Product Code: GVR-4-68040-013-6
Machine Condition Monitoring Market Growth & Trends:
The global machine condition monitoring market size is expected to reach USD 5.46 billion by 2030, according to a new report by Grand View Research, Inc.. The industry is anticipated to grow at a lucrative CAGR of 7.9% from 2023 to 2030. Exponential demand for monitoring services to avoid machinery failure will propel the penetration of condition-monitoring systems. End-users have exhibited an unprecedented demand for predictive maintenance tools to bolster asset life, minimize machine failure and reduce maintenance costs. Stakeholders envisage revenue-boosting potentials in maintaining machine health and reducing downtime with advanced software and tools. The emergence of the Industrial Internet of Things (IIoT) has propelled the measurements, such as pressure, vibration, and temperature.
Machine condition monitoring helps measure equipment, enhance production efficiency, and reduce unplanned downtime. Industrial IoT has provided promising growth potential following the growing footfall of smart sensors across North America, Europe, and the Asia Pacific. Leading companies are poised to prioritize vibration, torque, and temperature monitoring to foster monitoring processes. For instance, vibration diagnosis has gained ground to boost the detection of possible faults, mainly due to the adoption of IoT technology and advanced algorithms.
Thermography techniques have gained ground for condition monitoring to highlight aspects of energy loss and minimize carbon emissions and operating costs. The technology has become sought-after to assess and identify thermal issues stemming from improper lubrication, worn or obsolete components, and misalignments. Lately, infrared thermography has garnered popularity in detecting thermal anomalies to provide thermal images of a machine component. Moreover, technology has gained ground in power transformers across industrial facilities, power plants, and substations.
Growth avenues could be pronounced in Asia as the automotive, oil & gas, power generation, and aerospace industries witness technological advancements and innovation. The need to optimize maintenance resources, prevent breakdowns and monitor power generation plants has augured growth for machine condition monitoring manufacturers and suppliers. Industry participants have expedited investments in temperature and vibration data and wireless communication. Besides, the need to prevent downtime and asset failures has furthered the demand for intelligent sensors and predictive maintenance across China, India, Japan, and Australia.
The competitive landscape emphasizes bullish growth strategies, including product offerings, technological advancements, mergers & acquisitions, collaboration, and geographical expansion. Forward-looking companies are poised to reinforce their strategic approaches to bolster predictive maintenance. For instance, in May 2021, Emerson announced the introduction of the PACEdge industrial edge platform to boost open connectivity and scalability. Besides, in June 2020, National Instruments announced the acquisition of OptimalPlus to strengthen enterprise software capabilities and offer business-critical insights. Industry players could expand their penetration in software and connectivity to foster productivity.
Machine Condition Monitoring Market Report Highlights:
- The vibration monitoring segment led the market in 2022, accounting for over 26% share of the global revenue. This growth can be attributed to the rising demand for detecting wear, misalignments, and imbalances, along with the widespread use of monitoring devices for early-stage fault detection.
- The turbines & generators segment led the market in 2022, accounting for over 16% of global revenue. This growth is attributed to the rising demand for wind and solar power, necessitating regular monitoring of turbines and generators to ensure continuous operations.
- The online condition monitoring segment is likely to account for a sizable share of the global market due to the trend for remote monitoring and an increased need to reduce downtime.
- The hardware segment will grow as the development of strong sensors and other devices that enable remote machine health analysis is a major focus of hardware manufacturers.
- Due to rising oil exploration activities, North America will contribute significantly to the global market.
- Some regions in North America have the most competitive and constantly changing and rising technology improvements in the machine condition monitoring market. The expanding number of machine condition monitoring businesses globally is projected to support market expansion.
Table of Contents
Chapter 1. Methodology And Scope
- 1.1. Research Methodology
- 1.2. Research Scope And Assumptions
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. Gvr's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables, Trends, And Scope
- 3.1. Market Lineage
- 3.2. Industry Value Chain Analysis
- 3.3. Machine Condition Monitoring Market - Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.1.1. Rising Demand For Highly Secure Cloud Computing Solutions That Provide Real-Time Condition Monitoring
- 3.3.1.2. Surging Adoption Of Wireless Technology In Machine Condition Monitoring
- 3.3.2. Market Restraint Analysis
- 3.3.2.1. Lack Of Technical Expertise To Carry Out Data Analysis
- 3.3.3. Industry Challenges
- 3.4. Business Environmental Tools Analysis: Machine Condition Monitoring Market
- 3.4.1. Porter's Five Forces Analysis
- 3.4.1.1. Bargaining Power Of Suppliers
- 3.4.1.2. Bargaining Power Of Buyers
- 3.4.1.3. Threat Of Substitution
- 3.4.1.4. Threat Of New Entrants
- 3.4.1.5. Competitive Rivalry
- 3.4.2. Pestle Analysis
- 3.4.2.1. Political Landscape
- 3.4.2.2. Economic Landscape
- 3.4.2.3. Social Landscape
- 3.4.2.4. Technology Landscape
- 3.4.2.5. Environmental Landscape
- 3.4.2.6. Legal Landscape
- 3.5. Economic Mega Trend Analysis
Chapter 4. Machine Condition Monitoring Market: Monitoring Technique Estimates & Trend Analysis
- 4.1. Machine Condition Monitoring Market, By Monitoring Technique: Key Takeaways
- 4.2. Machine Condition Monitoring Market: Monitoring Technique Movement Analysis, 2022 & 2030
- 4.3. Torque Monitoring
- 4.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 4.4. Vibration Monitoring
- 4.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 4.5. Oil Analysis
- 4.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 4.6. Thermography
- 4.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 4.7. Corrosion Monitoring
- 4.7.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 4.8. Others
- 4.8.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 5. Machine Condition Monitoring Market: Component Estimates & Trend Analysis
- 5.1. Machine Condition Monitoring Market, By Component: Key Takeaways
- 5.2. Machine Condition Monitoring Market: Component Movement Analysis, 2022 & 2030
- 5.3. Hardware
- 5.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 5.4. Portable/Handheld Condition Monitoring Units
- 5.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 5.5. Software
- 5.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 5.6. Services
- 5.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 6. Machine Condition Monitoring Market: Product Type Estimates & Trend Analysis
- 6.1. Machine Condition Monitoring Market, By Product Type: Key Takeaways
- 6.2. Machine Condition Monitoring Market: Product Type Movement Analysis, 2022 & 2030
- 6.3. Valves
- 6.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.4. Compressors
- 6.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.5. Turbines
- 6.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.6. Gearbox
- 6.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.7. Motors
- 6.7.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.8. Bearings
- 6.8.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.9. Couplings
- 6.9.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.10. Others
- 6.10.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 7. Machine Condition Monitoring Market: Application Estimates & Trend Analysis
- 7.1. Machine Condition Monitoring Market, By Application: Key Takeaways
- 7.2. Machine Condition Monitoring Market: Application Movement Analysis, 2022 & 2030
- 7.3. Hvac Systems
- 7.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.4. Turbines & Generators
- 7.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.5. Material Handling
- 7.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.6. Conveyors
- 7.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.7. Pump Systems
- 7.7.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.8. Sprockets
- 7.8.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.9. Bushings & Hubs
- 7.9.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.10. Control Cabinet Monitoring
- 7.10.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.11. Paper Presses
- 7.11.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.12. Storage Rooms
- 7.12.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.13. Motor Control
- 7.13.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.14. Lubricant Level Monitoring On Cnc Machines
- 7.14.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.15. Others
- 7.15.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 8. Machine Condition Monitoring Market: Architecture Type Estimates & Trend Analysis
- 8.1. Machine Condition Monitoring Market, By Architecture Type: Key Takeaways
- 8.2. Machine Condition Monitoring Market: Architecture Type Movement Analysis, 2022 & 2030
- 8.3. Public Cloud
- 8.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.4. Edge Platform
- 8.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.5. Hybrid Cloud
- 8.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.6. On-Premises
- 8.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 9. Machine Condition Monitoring Market: Plant Type Estimates & Trend Analysis
- 9.1. Machine Condition Monitoring Market, By Plant Type: Key Takeaways
- 9.2. Machine Condition Monitoring Market: Plant Type Movement Analysis, 2022 & 2030
- 9.3. Greenfield Plant
- 9.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 9.4. Brownfield Plant
- 9.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 10. Machine Condition Monitoring Market: Monitoring Process Estimates & Trend Analysis
- 10.1. Machine Condition Monitoring Market, By Monitoring Process: Key Takeaways
- 10.2. Machine Condition Monitoring Market: Monitoring Process Movement Analysis, 2022 & 2030
- 10.3. Online Condition Monitoring
- 10.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 10.4. Portable Condition Monitoring
- 10.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 11. Machine Condition Monitoring Market: End-Use Industry Estimates & Trend Analysis
- 11.1. Machine Condition Monitoring Market, By End-Use Industry: Key Takeaways
- 11.2. Machine Condition Monitoring Market: End-Use Industry Movement Analysis, 2022 & 2030
- 11.3. Mining
- 11.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.4. Primary Metals
- 11.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.5. Power Generation
- 11.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.6. Automotive
- 11.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.7. Oil & Gas
- 11.7.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.8. Aerospace
- 11.8.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.9. Food & Beverages
- 11.9.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.10. Chemicals
- 11.10.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.11. Marine
- 11.11.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.12. Pharmaceutical
- 11.12.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.13. Pulp & Paper
- 11.13.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 11.14. Others
- 11.14.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 12. Machine Condition Monitoring Market: Regional Estimates & Trend Analysis
- 12.1. Machine Condition Monitoring Market: Regional Movement Analysis, 2022 & 2030
- 12.2. North America
- 12.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.2.2. U.S.
- 12.2.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.2.3. Canada
- 12.2.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.2.4. Mexico
- 12.2.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.3. Europe
- 12.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.3.2. Germany
- 12.3.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.3.3. France
- 12.3.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.3.4. U.K.
- 12.3.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.4. Asia Pacific
- 12.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.4.2. China
- 12.4.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.4.3. Japan
- 12.4.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.4.4. India
- 12.4.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.5. Central & South America
- 12.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.5.2. Brazil
- 12.5.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 12.6. Middle East & Africa
- 12.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 13. Competitive Landscape
- 13.1. Company Categorization
- 13.2. Company Market Positioning
- 13.3. Company Heat Map Analysis
- 13.4. Strategy Mapping
- 13.4.1. Expansion
- 13.4.2. Mergers & Acquisition
- 13.4.3. Partenerships & Collaborations
- 13.4.4. New Product Launches
- 13.4.5. Research & Development
- 13.5. Company Profiles/Listing
- 13.5.1. ALS
- 13.5.1.1. Overview
- 13.5.1.2. Financial Performance
- 13.5.1.3. Product Benchmarking
- 13.5.2. Emerson Electric Co.
- 13.5.2.1. Overview
- 13.5.2.2. Financial Performance
- 13.5.2.3. Product Benchmarking
- 13.5.3. General Electric
- 13.5.3.1. Overview
- 13.5.3.2. Financial Performance
- 13.5.3.3. Product Benchmarking
- 13.5.4. Honeywell International Inc..
- 13.5.4.1. Overview
- 13.5.4.2. Financial Performance
- 13.5.4.3. Product Benchmarking
- 13.5.5. Megget PLC
- 13.5.5.1. Overview
- 13.5.5.2. Financial Performance
- 13.5.5.3. Product Benchmarking
- 13.5.6. NATIONAL INSTRUMENTS CORP.
- 13.5.6.1. Overview
- 13.5.6.2. Financial Performance
- 13.5.6.3. Product Benchmarking
- 13.5.7. Parker Hannifin
- 13.5.7.1. Overview
- 13.5.7.2. Financial Performance
- 13.5.7.3. Product Benchmarking
- 13.5.8. Rockwell Automation, Inc.
- 13.5.8.1. Overview
- 13.5.8.2. Financial Performance
- 13.5.8.3. Product Benchmarking
- 13.5.9. SKF
- 13.5.9.1. Overview
- 13.5.9.2. Financial Performance
- 13.5.9.3. Product Benchmarking
- 13.5.10. Schaeffler AG
- 13.5.10.1. Overview
- 13.5.10.2. Financial Performance
- 13.5.10.3. Product Benchmarking