Global Machine Condition Monitoring Market
Machinery

Understand How The Machine Condition Monitoring Market Is Set To Grow In Through 2024-2033

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The machine condition monitoring market has witnessed substantial growth, progressing from $2.93 billion in 2023 to $3.16 billion in 2024, marking a commendable compound annual growth rate (CAGR) of 7.9%. The historic period’s growth can be attributed to the expansion of industrial automation, increased focus on equipment reliability and asset performance, the demand for predictive maintenance in process industries, industry-wide emphasis on cost savings and operational efficiency, and the imperative of regulatory compliance and safety standards in manufacturing.


Factors Driving Historic Growth:

  • Growth in industrial automation and manufacturing activities
  • Emphasis on equipment reliability and asset performance
  • Demand for predictive maintenance in process industries
  • Focus on cost savings and operational efficiency
  • Regulatory compliance and safety standards in manufacturing


Anticipating Strong Growth Ahead
The machine condition monitoring market is poised for continued strong growth in the upcoming years, with a projected size of $4.26 billion in 2028, fueled by a robust compound annual growth rate (CAGR) of 7.8%. The forecasted growth is attributed to the adoption of wireless and IoT-enabled condition monitoring solutions, integration of Artificial Intelligence (AI) and Machine Learning (ML) in predictive maintenance, rising importance of remote monitoring for distributed assets, and ongoing research and development in advanced sensor technologies and data interpretation.


Factors Fueling Future Growth:

  • Adoption of wireless and IoT-enabled solutions
  • Integration of AI and ML in predictive maintenance
  • Rising importance of remote monitoring for distributed assets
  • Research and development in advanced sensor technologies
  • Data interpretation advancements


Major Trends in the Forecasted Period:

  • Predictive analytics for early fault detection
  • Vibration analysis for machinery health assessment
  • Integration of digital twins for asset performance monitoring
  • Incorporation of wireless and IoT sensors
  • Ultrasound and acoustic emission for non-destructive testing


Wireless Communication Driving Market Growth
The incorporation of wireless communication in machine conditioning stands out as a key driver for the market’s growth. Wireless communication, enabling the transmission of information without physical connections, facilitates easy and quick deployment of machine condition monitoring. This reduces gaps in the data stream, ensuring no detrimental effects on system reliability. For example, Acoem, a France-based data solutions provider, invested in EAGLE in 2021, enabling wireless monitoring of complex machines, considering various operating conditions.


Wireless Communication Impact:

  • Significant contribution to the growth of the machine condition monitoring market
  • Enables quick and easy deployment
  • Reduction of gaps in data stream for enhanced system reliability
  • Examples include Acoem’s investment in wireless monitoring solutions


Major Companies Operating in the Market:

  • ALS Limited
  • Bruel & Kjaer
  • Emerson Electric Co.
  • Teledyne FLIR LLC
  • And many more.


Technological Advancements Revolutionizing Monitoring
Technological advancement is a key trend gaining popularity in the machine condition monitoring market. Emphasis is on the development of cutting-edge web-based software solutions. For instance, Emerson Electric’s AMS Machine Works 1.6, launched in November 2021, is a web-based software solution that combines predictive maintenance techniques with comprehensive analysis tools for accurate machinery health assessment.


Technological Advancements:

  • Web-based software solutions simplifying fault diagnosis and analysis
  • Emerson Electric’s AMS Machine Works 1.6 as an example of a comprehensive software solution
  • Integration of predictive maintenance techniques for accurate assessments


Strategic Acquisitions Driving Market Evolution
Strategic acquisitions play a significant role in shaping the machine condition monitoring market. Teledyne’s acquisition of FLIR in May 2021, valued at $8.2 billion, exemplifies this trend. The strategic move aims to expand product portfolios and enhance offerings, with FLIR providing cameras and sensors crucial for the system.


Strategic Acquisitions Impact:

  • Teledyne’s acquisition of FLIR for $8.2 billion in May 2021
  • Focus on expanding product portfolios and enhancing customer offerings
  • FLIR as a key player in providing cameras and sensors for the system


Comprehensive Market Segmentation
Understanding the intricate landscape of the machine condition monitoring market involves exploring its segmentation.

Segmentation:

  1. By Type:
    • Hardware
    • Software
    • Services
  2. By Deployment Type:
    • On-premises
    • Cloud
  3. By Monitoring Technique:
    • Vibration Monitoring
    • Thermography
    • Oil Analysis
    • Corrosion Monitoring
    • Ultrasound Emission
    • Motor Current Analysis
  4. By Industry:
    • Oil And Gas
    • Power Generation
    • Metals And Mining
    • Chemicals
    • Automotive
    • Aerospace And Defense
    • Food And Beverages
    • Marine


Regional Dynamics
In 2023, North America emerged as the largest region in the machine condition monitoring market. Looking ahead, Asia-Pacific is expected to be the fastest-growing market in the machine condition monitoring landscape.


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The Machine Condition Monitoring Global Market Report 2024  provides an overview of the machine condition monitoring market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The machine condition monitoring market forecast analyzes machine condition monitoring market size, machine condition monitoring market share, leading competitor and their market positions.

 

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