness significant growth in the coming years. Increasing demand for energy-efficient and sustainable HVAC solutions and rising popularity of smart HVAC systems with remote control capabilities drive this growth. Additionally, need to enhance indoor air quality in buildings and te expansion of commercial and industrial sectors further contribute to the segment's prominence. Key trends supporting this growth include adopting green technologies such as geothermal heat pumps and solar-powered HVAC systems, using smart thermostats and connected devices for remote control, and developing advanced technologies like demand-response HVAC systems that automatically adjust settings based on occupancy levels.
The on-premises segment led the market in 2022, accounting for over 34% of global revenue. On-premises is often managed or self-hosted and ensures organizations meet specific market requirements, enabling teams to optimize their workload and create highly customizable environments. To ensure machines are operating efficiently, engineers need the ability to keep track and monitor status and enable teams to pinpoint long running or inefficient machines easily. Furthermore, the cost-effectiveness of on-premises solutions significantly contributed to their widespread adoption. With businesses keen on budget optimization, the affordability of these solutions rendered them highly attractive, offering access to robust monitoring capabilities without straining financial resources.
The hybrid cloud segment will witness significant growth in the coming years due to its benefits, such as scalability, flexibility, security, privacy, collaboration efficiency, and cost savings. Hybrid cloud appeals to businesses seeking optimized performance. Increasing demand for the SaaS model further drives its popularity, as it simplifies data analysis through user-friendly cloud-based interfaces. With continuous monitoring via web-based dashboards, businesses can swiftly assess and analyze machine data. This hybrid cloud solution empowers companies with adaptable and secure operations, making it a compelling choice for future machine condition monitoring needs.
For instance, in November 2022, Bentley Systems, Incorporated, a U.S.-based software company, announced the launch of cloud-based iTwin-asset-specific solutions that support iTwin IoT, iTwin capture, and iTwin experience to deliver real-time asset health monitoring. Asset health-specific solutions help reduce risk and address the growing regulatory requirements of machines.
Brownfield plant segment held the largest revenue share of over 70% in 2022. This is because brownfield plants are older, nearing the end of their lifespan, and face a higher risk of failures and downtime, creating a pressing need for condition monitoring. Factors such as increased safety focus in the industrial sector, regulatory compliance requirements, and higher probability of equipment problems in older setups contribute to a larger market share for machine condition monitoring in brownfield plants. Proactive monitoring in these environments is crucial for businesses to ensure operational efficiency, minimize risks, and avoid costly disruptions.
The greenfield plant segment is estimated to grow significantly over the forecast period. Growing demand for new plants, both in developing countries and to replace aging infrastructure in developed nations, is fueling the requirement for machine conditioning services in this segment. Additionally, stringent environmental regulations imposed by governments worldwide are pushing businesses to adopt more efficient and environmentally friendly machine conditioning solutions, benefiting greenfield plants designed with these considerations in mind. Furthermore, technological advancements in machine conditioning facilitate easier and more efficient maintenance of machines in greenfield plants, further bolstering the segment's growth prospects.
The online condition monitoring segment held the largest revenue share of over 51% in 2022. Growth is attributed to soaring demand for data monitoring and management to reduce downtime and defects and bolster machine life. Leading manufacturers are poised to prioritize advanced monitoring systems to expand penetration across untapped regions. The need for real-time metrics and alert notifications has triggered demand for online monitoring systems to boost machines' health information. For instance, in July 2022, Valmet, supplier and developer of automation systems, stated that online condition monitoring systems are typically used in industries like oil & gas, power generation, and metals & mining. Demand for online condition monitoring is high as portable monitoring procedures are challenging to use in production plants located in remote areas.
Penetration of sensors in monitoring technology has fueled the trend for online monitoring systems for data accuracy. Further, the emergence of industrial IoT has furthered the footfall of software as a service for economies of scale and leveraged companies to emphasize core competencies. Prevailing trends suggest bullish demand for remote monitoring will underpin machine condition monitoring market share. Avenues of growth and innovation are likely to emanate from preventive measures to minimize latencies and costs.
The portable condition monitoring segment is predicted to foresee significant growth in the forecast period. Portable condition monitoring assists in gathering and analyzing data concerning critical machinery. They are easy to operate, light, quick, and incredibly capable. Portable machine diagnostics operation type's features and attributes will propel the segment's growth. Besides, condition monitoring sensors have gained ground for better decision-making across end-use sectors. Industry players also tend to use portable wireless sensors to troubleshoot complex system failures and monitor conditions. Industry players have also implemented Bluetooth and SaaS platforms to foster flexibility and streamline operations.
The power generation segment dominated the market in 2022 and accounted for a revenue share of over 15%. Growth is attributed to high failure rates for some components, such as increased repair costs, entire system overhauls, and unsafe work environments in the power and generation industry. As this industry is product-intensive, it requires continuous machinery maintenance. Further, the oil and gas segment will acquire significant market share due to bullish demand for oil analysis, thermography, and vibration monitoring. The industry has witnessed unprecedented demand for condition monitoring to keep up with demand for sensor applications to boost efficiency and productivity. The need for protecting and monitoring assets and detecting leaks in pipelines, piping, and pressure vessels has prompted forward-looking companies to foster the efficiency and health of machines. The trend for remote monitoring and predictive asset management could propel market growth potential, encouraging stakeholders to bolster their footprint. Rising security and asset performance footfall has spurred a need for condition monitoring for upstream and downstream operations. Amidst surging energy costs, leading companies are poised to invest in condition-monitoring software and tools.
The chemicals segment will exhibit impressive CAGR during the assessment period. This growth can be attributed to various factors, including the chemicals industry's rising demand for predictive maintenance solutions and the adoption of Industry 4.0 technologies, which drive the need for more efficient machine condition monitoring solutions. Furthermore, the segment is benefiting from the chemicals industry's growing focus on sustainability, with companies turning to machine condition monitoring to optimize operations and prevent unplanned downtime, thereby reducing their environmental impact. Additionally, stringent regulatory requirements on worker safety and environmental protection are compelling chemical plants to invest in advanced machine condition monitoring systems to ensure compliance and avoid penalties, further boosting the market's growth.
North America dominated the market in 2022, accounting for over 36% share of global revenue. U.S. and Canada are slated to provide promising growth opportunities against bullish demand from power generation, aerospace, oil & gas, marine, and food & beverages industries. The trend for vibration monitoring has become pronounced for oil condition monitoring in oil and gas platform machinery lubricants. With a surge in offshore oil exploration across North America, forward-looking companies could strengthen their position in the regional market. Oil condition monitoring is poised to receive an uptick in predictive maintenance and reliability.
The expanding footfall of the aerospace sector has impeded North America's market growth. Prominently, uptake in a number of airline traffic across the U.S. and Canada has augured well for key players striving to underpin their portfolios. According to the Bureau of Transportation Statistics, in May 2022, U.S. airlines carried approximately 71.2 million systemwide (domestic and international) scheduled service passengers. Besides, machine condition monitoring equipment has gained ground from the growing prominence of sensors, including vibration-, pressure- and temperature monitors. The aviation industry is likely to cash in on the innate ability of condition monitoring systems to address and detect pending failure, minimize collateral damage to aircraft, and enhance dispatch reliability.
Asia Pacific is anticipated to register fastest CAGR over the forecast period. China is anticipated to be the largest market in the region, followed by India and Japan, owing to their extensive manufacturing bases and government initiatives promoting Industry 4.0 technologies. Key drivers fueling this growth include increasing adoption of Industry 4.0 technologies such as AI, machine learning, and big data analytics to automate and optimize manufacturing processes and enhance machine condition monitoring efficiency. Additionally, growing awareness among businesses about the advantages of machine condition monitoring, such as improved equipment reliability and increased productivity, is also contributing to rising demand. Furthermore, major players such as SKF, General Electric, and Honeywell International Inc., investing in research and development and expanding their reach in the Asia Pacific region, further propels market's expansion.
Furthermore, Europe could emerge as a lucrative region for automakers due to rising penetration of machine learning and artificial intelligence. Industry dynamics could propel the demand for online condition monitoring, boding for market growth. For instance, in July 2021, Germany-based Continental announced the acquisition of a minority stake in Feelit, an Industry 4.0 startup. The strategic deal will help the former to bolster its Industry 4.0 footprint in remote condition monitoring and predictive maintenance across manufacturing, automotive, and industrial applications.
Incumbent players and startups are poised to emphasize organic and inorganic strategies, including mergers & acquisitions, product offerings, technological advancements, innovations, and geographical expansion. Trend for predictive maintenance and growing footfall of IoT will serve as catalysts to expand their footprint across untapped areas. For instance, in February 2023, Seed Group partnered with Samotics, a provider of asset health monitoring, to introduce condition monitoring services to the Middle East. With Samotics' SAM4 technology utilizing electrical signature analysis (ESA) to monitor critical assets, the partnership aims to cater to a growing demand for advanced condition monitoring solutions in the region's thriving industrial sector. Besides, in April 2022, Emerson reportedly contemplated updating machinery health platform to leverage end-users to adopt a modern interface to address and identify a host of standard equipment failures before influencing plant availability. Meanwhile, in April 2022, SKF teamed up with Amazon Web Services to provide an easy-to-scale and easy-to-use condition monitoring and analysis solution. The company expects it will redefine industrial machine reliability and predictive maintenance. Some of the prominent players in the global machine condition monitoring market include:
Emerson Electric Co.
Honeywell International Inc.
NATIONAL INSTRUMENTS CORP
Rockwell Automation, Inc.
Market size value in 2023
USD 3.21 billion
Revenue forecast in 2030
USD 5.46 billion
CAGR of 7.9% from 2023 to 2030
Base year for estimation
2017 - 2021
2023 - 2030
Revenue in USD million/billion and CAGR from 2023 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Monitoring technique, component,product type,application, architecture type, plant type, monitoring process, end-use industry, and region
North America, Europe, Asia Pacific, Central & South America, MEA
U.S., Canada, Mexico, Germany, U.K., France, China, India, Japan, Brazil.
Key companies profiled
ALS, Emerson Electric Co., General Electric, Honeywell International Inc., Megget PLC, NATIONAL INSTRUMENTS CORP, Parker Hannifin, Rockwell Automation, Inc., SKF, Schaeffler AG
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global machine condition monitoring market report based on monitoring technique, component, product type, application, architecture type, plant type, monitoring process, end-use industry, and region.
Monitoring Technique Outlook (Revenue, USD Billion, 2017 - 2030)
Component Outlook (Revenue, USD Billion, 2017 - 2030)
Portable/Handheld Condition Monitoring Units
Product Type Outlook (Revenue, USD Billion, 2017 - 2030)
Application Outlook (Revenue, USD Billion, 2017 - 2030)
Turbines & Generators
Bushings & Hubs
Control Cabinet Monitoring
Lubricant Level Monitoring on CNC Machines
Architecture Type Outlook (Revenue, USD Billion, 2017 - 2030)
Plant Type Outlook (Revenue, USD Billion, 2017 - 2030)
Monitoring Process Outlook (Revenue, USD Billion, 2017 - 2030)
Online Condition Monitoring
Portable Condition Monitoring
End-use Industry Outlook (Revenue, USD Billion, 2017 - 2030)
Oil & Gas
Food & Beverages
Pulp & Paper
Regional Outlook (Revenue, USD Billion, 2017 - 2030)
Central & South America
b. The global machine condition monitoring market size was estimated at USD 2.91 billion in 2022 and is expected to reach USD 3.21 billion in 2023.
b. The global machine condition monitoring market is expected to grow at a compound annual growth rate of 7.9% from 2023 to 2030 to reach USD 5.46 billion by 2030.
b. North America dominated the machine condition monitoring market with a share of 36% in 2022. The growth is attributable to countries such as U.S. and Canada, which are slated to provide promising growth opportunities against bullish demand from power generation, aerospace, oil & gas, marine, and food & beverages industries.
b. Some key players operating in the machine condition monitoring market include ALS, Emerson Electric Co., General Electric, Honeywell International Inc., Megget PLC, NATIONAL INSTRUMENTS CORP, Parker Hannifin, Rockwell Automation, Inc., SKF, Schaeffler AG
b. Key factors driving the machine condition monitoring market growth include rising demand for highly secure cloud computing solutions that provide real-time condition monitoring, surging adoption of wireless technology in machine condition monitoring, and rise in the use of predictive maintenance techniques.
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