Machine Condition Monitoring Industry Overview

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 7.6% from 2025 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.

Gather more insights about the market drivers, restrains and growth of the Machine Condition Monitoring Market

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.

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Machine Condition Monitoring Market Segmentation

Grand View Research has segmented the global machine condition monitoring market report based on monitoring technique, component, product type, application, architecture type, plant type, monitoring process, end use, and region:

Machine Condition Monitoring Technique Outlook (Revenue, USD Billion, 2017 - 2030)

• Torque Monitoring
• Vibration Monitoring
• Oil Analysis
• Thermography
• Corrosion Monitoring
• Others

Machine Condition Monitoring Component Outlook (Revenue, USD Billion, 2017 - 2030)

• Hardware
• Portable/Handheld Condition Monitoring Units
• Software
• Services

Machine Condition Monitoring Product Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Valves
• Compressors
• Turbines
• Gearbox
• Motors
• Bearings
• Couplings
• Others

Machine Condition Monitoring Application Outlook (Revenue, USD Billion, 2017 - 2030)

• HVAC Systems
• Turbines & Generators
• Material Handling
• Conveyors
• Pump Systems
• Sprockets
• Bushings & Hubs
• Control Cabinet Monitoring
• Paper Presses
• Storage Rooms
• Motor Control
• Lubricant Level Monitoring on CNC Machines
• Others

Machine Condition Monitoring Architecture Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Public Cloud
• Edge Platform
• Hybrid Cloud
• On-premises

Machine Condition Monitoring Plant Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Greenfield Plant
• Brownfield Plant

Machine Condition Monitoring Process Outlook (Revenue, USD Billion, 2017 - 2030)

• Online Condition Monitoring
• Portable Condition Monitoring

Machine Condition Monitoring End Use Outlook (Revenue, USD Billion, 2017 - 2030)

• Mining
• Primary Metals
• Power Generation
• Automotive
• Oil & Gas
• Aerospace
• Food & Beverages
• Chemicals
• Marine
• Pharmaceutical
• Pulp & Paper
• Others

Machine Condition Monitoring Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
• MEA
  • UAE
  • South Africa
  • KSA

Key Companies profiled:

• ALS
• Emerson Electric Co.
• General Electric
• Honeywell International Inc.
• Megget PLC
• NATIONAL INSTRUMENTS CORP
• Parker Hannifin
• Rockwell Automation, Inc.
• SKF
• Schaeffler AG

Key Machine Condition Monitoring Company Insights

Some key players in the machine condition monitoring market, such as Emerson Electric Co., General Electric, Honeywell International Inc., and SKF, are actively working to expand their customer base and gain a competitive advantage. To achieve this, they are pursuing various strategic initiatives, including partnerships, mergers and acquisitions, collaborations, and the development of new products and technologies. This proactive approach allows them to enhance their market presence and innovate in response to evolving security needs.

• Emerson Electric Co. is a global technology and engineering company specializing in automation solutions and industrial equipment. Within the machine condition monitoring sector, Emerson Electric Co. offers a comprehensive suite of products and services designed to optimize asset performance and enhance operational efficiency. Their monitoring solutions leverage advanced technologies, including IoT and AI, to provide real-time insights into equipment health, enabling predictive maintenance strategies. Emerson Electric Co 's portfolio includes wireless sensors, diagnostic tools, and software platforms that facilitate seamless data integration and analysis.
• General Electric is known for its diverse portfolio across various sectors, including aviation, healthcare, and renewable energy. In the machine condition monitoring space, General Electric provides advanced solutions that leverage predictive analytics and IoT technology to enhance asset reliability and performance. Their digital offerings, such as the GE Digital Twin technology, enable real-time monitoring and analysis of equipment health, facilitating proactive maintenance strategies.

Recent Developments

• In July 2024, I-care, a predictive maintenance and industrial performance solution, acquired assets and licenses of Germany-based Sensirion AG's predictive maintenance product line. This deal boosts I-care's presence in Germany and strengthens its global leadership in industrial predictive maintenance while ensuring continuity for Sensirion AG's former customers.
• In June 2024, SPM Instrument AB., a Sweden-based company, acquired Status Pro Maschinenmesstechnik GmbH a Germany based, a condition monitoring expert. The acquisition will support SPM Instrument AB's innovation and growth in the sector, allowing the company to strengthen its presence in Germany and enhance customer service capabilities.
• In March 2024, KCF Technologies launched Piezo Sensing as part of its SMARTsensing suite, enhancing machine health monitoring with high-resolution data and advanced fault detection. This technology enables early detection of issues, reducing downtime maintenance costs and improving operational efficiency and safety across various industrial applications.

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