MACHINE CONDITION MONITORING MARKET ANALYSIS

Machine Condition Monitoring Market Size and Trends

The machine condition monitoring market is estimated to be valued at USD 3.33 billion in 2024 and is expected to reach USD 5.92 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.6% from 2024 to 2031.

The machine condition monitoring market is expected to witness significant growth over the forecast period.

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Advent of industrial IoT and increase in adoption of predictive maintenance is expected to drive the market. Growing need for reduction in maintenance cost and increasing focus on asset management will further aid in the market growth. Predictive maintenance with the integration of advanced technologies helps in minimization downtime. This is anticipated to propel the demand for machine condition monitoring solutions across various industries.

Improving Operational Efficiency and Preventing Unplanned Downtime

One of the key drivers for the growth of machine condition monitoring market is the need for improving operational efficiency of industrial equipment and machinery across various industry verticals. Continuous monitoring of various parameters helps in detecting even small changes in the working of equipment which could possibly indicate a future breakdown. This helps in planning maintenance activities in advance instead of facing an unexpected shut down of the equipment. Unplanned downtime of industrial machinery can disrupt production schedules and lead to loss of potential revenue. Effective condition monitoring allows manufacturers to optimize maintenance work and reduce unexpected breakdowns. This helps improve overall equipment effectiveness and maximize asset usage. The ability to plan maintenance windows helps reduce maintenance costs too. Many organizations are now able to move from reactive to predictive and preventive maintenance with machine condition monitoring systems. This has helped boost operational efficiency significantly.

For instance, in April 2022, Emerson is a technology, software, and engineering company, considered updating its machinery health platform to leverage a modern interface for identifying equipment failures and improving plant availability.

Another important factor driving more companies to invest in machine condition monitoring solutions is the need to ensure safety of plant personnel as well as compliance with stringent workplace safety regulations. Continuous online monitoring of critical parameters provides visibility into potential issues that could impact the safety of operators working around complex industrial machinery. Any signs of abnormal behavior or development of faults can be detected in real-time before they escalate into dangerous situations. This plays a big role in avoiding accidents at production facilities and manufacturing plants. The data from condition monitoring also helps analyze past incidents to recognize patterns and weak points to further enhance safety protocols. Many organizations consider personnel safety as a top priority and are willing to spend more on systems that can minimize risks and help meet compliance standards set by regulatory bodies. This has significantly boosted demand for machine condition monitoring across high-risk industries like oil & gas, power generation etc.

For instance, in July 2022, Valmet which is a developer and supplier of technologies, automation systems and services for the pulp, paper and energy industries, highlighted the high demand for online condition monitoring systems in industries like oil & gas, power generation, and metals & mining, emphasizing the challenges of using portable monitoring procedures in remote production plants. The aviation industry, benefiting from the growing prominence of sensors, witnessed increased use of machine condition monitoring equipment to detect pending failures and enhance dispatch reliability.