Machine Condition Monitoring Market is Projected to Reach USD 5 billion in 2031, expanding at a CAGR of 6.3%: TMR Report
The development of smart machinery, maintenance of industrial machinery, and adoption of automated condition monitoring technologies in industries are some of the other factors contributing to the market growth.
Wilmington, Delaware, United States, Nov. 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. -The global machine condition monitoring market is projected to flourish at a CAGR of 6.3% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 5 billion is anticipated for the market in 2031. As of 2023, the demand for machine condition monitoring is expected to close at US$ 3.0 billion.
The increasing popularity of condition monitoring solutions is due to its ability to maximize production output through outage prevention, reduce maintenance costs through effective incident management, and extend the lifespan of the equipment through machine condition monitoring.
There is an increasing demand for Industry 4.0 applications to enhance the operational performance of machineries. Due to the unavailability of skilled labors, there is an increasing demand for connected solutions. The growing adoption of automated systems and tools in various industries is expected to drive the expansion of the global machine condition monitoring market in the upcoming years.
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The global landscape is highly competitive, with several prominent companies. Key players are adopting innovative strategies to strengthen their market position. Some of the leading players operating in the global machine condition monitoring market are
- Baker Hughes Company (US)
- Emerson Electric Co. (US)
- General Electric Co. (US)
- Honeywell International Inc. (US)
- National Instruments Corp. (US)
- SKF AB (Sweden)
- ALS Ltd. (Australia)
- Wilcoxon Sensing Technologies Inc. (US)
- Parker Hannifin Corp. (US)
- Rockwell Automation Inc. (US)
- Schaeffler AG (Germany)
- Bruel & Kjaer (Denmark)
- Symphony Industrial AI Inc. (US)
- Banner Engineering Corp (US)
Condition monitoring systems are among key IIoT technologies driving Industry 4.0. These systems use predictive and cognitive analytics and ML to automate and streamline preventative maintenance. This method offers lower maintenance cost. There are increasing opportunities for manufacturers operating in the machine condition monitoring market during the forecast period.
Industries are increasingly recognizing the importance of maintaining the health and performance of their assets. Machine condition monitoring helps in extending the lifespan of machinery and reducing unplanned downtime, contributing to overall operational efficiency.
Key Takeaways from the Market Study
- As of 2022, the machine condition monitoring market was valued at US$ 2.8 billion
- Based on component, the hardware segment dominated the global machine condition monitoring market during the forecast period.
- By application, cement & concrete segment to account for high revenue in the market
Machine Condition Monitoring Market – Regional Analysis
- North America is a significant market for machine condition monitoring. The region’s adoption has been driven by manufacturing, energy, and aerospace industries. The presence of a mature industrial sector and a focus on advanced technologies, including IoT and Industry 4.0, has contributed to the growth of machine condition monitoring in this region.
- The Asia-Pacific region has witnessed significant growth in the machine condition monitoring market, driven by the rapid industrialization in countries like China and India. The manufacturing and energy sectors have been key contributors to the adoption of these technologies. The increasing awareness of the benefits of predictive maintenance and the growing emphasis on production efficiency have spurred demand in this region
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Key Developments in the Machine Condition Monitoring Market
- GE has been a major player in the machine condition monitoring market, offering a range of solutions for predictive maintenance. Their offerings include sensors, software, and analytics tools to monitor the health of industrial equipment.
- Emerson Electric provides a variety of solutions for machine condition monitoring, leveraging technologies such as vibration analysis and temperature monitoring. Their products are widely used in industries such as manufacturing, oil and gas, and power generation.
- Rockwell Automation provides a range of industrial automation and control solutions, including machine condition monitoring. Their offerings help industrial facilities optimize equipment performance and reduce unplanned downtime.
- Siemens is a global conglomerate that offers a variety of industrial solutions, including machine condition monitoring. Their products often integrate with other Siemens technologies, such as industrial automation and control systems.
Machine Condition Monitoring Market – Key Segments
- Vibration Monitoring
- Lubrication Oil Monitoring
- Acoustic Emission Monitoring
- Ultrasound Monitoring
- Corrosion Monitoring
- Current Signature Monitoring
By Solution Type
- Online Monitoring
- Integrated Monitoring
- Continuous Remote Monitoring
- Route-based Monitoring
By End-use Industry
- Aerospace & Defense
- Oil & Gas
- Metal & Mining
- Food & Beverage
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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