Machine Condition Monitoring Market Size, Share, Growth Analysis, By Monitoring Technique(Vibration Monitoring, Thermography), By Offering(Hardware, Software), By Deployment(On-premises, Cloud), By Monitoring Process(Online Condition Monitoring, Portable Condition Monitoring) - Industry Forecast 2024-2031

The Machine Condition Monitoring market size stood at USD 3.35 Billion in 2021, and it is expected to reach a value of USD 6.09 Billion by 2028, at a CAGR of 8.89% over the forecast period (2022 - 2028).

The machine condition monitoring market is moderately competitive with no firm having a very large market share. The industry's top players are embracing strategic collaboration initiatives to improve Machine Condition Monitoring market share and profitability. Some of the major players in the Machine Condition Monitoring market are Emerson Electric, General Electric, Honeywell International, National Instruments, and SKF among others.'Emerson Electric (US)','General Electric (US)','Honeywell International (US)','National Instruments (US)','SKF (Sweden)','ALS (Australia)','Wilcoxon Sensing Technologies (US)','Parker Hannifin (US)','Rockwell Automation (US)','Schaeffler Group (Germany)','IFM (Germany)','Banner Engineering (US)'

Operational equipment is sensitive to a wide range of errors and faults, it is critical to monitor minor and major changes in equipment by measuring parameters such as vibration, temperature, voltage, current, pressure, flow, and many others. This significance has compelled various industries to go above and beyond to protect their machinery. The main advantage of using condition monitoring to identify faults is that it allows personnel to take corrective action to avoid or reduce repair costs, as well as increase machinery safety, which increases human safety.

Over the last few decades, the automotive industry has undergone rapid change. Previously, cars were mechanical, with basic electrical systems providing power for headlights and spark plugs. Cars were outfitted with the latest gadgets, such as radios, alarms, wipers, and so on, as technology advanced. Air-handling units and pumps are the primary applications of condition monitoring in this industry. Other critical areas where condition monitoring is used include motor and transmission component endurance testing, wind tunnels, electrical breaks for reliability testing, car test benches (artificial roads), and others.

During the forecast period, the Asia Pacific machine condition monitoring Machine Condition Monitoring market will grow at the fastest CAGR. The key factors driving the growth of the machine condition monitoring Machine Condition Monitoring market in this region are ongoing industrialization, increasing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency. Furthermore, a number of companies from developed countries are planning to relocate their production bases to Asian countries such as China, India, and South Korea due to lower-cost labour availability. As a result, manufacturing activities in the region are likely to expand. As a result, there will be a high demand for machine condition monitoring systems in the region.