Machine Condition Monitoring Market Share, Size, Trends, Industry Analysis Report
By Monitoring Technique (Vibration Monitoring, Oil Analysis, Thermography, Corrosion Monitoring, Others); By Component; By Deployment; By Monitoring Process; By End-Use; By Region; Segment Forecast, 2025-2034
- Published Date:Sep-2025
- Pages: 116
- Format: PDF
- Report ID: PM2706
- Base Year: 2024
- Historical Data: 2020-2023
The global machine condition monitoring market was valued at USD 3.41 billion in 2024 and is expected to grow at a CAGR of 7.3% during the forecast period. Key factors influencing the growth of the global market includes the rapid expansion of digitalization worldwide and extensive growth in the development of several industries, including oil & gas, automotive, aerospace, defense, and medical industry.
Key Insights
- In 2024, the vibration monitoring segment accounted for the largest market share, driven by the rise in demand and the high penetration of monitoring devices to identify early-stage faults.
- The hardware segment dominated the market revenue share in 2024. This is due to the growing use of ultrasonic detectors, vibration analyzers, accelerometers, and infrared sensors for predictive maintenance.
- In 2024, North America held the largest market share. This is due to the rapid expansion of the aerospace sector and power generation.
- Europe is expected to witness the fastest growth due to the expansion of the automotive industry, with high investment into condition monitoring systems to tap into the global industry.
Industry Dynamics
- The growth of this market is driven by companies which are actively forming collaborations as well as acquitions to enhance and develop advanced solutions for conditon monitoring.
- The rise in expansion of IIoT has encouraged the manufacturers to integrate the assets with smart sensors, with the use of real-time data for refinement and to boost market opportunities.
- Initial investment and complexity of technologies for integration of advanced AI and sensors with existing equipments in factories creates a challenge.
- Companies must focus on selling predictive maintainance as a subscription service to build long relationships with customers.
Market Statistics
- 2024 Market Size: USD 3.41 billion
- 2034 Projected Market Size: USD 6.90 billion
- CAGR (2025-2034): 7.3%
- Largest Market in 2024: North America
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AI Impact on Machine Condition Monitoring Market
- It analyzes sensor data for accurate prediction of failures before they occur.
- It reduces the need for expert analysis by automatic identification of the root cause of faults.
- Complex data from IIoT sensors is processed in vast quantities, which highlights the hidden patterns that traditional methods may miss.
- The shift towards data-driven maintenance schedules reduces downtime, optimizes maintenance, and helps manage cost.
It is the process where continuous tracking of health and performance of an equipment is done for early detection of potential failures. The goring prevalence of IoT, which has brought a significant shift to built communication between many devices coupled with the adoption and integration of smart machines by key market stakeholders to boost efficiency and informed decisions, is augmenting the market growth at a rapid pace.
Moreover, various types of operational equipment are responsive to many types of errors and technical faults; hence it is very crucial to monitor both minor and major changes in the equipment by measuring several different parameters, including vibration, voltage, temperature, pressure, flow, current, and many others. Thus, the need and demand for machine condition monitoring devices across the globe is gaining high traction, and many market players are focusing on the development and introduction to advanced and innovative devices to cater to the growing consumer requirements.
For instance, in April 2022, SKF entered a collaboration with Amazon Web Services to reinvent machine reliability and predictive maintenance. With this agreement, it will deliver an easy-to-use condition monitoring & analysis solution, which enables them to collect & analyze data with the help of machine learning technologies.
Industry Dynamics
Growth Drivers
The large presence of established players operating in the market and their continuously growing focus and implementation of several business developing strategies, including collaborations, mergers, partnerships, and acquisitions among independent software vendors, data analytics providers, and system integrators for the development and enhancement of world-class machine condition monitoring devices, is major factors driving the growth of the global market.
For instance, in September 2022, ABB announced its new strategic partnership with Samotics, a provider of electrical signature analysis technology, to expand and enhance condition monitoring services. Through this agreement, both will deploy each other’s capabilities to deliver better insight into machine health and energy efficiency.
Furthermore, a rapid surge in penetration of IIoT across the globe has leveraged manufacturers to connect their assets to smart sensors and actuators for the enhancement of manufacturing and industrial processes and real-time data collected from these types of technologies that catalyzes better control of plant operations, and seamless supervision is providing high market growth opportunities.
Report Segmentation
The market is primarily segmented based on monitoring technique, component, deployment, monitoring process, end-use, and region.
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By Monitoring Technique |
By Component |
By Deployment |
By End-Use |
By Region |
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Segmental Insights
Monitoring Technique Analysis
The vibration monitoring segment accounted for the largest market share in 2024 due to the continuously growing demand to detect wear, misalignments, and imbalances coupled with the high penetration of monitoring devices to detect early-stage faults. The vibration monitoring gas gained an upsurge in minimizing maintenance, operational complexities, and integrations.
Moreover, the corrosion monitoring segment is expected to register significant market growth during the anticipated period. The growth of the segment market is mainly driven by the wide utilization of this monitoring technique to monitor and assess various equipment components, facilities, structures, and process units. In addition, growing anxiety and prevalence of knowing the life and serviceability of assets among industry players have also encouraged them to invest in corrosion monitoring devices.
Component Analysis
The hardware segment held the highest market revenue share in 2024 and is likely to retain its position over the anticipated period on account of the growing use of ultrasonic detectors, vibration analyzers, accelerometers, and infrared sensors coupled with its ability to minimize machine downtime and successful implement of predictive maintenance.
High advancements and extensively growing investment in research & development activities to develop more advanced and innovative software to monitor vibration train, rotational speed, temperature, and types of machines are key factors driving the segment market growth.
Deployment Analysis
The on-premises segment led the industry in 2024. The growth of this segment is accelerated by the growing adoption of on-premises among various industry verticals to ensure that the machines are working efficiently, monitor the status, and help teams to know about long-running or inefficient machines easily.
The cloud segment is projected to grow fastest at a CAGR during the anticipated period owing to its wide range of beneficial features and factors such as flexibility, scalability, collaboration, efficiency, high security, and privacy, along with the growing demand for Software as a Service model across the globe. A cloud-based solution enables their users to efficiently monitor their machines with the help of a web-based dashboard and provide a rapid overview and in-depth analysis.
End Use Analysis
The power generation segment accounted for a desirable market revenue share in 2024. The growth of the segment market can be attributed to the increasing prevalence of machine condition monitoring devices in the industry owing to the high failure rate of a few components, system overhauls, unsafe work environments, and high repair costs. As the power generation sector is mainly product intensive, thus it requires continuous machine maintenance and monitoring, which is propelling the growth of the segment market.
In addition, the oil & gas segment will likely hold a significant market share during the forecast period, mainly driven by rapid demand for oil analysis, vibration monitoring, and thermography. The growing need to monitor and protect assets and detect leaks in pipelines, pressure vessels, and piping has paved the way for the higher adoption of machine condition monitoring products in the industry.
Regional Analysis
North America Machine Condition Monitoring Market Assessment
The North America region dominated the global market in 2024 due to the rapid expansion of the aerospace sector and power generation, which includes large number of machinery components and requires continuous monitoring and maintenance especially in developed countries like United States and Canada is key factor driving the growth of the market in the region. For instance, according to Federal Aviation Administration, FAA’s Air Traffic Organization provide its services to over 2.9 million airline passengers across 29 million square miles of airspace and more than 45,000 flights every day.
Europe Machine Condition Monitoring Market Insights
Europe is projected to emerge as fastest growing region over the anticipated period due to extensively growing prominence of the automotive industry across various countries including U.K., France, Germany, Spain, and Italy coupled with the presence of well-established players and their high investment into condition monitoring systems to tap into global industry. The Germany automotive sector has always been an early adopter of advanced monitoring technologies. Strict regulations for the safety of workers and manufacturing efficiency have encouraged companies to adopt machine condition monitoring. Moreover, Europe with a robust industrial base and a focus on Industry 4.0 initiatives is expected to create an environment that facilitates the integration of AI-driven condition monitoring, which in turn generates expansion opportunities.
Competitive Insight
Key players include ALS, National Instrument, Rockwell Automation, Schaeffler AG, Parker Hannifin, Honeywell International, Emerson Electric, ALS, Megget PLC, SKF, General Electric, Fortive Corporation, Analog Devices, PM Instrument, Bruel & Kjaer, Fluke Corporation, Flir Systems, and Pruftechnik Dieter Busch.
Recent Developments
- June 2024: SPM International acquired Status Pro Maschinendiagnostik GmbH. The company will continue to address the condition monitoring needs of industries nationwide.
- May 2022: SKF announced the launch of the “Axios”, which helps to re-invent the field of industrial machine reliability based on a collaboration among Amazon Web Services, & SKF. It consists sensors, machine learning service, and gateways which is easy to install and scale without any necessary experience, and enable sensors and app to be operational quickly within minutes.
- April 2022: OMRON Corporation, launched its new and advanced Condition Monitoring Device named K7TM, which can visualize the deterioration tendencies of heater equipment mainly used in the manufacturing process of Semiconductors and Automobiles. With this new launch, customers will be able to minimize their losses occur in the production process and reduce the energy loss of heaters as well.
Machine Condition Monitoring Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 3.41 billion |
| Market size value in 2025 | USD 3.66 billion |
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Revenue forecast in 2034 |
USD 6.90 billion |
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CAGR |
7.3% from 2025 – 2034 |
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Base year |
2024 |
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Historical data |
2020 – 2023 |
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Forecast period |
2025 – 2034 |
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Quantitative units |
Revenue in USD Billion and CAGR from 2025 to 2034 |
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Segments covered |
By Monitoring Technique, By Component, By Deployment, By Monitoring Process, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
ALS, National Instrument Co., Rockwell Automation Inc., Schaeffler AG, Parker Hannifin, Honeywell International Corporation, Emerson Electric Co., ALS, Megget PLC, SKF, General Electric, Fortive Corporation, Analog Devices, PM Instrument AB, Bruel & Kjaer, Fluke Corporation, Flir Systems, and Pruftechnik Dieter Busch. |
FAQ's
• The global market size was valued at USD 3.41 billion in 2024 and is projected to grow to USD 6.90 billion by 2034.
• The global market is projected to register a CAGR of 7.3% during the forecast period.
• North America dominated the global market share in 2024.
• A few key players are ALS, National Instrument Co., Rockwell Automation Inc., Schaeffler AG, Parker Hannifin, Honeywell International Corporation, Emerson Electric Co., ALS, Megget PLC, SKF, General Electric, Fortive Corporation, Analog Devices, PM Instrument AB, Bruel & Kjaer, Fluke Corporation, Flir Systems, and Pruftechnik Dieter Busch.
• In 2024, the vibration monitoring segment accounted for the largest market share.
• The hardware segment dominated the market revenue share in 2024.
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