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Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 149 Pages
  • October 2023
  • Region: Global
  • IMARC Group
  • ID: 5647834
Description Jump to:
The global machine condition monitoring market size reached US$ 2.6 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 3.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.

Machine condition monitoring refers to the process of monitoring and measuring the temperature, humidity and pressure in mechanical equipment. It is commonly used in pumps, rotating and electric motors, internal combustion engines (ICEs) and presses. This involves vibration monitoring, corrosion monitoring, thermography, oil analysis, ultrasound emission and motor current analysis. These processes aid in predicting the mechanical wear and tear and diagnosing the site of unwanted noise, vibration, and heat generation that can damage the machine's components. Apart from this, they also enable proper scheduling of maintenance programs, minimizing the severity of machine downtime and ensuring the safety of the equipment.

Increasing digitization, along with significant growth in the oil and gas, automotive, defense, aerospace, manufacturing, food and beverage and marine industries, is one of the key factors creating a positive outlook for the market. Additionally, various technological advancements, such as the utilization of secure cloud computing platforms, wireless technologies and the integration with the Internet of Things (IoT), are acting as other major growth-inducing factors. Furthermore, increasing awareness regarding preventive maintenance among the masses is also driving the market growth. In line with this, widespread adoption of vibration monitoring systems that are used for measuring oscillations of components, such as belts, gears, bearings, drive motors and other parts, is also contributing to the market growth. Other factors, including extensive infrastructural developments, along with the increasing demand for heating, ventilation and air conditioning (HVAC) systems, are expected to drive the market further.

Key Market Segmentation

The report provides an analysis of the key trends in each sub-segment of the global machine condition monitoring market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on monitoring technique, offering, deployment type and end use industry.

Breakup by Monitoring Technique:

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis

Breakup by Offering:

  • Hardware
  • Software

Breakup by Deployment Type:

  • On-premises
  • Cloud-based

Breakup by End Use Industry:

  • Oil and Gas
  • Power Generation
  • Metals and Mining
  • Chemicals
  • Automotive
  • Aerospace and Defense
  • Food and Beverages
  • Marine
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape

The report has also analysed the competitive landscape of the market with some of the key players being Brüel & Kjær Vibro GmbH (Spectris Plc), Emerson Electric Co., Flir Systems. Inc., Fluke Corporation (Fortive), General Electric (GE) Company, Honeywell International Inc., National Instruments Corp., Parker Hannifin Corp., PCB Piezotronics (MTS Systems Corporation), Rockwell Automation, Schaeffler Group, SKF, Symphony AzimaAI and Wilcoxon Sensing Technologies (Amphenol Corporation).

Key Questions Answered in This Report:

  • How has the global machine condition monitoring market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global machine condition monitoring market?
  • What are the key regional markets?
  • What is the breakup of the market based on the monitoring technique?
  • What is the breakup of the market based on the offering?
  • What is the breakup of the market based on the deployment type?
  • What is the breakup of the market based on the end use industry?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global machine condition monitoring market and who are the key players?
  • What is the degree of competition in the industry?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Machine Condition Monitoring Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Monitoring Technique
6.1 Vibration Monitoring
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Thermography
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Oil Analysis
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Corrosion Monitoring
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Ultrasound Emission
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Motor Current Analysis
6.6.1 Market Trends
6.6.2 Market Forecast
7 Market Breakup by Offering
7.1 Hardware
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Software
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Deployment Type
8.1 On-premises
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Cloud-based
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by End Use Industry
9.1 Oil and Gas
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Power Generation
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Metals and Mining
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Chemicals
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Automotive
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Aerospace and Defense
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Food and Beverages
9.7.1 Market Trends
9.7.2 Market Forecast
9.8 Marine
9.8.1 Market Trends
9.8.2 Market Forecast
9.9 Others
9.9.1 Market Trends
9.9.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Brüel & Kjær Vibro GmbH (Spectris Plc)
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.2 Emerson Electric Co.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Flir Systems. Inc.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Fluke Corporation (Fortive)
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 General Electric (GE) Company
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 Honeywell International Inc.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 National Instruments Corp.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Parker Hannifin Corp.
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 PCB Piezotronics (MTS Systems Corporation)
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10 Rockwell Automation
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis
15.3.11 Schaeffler Group
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.12 SKF
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.12.3 Financials
15.3.13 Symphony AzimaAI
15.3.13.1 Company Overview
15.3.13.2 Product Portfolio
15.3.14 Wilcoxon Sensing Technologies (Amphenol Corporation)
15.3.14.1 Company Overview
15.3.14.2 Product Portfolio
List of Figures
Figure 1: Global: Machine Condition Monitoring Market: Major Drivers and Challenges
Figure 2: Global: Machine Condition Monitoring Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Machine Condition Monitoring Market: Breakup by Monitoring Technique (in %), 2022
Figure 4: Global: Machine Condition Monitoring Market: Breakup by Offering (in %), 2022
Figure 5: Global: Machine Condition Monitoring Market: Breakup by Deployment Type (in %), 2022
Figure 6: Global: Machine Condition Monitoring Market: Breakup by End Use Industry (in %), 2022
Figure 7: Global: Machine Condition Monitoring Market: Breakup by Region (in %), 2022
Figure 8: Global: Machine Condition Monitoring Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Global: Machine Condition Monitoring (Vibration Monitoring) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Machine Condition Monitoring (Vibration Monitoring) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Machine Condition Monitoring (Thermography) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Machine Condition Monitoring (Thermography) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Machine Condition Monitoring (Oil Analysis) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Machine Condition Monitoring (Oil Analysis) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Machine Condition Monitoring (Corrosion Monitoring) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Machine Condition Monitoring (Corrosion Monitoring) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Machine Condition Monitoring (Ultrasound Emission) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Machine Condition Monitoring (Ultrasound Emission) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Machine Condition Monitoring (Motor Current Analysis) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Machine Condition Monitoring (Motor Current Analysis) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Machine Condition Monitoring (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Machine Condition Monitoring (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Machine Condition Monitoring (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Machine Condition Monitoring (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Machine Condition Monitoring (On-premises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Machine Condition Monitoring (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Machine Condition Monitoring (Cloud-based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Machine Condition Monitoring (Cloud-based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Machine Condition Monitoring (Oil and Gas) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Machine Condition Monitoring (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Machine Condition Monitoring (Power Generation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Machine Condition Monitoring (Power Generation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Machine Condition Monitoring (Metals and Mining) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Machine Condition Monitoring (Metals and Mining) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Global: Machine Condition Monitoring (Chemicals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Global: Machine Condition Monitoring (Chemicals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Global: Machine Condition Monitoring (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Global: Machine Condition Monitoring (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Global: Machine Condition Monitoring (Aerospace and Defense) Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Global: Machine Condition Monitoring (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Global: Machine Condition Monitoring (Food and Beverages) Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Global: Machine Condition Monitoring (Food and Beverages) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Global: Machine Condition Monitoring (Marine) Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Global: Machine Condition Monitoring (Marine) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Global: Machine Condition Monitoring (Other End Use Industries) Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Global: Machine Condition Monitoring (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: North America: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: North America: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: United States: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: United States: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Canada: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Canada: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Asia Pacific: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Asia Pacific: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: China: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: China: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Japan: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Japan: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: India: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: India: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: South Korea: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: South Korea: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Australia: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Australia: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Indonesia: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Indonesia: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Others: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Others: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Europe: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Europe: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Germany: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Germany: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: France: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: France: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: United Kingdom: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: United Kingdom: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Italy: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Italy: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Spain: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Spain: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Russia: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Russia: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 83: Others: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 84: Others: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 85: Latin America: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 86: Latin America: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 87: Brazil: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 88: Brazil: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 89: Mexico: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 90: Mexico: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 91: Others: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 92: Others: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 93: Middle East and Africa: Machine Condition Monitoring Market: Sales Value (in Million US$), 2017 & 2022
Figure 94: Middle East and Africa: Machine Condition Monitoring Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 95: Global: Machine Condition Monitoring Industry: SWOT Analysis
Figure 96: Global: Machine Condition Monitoring Industry: Value Chain Analysis
Figure 97: Global: Machine Condition Monitoring Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Machine Condition Monitoring Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Machine Condition Monitoring Market Forecast: Breakup by Monitoring Technique (in Million US$), 2023-2028
Table 3: Global: Machine Condition Monitoring Market Forecast: Breakup by Offering (in Million US$), 2023-2028
Table 4: Global: Machine Condition Monitoring Market Forecast: Breakup by Deployment Type (in Million US$), 2023-2028
Table 5: Global: Machine Condition Monitoring Market Forecast: Breakup by End Use Industry (in Million US$), 2023-2028
Table 6: Global: Machine Condition Monitoring Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Machine Condition Monitoring Market Structure
Table 8: Global: Machine Condition Monitoring Market: Key Players

Companies Mentioned

  • Brüel & Kjær Vibro GmbH (Spectris Plc)
  • Emerson Electric Co. Flir Systems. Inc.
  • Fluke Corporation (Fortive)
  • General Electric (GE) Company
  • Honeywell International Inc.
  • National Instruments Corp.
  • Parker Hannifin Corp.
  • PCB Piezotronics (MTS Systems Corporation)
  • Rockwell Automation
  • Schaeffler Group
  • SKF
  • Symphony AzimaAI
  • Wilcoxon Sensing Technologies (Amphenol Corporation).

Methodology

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Table Information

Report AttributeDetails
No. of Pages149
PublishedOctober 2023
Forecast Period2022 - 2028
Estimated Market Value ( USD ) in 2022 $ 2.6 Billion
Forecasted Market Value ( USD ) by 2028 $ 3.9 Billion
Compound Annual Growth Rate7.0%
Regions CoveredGlobal
No. of Companies Mentioned13

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