Machine Condition Monitoring Market Size Worth $5,467.01 million By 2032 | CAGR: 7.3%

The global machine condition monitoring market size is expected to reach USD 5,467.01 million by 2032, according to a new study by Polaris Market Research. The report “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, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rapidly emerging trend and penetration of Industrial Internet of Things (IIoT) and introduction to Industry 4.0 for better and enhanced real-time monitoring of assets, which has significantly encouraged the manufacturers of several industry verticals such as automotive, aerospace, and power generation to connect their assets to actuators and developed smart sensors are key factors influencing the growth of the global market. In addition, surge in research & development investments by key market companies for the developed of manufacturing and industrial process by providing advanced solutions is further expected to drive the market in the coming years.

For instance, in November 2022, SICK, introduced its new and latest “MPB10 Multi-Physics Box” sensor. The device is mainly designed to deliver the real-time & continuous data monitoring service for industrial machines and to make monitoring of temperature, shock, and vibration easy and convenient.

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Moreover, with the rapid advancements in technologies, automobiles are becoming more complex and sophisticated, which results in increased possible production errors and many other concerns, that automobile manufacturers cannot afford at any cost in today’s highly competitive environment. Hence, manufacturers are continuously adopting machine condition monitoring systems to minimize these errors and provide the quality that their customers want and demanding.

Machine Condition Monitoring Market Report Highlights

• Vibration segment accounted for largest market share in 2022 due to growing prevalence of monitoring devices from various industry verticals to detect early stage faults
• Hardware segment held the significant market revue share on account of increasing use of devices to reduce machine downtime and successful predictive maintenance
• Cloud segment is projected to grow fastest at a CAGR during the study period, which is driven by its variety of features including privacy, security, and efficiency.
• Portable segment dominated the global market in 2022 and accounted for a healthy share owing to its ability to enable users to collect and analyze data monitoring critical machinery
• Power generation segment led the industry with a holding of significant revenue share due to extensive need for machine maintenance and monitoring as a result of high failure rates and unsafe work environments
• North America region dominated the global market in 2022 on account of increasing expansion of power generation and aerospace sector in countries such as U.S. and Canada
• The global key market players include Rockwell Automation, Honeywell International, Emerson Electric Co., General Electric, Schaeffler AG, and Parker Hannifin

Polaris Market Research has segmented the machine condition monitoring market report based on monitoring technique, component, deployment, end-use and region:

Machine Condition Monitoring, Monitoring Technique Outlook (Revenue - USD Million, 2019 - 2032)

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

Machine Condition Monitoring, Component Outlook (Revenue - USD Million, 2019 - 2032)

• Hardware
• Software
• Services

Machine Condition Monitoring, Deployment Outlook (Revenue - USD Million, 2019 - 2032)

• Cloud
• On-premises

Monitoring Condition Monitoring, End-Use Outlook (Revenue - USD Million, 2019 - 2032)

• Power Generation
• Automotive
• Metal & Mining
• Aerospace
• Food & Beverages
• Chemicals Marine
• Others

Machine Condition Monitoring, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa