Machine condition monitoring involves continuous monitoring of the condition of rotating and other machinery to detect anomalies that may indicate maintenance is required. It helps determine the condition of machines to optimize maintenance, avoid unexpected breakdowns, and improve safety. The products used for condition monitoring include vibration sensors, infrared sensors, lubricant analysis equipment, ultrasonic leak detectors, and others. They help identify potential problems with machine components like bearings, motors, gearboxes, and couplings through vibration, temperature, noise and lubrication analysis. This aids in reducing unplanned downtime and maintenance costs by allowing repairs to be scheduled optimally. Machine condition monitoring offers advantages like improving the productivity and lifespan of industrial assets through predictive maintenance and reducing overall operational costs.

The global Machine Condition Monitoring Market is estimated to be valued at Us$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR Of 9.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends witnessed in the global machine condition monitoring market is the growing adoption of wireless condition monitoring systems. Wireless monitoring systems help avoid high installation and wiring costs associated with conventional wired condition monitoring systems. They use technologies like Wi-Fi, Bluetooth, and Ethernet for data transmission. This has made condition monitoring accessible for small and medium scale industrial operations with limited budgets. Wireless systems also offer the benefit of monitoring hard to reach and moving machine components with greater mobility and flexibility. Their increasing use is expected to drive the machine condition monitoring market during the forecast period.

Porter’s Analysis

Threat of new entrants: Low investments barriers however established players dominate the market.

Bargaining power of suppliers: Few suppliers for key technologies hence have some power.

Bargaining power of buyers: Large organization buyers have more power to negotiate prices whereas SME buyers have less power.

Threat of new substitutes: Emerging technologies like IoT and AI pose threats but established monitoring solutions dominate currently.
Competitive rivalry: Intense competition among key global players to expand their customer base and technological capabilities.

Key Takeaways

The Global Machine Condition Monitoring Market Demand is expected to witness high growth.

Regional analysis:

North America dominates the market currently followed by Europe. Asia Pacific is expected to be the fastest growing region owing to rising industrialization in major economies like China and India. Increased adoption of predictive maintenance technologies will drive the APAC market.

Key players operating in the machine condition monitoring market are Meggitt Sensing Systems (Meggitt PLC), SKF AB, Brüel & Kjaer Vibro, Parker Kittiwake (PARKER HANNIFIN CORP.), Rockwell Automation Inc., Thermo Fisher Scientific Inc., GE Bently Nevada, Perkin Elmer Inc., Emerson Electric Co., Gastops Ltd, Nippon Avionics Co. Ltd, AMETEK Spectro Scientific, FLIR Systems Inc. and Fluke Corporation.

The machine condition monitoring market is gaining high traction across various industrial verticals like oil & gas, metals & mining, power generation, food & beverages and chemicals. Rising need for predictive maintenance and asset management is a key driver. Adoption of wireless vibration sensors and integrated platforms for thermal and lubricant analyses will gain traction. Industry 4.0 further accelerates the industry progress.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it