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The global machine condition monitoring market was valued at USD 3 billion in 2023 and grew at a CAGR of 8% from 2024 to 2033. The market is expected to reach USD 6.47 billion by 2033. The growing automation and digitization of economies will drive the growth of the global machine condition monitoring market.
Machine condition monitoring as the term states is a method to assess or evaluate the health of any machine. It evaluates the machine and its various parameters to conclude whether it the machine is working optimally. It is a proactive approach that enables the users to identify any potential faults or breaks in the machine before the machine completely breaks down. It enables the users to plan maintenance, repair and replacement of machines, which allows them to avoid any unplanned downtime and delays. This ensures optimal efficiency and performance of machines throughout their life cycle. This monitoring also ensures safety of the workplace and personnel, minimizing the occurrence of any accidents. Some basic parameters that are assessed are temperature, pressure and acoustics. All these are assessed through a variety of techniques. Vibration analysis in acoustics enables a better understanding of the structural integrity of the machine in question. Similarly, temperature monitoring indicates electrical and lubricative health of the machinery which is important for smooth functioning. Technological advancements and innovations have enabled integration of hardware and software to provide real-time monitoring. Machine condition monitoring forms the cornerstones of machine maintenance to ensure its optimal operation, improved efficiency, longevity and enhanced maintenance, reliability and durability.
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The increasing automation and digitization of economies – the increasing automation and digitization of industries along with the rapid expansion of the digital economy has increased reliance of machines. Automation and digitization are the need of the hour to meet the rising consumer demands and expectations. They enabled industries to increasing productivity, efficiency and safety. it enables proactive monitoring and maintenance that reduces costs and delays. Automation and digitization have become an inalienable part of the global economy. It has become equally important to monitor components of this digital economy to ensure its smooth operation and reduce any disruptions. Machine condition monitoring enables the proactive assessments, monitoring and maintenance of machines to ensure optimal operation, efficiency and safety. therefore, the increasing automation and digitization will drive the global machine condition monitoring market’s growth.
Cost considerations – machine condition monitoring requires various components from hardware like sensors to software applications. the hardware includes highly sophisticated piece of machinery that are calibrated to monitor temperature, pressure and acoustics of a machine with highest precision. Advanced software applications are integrated with these hardware components to acquire and process this data collected through sensors and other machines. These applications are responsible for processing the data and offering valuable insights about machine’s health. The integration of these components with the existing machine infrastructure also induces significant costs for the consumers. additionally, the installation costs are also high with skilled personnel required to set-up and integrate all the systems. The operations also demand qualified personnel. therefore, the cost considerations of machine condition monitoring will hamper the market’s growth.
Technological advancements – advancements and innovations in artificial intelligence and machine learning have automated machine condition monitoring. This has reduced human intervention and human error. The machines are now capable of making autonomous decisions. They analyse collected data to the highest precision and offer valuable insights on predictive maintenance. Additionally, the offer real-time monitoring which enables quicker identification and resolution of problems, thereby increasing efficiency and reducing downtime. They also offer valuable insights aimed towards improving machine operation by analysing previous data. Similarly, advancements in IoT with state-of-the-art-sensors and other devices improve data collection. Similar technological advancements like cloud computing and big data analytics have improved machine condition monitoring and will drive the market’s growth during the forecast period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global machine condition monitoring market, with a 38% market revenue share in 2023.
The region is home to highly automated and digitized industries. the market players in the region are at the forefront of adopting advanced technologies with less hesitation, thereby driving the regional market’s demand for machine condition monitoring. The highly advanced sector in terms of technological infrastructure enables easy integration of machine condition monitoring in industries. the region is home to top industry market players that drive innovation in machine condition monitoring technologies. the growing innovation in other technologies like AI, ML, AR and IoT also augment the market’s growth.
North America Region Machine Condition Monitoring Market Share in 2023 - 38%
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The monitoring technique segment is divided into torque monitoring, vibration monitoring, oil analysis, thermography, corrosion monitoring, and others. The vibration monitoring segment dominated the market, with a market share of around 37% in 2023. Vibration monitoring uses sensors and accelerators to measure vibrations. These vibrations are then assessed and evaluated to identify any inefficiencies in the machine or equipment. It is a proactive method that enables the identification of inefficiencies before the machine breaks down, thereby improving safety, minimizing the chances of unplanned downtime and delays which saves cost and time. Vibration monitoring is a known and population monitoring technique with established record of its reliability and accuracy. Additionally, the technique can be applied to diverse machines across various industries. this versatility also contributes to its dominance. It is cost effective and can be integrated easily into machines and other monitoring techniques.
The component segment is divided into hardware, portable/handheld condition monitoring units, software, and services. The hardware segment dominated the market, with a market share of around 42% in 2023. Hardware is basically the components that are physical and can be touched. Sensors, processors, accelerators, computers, other electronics and devices are some examples of hardware. They are fundamental to machine condition monitoring systems as they are the primary point of data collection. They facilitate the operation of other components like software applications.
The architecture type segment is divided into public cloud, edge platform, hybrid cloud, and on-premises. The on-premises segment dominated the market, with a market share of around 40% in 2023. On-premises architecture type is the deployment and installation of hardware, software and other components in the physical premises of the industry or the sector. it is the preferred type as it is considered safer and offers greater control over the infrastructure. The on-premises deployment provides greater data privacy and security which is critical for sectors such as healthcare, BFSI and defence among others. Furthermore, on-remises deployment offers better performance and efficiency. Greater customization offered by on-premises architecture also contribute to its dominance in the market. they are also compatible with regulatory requirements and less complex than other types.
The end user industry segment is divided into mining, primary metals, power generation, automotive, oil and gas, aerospace, food and beverages, chemicals, marine, pharmaceutical, pulp and paper, and others. The power generation segment dominated the market, with a market share of around 38% in 2023. Power generation sector as the term suggests is responsible for generating power. It is also responsible for distributing power which is the fundamental component of other industries. it is a complex sector with several machineries and therefore often relies on machine condition monitoring for smooth operation. Machine condition monitoring is critical for the power generation sector as unplanned breakdowns lead to industry-wide disruptions. They are critical sectors of the nation and therefore require machine condition monitoring systems as a part of regulatory compliance measure.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 3 Billion |
| Market size value in 2033 | USD 6.47 Billion |
| CAGR (2024 to 2033) | 8% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Monitoring Technique, Component, Architecture Type and End Use Industry |
As per The Brainy Insights, the size of the global machine condition monitoring market was valued at USD 3 billion in 2023 to USD 6.47 billion by 2033.
Global machine condition monitoring market is growing at a CAGR of 8% during the forecast period 2024-2033.
The market's growth will be influenced by the increasing automation and digitization of economies.
Cost considerations of machine condition monitoring could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global machine condition monitoring market based on below mentioned segments:
Global Machine Condition Monitoring Market by Monitoring Technique:
Global Machine Condition Monitoring Market by Component:
Global Machine Condition Monitoring Market by Architecture Type:
Global Machine Condition Monitoring Market by End Use Industry:
Global Machine Condition Monitoring Market by Region:
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