The global machine condition monitoring system market is anticipated to reach $5,377.8 million by 2032, growing from $ 2,600.0 million in 2022 at a CAGR of 7.9% from 2023 to 2032.
Machine Condition Monitoring Systems (MCMS) are used to evaluate and monitor the condition and performance of industrial machinery and equipment. MCMS's major purpose is to discover probable flaws, defects, or anomalies in machinery early on, allowing maintenance staff to take proactive actions before equipment breakdowns occur. Machine condition monitoring systems find applications in various industries, including manufacturing, energy, oil & gas, transportation, and others. They contribute to increased operational efficiency, reduced maintenance costs, enhanced safety, and improved overall equipment reliability.
The increasing use of predictive maintenance of machinery by organizations is a primary driver of the machine condition monitoring system market growth. The primary difference between condition monitoring and predictive maintenance is that condition monitoring is concerned with tracking machine conditions in real time, whereas predictive maintenance is concerned with identifying errors before they occur. Predictive maintenance is quickly gaining recognition in organizations all around the world due to the benefits it delivers. It is only performed when plant machinery requires repairs to prevent impending failures, allowing for the required, cost-effective downtime to be planned at an appropriate moment. In addition, the rapid global expansion of digitization and broad increase in the development of numerous industries, including oil & gas, automotive, aerospace, military, and medical, are major factors boosting the global market growth. Furthermore, the growing prevalence and popularity of the Internet of Things (IoT) has led to a notable shift towards enabling communication among numerous devices. In addition, the adoption and integration of smart machines by key market stakeholders is driving increased efficiency and informed decision-making, thus boosting market growth.
Condition monitoring requires highly skilled workers to operate cutting-edge equipment and software. Technical expertise is essential for system optimization, software upgrades, system networking, data transports, and others. Therefore, current resources need to be trained to run new systems. This might lead to a skills gap between current and trained workers. Lack of trained resources may cause industrial plant operators to be cautious to accept new technology. Emerging countries continue to struggle with the efficient adoption of machine condition monitoring systems and next-level manufacturing due to a scarcity of skilled data analysts. All these factors are projected to restrict the market revenue growth during the forecast period.
The continuously rising population, the use of technologies such as wireless communication in heating, ventilation, and air conditioning (HVAC) is expected to grow dramatically. This is able to increase the demand for monitoring the condition of connected machines in order to ensure the efficient functioning of the entire system, hence driving the expansion of the machine conditioning monitoring system market. Furthermore, the trend of Industry 4.0 or smart factories, as well as the move from predictive to preventative maintenance, are projected to contribute to the growth of the machine condition monitoring market during the forecast period. In addition, technology advances such as direct communication processes, increase in low-cost advanced machine condition monitoring systems, and quick processing functionalities are expected to create opportunities in the global machine condition monitoring system market.
The COVID-19 pandemic had a significant impact on the market for machine condition monitoring system. Plant closures and supply chain disruptions had a global impact on the process and manufacturing industries. There was reduced production of hardware components of machine condition monitoring systems and suspension of commercial & industrial activities.. As a result of these efforts, remote supervision and operational management of manufacturing and processing units have become vital. Companies operating in numerous industries opted not to implement new machine condition monitoring systems during the outbreak due to the economic crisis. The machine condition monitoring market is gaining pace as the economy continues to improve and the need for remote operations grows, leading to the requirement for highly automated systems that require less human supervision.
The key players profiled in this report include Amphenol, Inc., Meggitt PLC, Parker Hannifin Corporation, National Instruments Corporation, Honeywell International Inc., Rockwell Automation, Inc., Analog Devices, Inc., Emerson Electric Co., SKF AB, and General Electric. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Machine Condition Monitoring Systems (MCMS) are used to evaluate and monitor the condition and performance of industrial machinery and equipment. MCMS's major purpose is to discover probable flaws, defects, or anomalies in machinery early on, allowing maintenance staff to take proactive actions before equipment breakdowns occur. Machine condition monitoring systems find applications in various industries, including manufacturing, energy, oil & gas, transportation, and others. They contribute to increased operational efficiency, reduced maintenance costs, enhanced safety, and improved overall equipment reliability.
The increasing use of predictive maintenance of machinery by organizations is a primary driver of the machine condition monitoring system market growth. The primary difference between condition monitoring and predictive maintenance is that condition monitoring is concerned with tracking machine conditions in real time, whereas predictive maintenance is concerned with identifying errors before they occur. Predictive maintenance is quickly gaining recognition in organizations all around the world due to the benefits it delivers. It is only performed when plant machinery requires repairs to prevent impending failures, allowing for the required, cost-effective downtime to be planned at an appropriate moment. In addition, the rapid global expansion of digitization and broad increase in the development of numerous industries, including oil & gas, automotive, aerospace, military, and medical, are major factors boosting the global market growth. Furthermore, the growing prevalence and popularity of the Internet of Things (IoT) has led to a notable shift towards enabling communication among numerous devices. In addition, the adoption and integration of smart machines by key market stakeholders is driving increased efficiency and informed decision-making, thus boosting market growth.
Condition monitoring requires highly skilled workers to operate cutting-edge equipment and software. Technical expertise is essential for system optimization, software upgrades, system networking, data transports, and others. Therefore, current resources need to be trained to run new systems. This might lead to a skills gap between current and trained workers. Lack of trained resources may cause industrial plant operators to be cautious to accept new technology. Emerging countries continue to struggle with the efficient adoption of machine condition monitoring systems and next-level manufacturing due to a scarcity of skilled data analysts. All these factors are projected to restrict the market revenue growth during the forecast period.
The continuously rising population, the use of technologies such as wireless communication in heating, ventilation, and air conditioning (HVAC) is expected to grow dramatically. This is able to increase the demand for monitoring the condition of connected machines in order to ensure the efficient functioning of the entire system, hence driving the expansion of the machine conditioning monitoring system market. Furthermore, the trend of Industry 4.0 or smart factories, as well as the move from predictive to preventative maintenance, are projected to contribute to the growth of the machine condition monitoring market during the forecast period. In addition, technology advances such as direct communication processes, increase in low-cost advanced machine condition monitoring systems, and quick processing functionalities are expected to create opportunities in the global machine condition monitoring system market.
The COVID-19 pandemic had a significant impact on the market for machine condition monitoring system. Plant closures and supply chain disruptions had a global impact on the process and manufacturing industries. There was reduced production of hardware components of machine condition monitoring systems and suspension of commercial & industrial activities.. As a result of these efforts, remote supervision and operational management of manufacturing and processing units have become vital. Companies operating in numerous industries opted not to implement new machine condition monitoring systems during the outbreak due to the economic crisis. The machine condition monitoring market is gaining pace as the economy continues to improve and the need for remote operations grows, leading to the requirement for highly automated systems that require less human supervision.
The key players profiled in this report include Amphenol, Inc., Meggitt PLC, Parker Hannifin Corporation, National Instruments Corporation, Honeywell International Inc., Rockwell Automation, Inc., Analog Devices, Inc., Emerson Electric Co., SKF AB, and General Electric. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the machine condition monitoring system market analysis from 2022 to 2032 to identify the prevailing machine condition monitoring system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the machine condition monitoring system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global machine condition monitoring system market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Software
- Hardware
By Deployment Mode
- On-premises
- Cloud
By Monitoring Technique
- Thermography
- Corrosion Monitoring
- Vibration Monitoring
- Ultrasound Emission
- Motor Current Analysis
- Oil Analysis
By End User
- Automotive
- Oil and Gas
- Power Generation
- Chemicals
- Metals and Mining
- Aerospace and Defense
- Food and Beverages
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arebia
- United Arab Emirates
- South Africa
- Rest of LAMEA
- Key Market Players
- Rockwell Automation, Inc.
- SKF
- National Instruments Corporation
- Analog Devices, Inc.
- Meggitt PLC
- General Electric
- Amphenol, Inc.
- Honeywell International Inc.
- Baker Huges
- Emerson Electric Co.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MACHINE CONDITION MONITORING SYSTEM MARKET, BY COMPONENT
CHAPTER 5: MACHINE CONDITION MONITORING SYSTEM MARKET, BY DEPLOYMENT MODE
CHAPTER 6: MACHINE CONDITION MONITORING SYSTEM MARKET, BY MONITORING TECHNIQUE
CHAPTER 7: MACHINE CONDITION MONITORING SYSTEM MARKET, BY END USER
CHAPTER 8: MACHINE CONDITION MONITORING SYSTEM MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the machine condition monitoring system market was valued at $2.6 billion in 2022, and is estimated to reach $5.4 billion by 2032, growing at a CAGR of 7.9% from 2023 to 2032.Machine Condition Monitoring Systems (MCMS) utilize sensors and data analysis to assess machinery condition in real-time. By detecting glitches and irregularities, MCMS enable predictive maintenance, minimizing downtime and preventing equipment failures. These systems enhance operational efficiency and reliability across industries by providing early fault detection and actionable insights.
Rising adoption of Industry 4.0, increasing need for minimizing human involvement in predictive maintenance, and rising knowledge about the advantages of installing machine condition monitoring systems are projected to drive the machine condition monitoring system market growth during the forecast period. Industry 4.0 depends on automation and computer learning, including real-time information processing, to upgrade industrial plant operations. This has led to an increase in computerized manufacturing technologies to improve operational efficiencies, including digital analytics, automation, and commercial IoT. Furthermore, applying predictive management in Industry 4.0 offers significant opportunities for a wide range of companies. Analyzing equipment data to identify & plan maintenance and reduce outages is part of the machine condition management process. This advancement allows for the examination of equipment operation and the prediction of failure possibilities. All these factors are predicted to drive the market growth during the forecast period.
However, the widespread adoption of machine condition monitoring systems faces challenges. Initial implementation costs, including sensor installation and software integration, can be substantial. In addition, integrating machine condition monitoring systems into existing processes requires training and change management. The complex nature of data interpretation and the need for skilled analysts pose further hurdles. Furthermore, small businesses with limited resources may find these constraints to be significant barriers that hinder their capacity to fully leverage the potential of machine condition monitoring systems (MCMS) technology.
Expansion of the digitalization across the globe due to increasing population and rising demand has affected the growth of the market. There is a significant growth seen in the development of oil & gas, manufacturing, food & beverages, automotive, medical, aerospace & defense, and marine industries which has boosted the growth of the market. Machine monitoring is done in each hardware and software components to avoid the upcoming future problems in the machine. There are a number of developed technologies in this digitalized world. Rising usage of cloud computing and Internet of Things is also projected to create growth opportunities in the market. In addition, Industry 4.0 supports connected devices, creating the way for improved interaction, real-time optimization, and new manufacturing processes. Factors such as increased production efficiency and productivity, real-time asset implementation, and decreased downtime are projected to accelerate Industry 4.0 adoption, generating multiple opportunities for market players.
The machine condition monitoring systems market share is segmented on the basis of component, deployment mode, monitoring technique, end user, and region. By component, the market is divided into hardware and software. By deployment mode, the market is classified into on-premises and cloud. By monitoring technique, the market is classified into vibration monitoring, thermography, corrosion monitoring, oil analysis, ultrasound emission, and motor current analysis. By end user, the market is classified into automotive, oil & gas, power generation, chemicals, metals & mining, aerospace & defense, food & beverages, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the machine condition monitoring system market report include Amphenol, Inc., Meggitt PLC, Parker Hannifin Corporation, National Instruments Corporation, Honeywell International Inc., Rockwell Automation, Inc., Analog Devices, Inc., Emerson Electric Co., SKF AB, and General Electric.
The report offers a comprehensive analysis of the global machine condition monitoring system market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights on the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Machine Condition Monitoring System Industry
The COVID-19 pandemic had a significant impact on the machine condition monitoring systems market. While certain industries reduced capital expenditure due to economic uncertainties, others increased their reliance on predictive maintenance enabled by machine condition monitoring systems.The pandemic impacted supply chains leading to delays in production and delivery of MCMS components. As industries gradually recovered, the emphasis on operational efficiency and cost optimization is expected to sustain the demand for these systems.
Post COVID-19 requirement for fully autonomous systems with minimum human administration is driving the market, which is expanding in line with the gradual recovery of the economies worldwide and the growth in demand for distant operations. Furthermore, the growing adoption of Industry 4.0 due to the increase in need for real-time machine monitoring is likely to generate attractive market development prospects in the upcoming years.
Key Findings of the Study
Based on component, the hardware sub-segment emerged as the global leader in 2022 and the software sub-segment is anticipated to be the fastest growing during the forecast period.Based on deployment type, the on-premises sub-segment emerged as the global leader in 2022 and the cloud sub-segment is predicted to show the fastest growth in the upcoming years.
Based on monitoring technique, the vibration monitoring sub-segment emerged as the global leader in 2022 and the tomography sub-segment is predicted to show the fastest growth in the upcoming years.
Based on end user, the power generation sub-segment emerged as the global leader in 2022 and the automotive sub-segment is predicted to show the fastest growth in the upcoming years
Based on region, North America registered the highest market share in 2022 and Asia-Pacific is predicted to show the fastest growth in the upcoming years.Companies Mentioned
- Rockwell Automation, Inc.
- SKF
- National Instruments Corporation
- Analog Devices, Inc.
- Meggitt PLC
- General Electric
- Amphenol, Inc.
- Honeywell International Inc.
- Baker Huges
- Emerson Electric Co.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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