Machine Condition Monitoring Market by Component, Monitoring Type, Deployment, Function, Industry

Description

List of Tables

[198 Pages Report] The Machine Condition Monitoring Market size was estimated at USD 3.14 billion in 2023 and expected to reach USD 3.35 billion in 2024, at a CAGR 7.11% to reach USD 5.08 billion by 2030.

Machine condition monitoring is a set of techniques used to monitor machinery's operational status and performance. It helps identify potential issues promptly, allowing corrective measures to be taken before the problems become too severe. Machine condition monitoring works through visual inspections, acoustic emissions monitoring, vibration analysis, oil analysis, thermography, and other methods that provide insight into the machine's health. It becomes essential to lean manufacturing facilities as it reduces downtime, boosts production efficiency, and helps with cost prediction, spare parts supplies, maintenance needs, timing, and more accurate production predictions. Consequently, this system gives manufacturers the real-time machine condition data they require to make proactive choices depending on the state of their machinery. The rising need to maintain the operational health of equipment, the significant shift toward predictive maintenance, and the growing deployment of smart factories are driving the growth of the machine monitoring equipment market. However, requirements of additional expenses, interoperability issues, and concerns regarding unreliable or faulty data may hinder market development. However, introducing smart machine monitoring systems with advanced technology may overcome these challenges and sustain the market growth in the forecast period.

KEY MARKET STATISTICS
Base Year [2023]	USD 3.14 billion
Estimated Year [2024]	USD 3.35 billion
Forecast Year [2030]	USD 5.08 billion
CAGR (%)	7.11%

Component: Expanding usage of softwares or data acquisition and processing

Machine condition monitoring hardware encompasses a range of equipment designed to detect changes in the physical performance of machinery. Key components include sensors, vibration monitoring devices, infrared cameras, spectrometers, and ultrasound detectors. Machine condition monitoring software serves as the analytical brain of the system. It is used for data acquisition, processing, and interpretation, providing actionable insights derived from the data collected by the hardware. Software systems range from standalone applications to comprehensive platforms integrating with the Industrial Internet of Things (IoT).

Monitoring Type: Increasing inclination towards continuous monitoring to minimizing downtime and maintenance costs

Continuous monitoring involves real-time data collection and analysis of machinery conditions. This ensures immediate detection of faults and allows for the prompt initiation of corrective actions, thereby minimizing downtime and maintenance costs. Continuous monitoring is ideal for critical equipment where unexpected failures can result in significant operational disruptions or safety risks. It involves the use of sensors, vibration analysis, acoustics, temperature measurements, and other diagnostic techniques that are integrated into machinery or systems to provide ongoing operational insights. Periodic monitoring involves the scheduled inspection and analysis of equipment at regular intervals. This method is less costly than continuous monitoring and is adequate for non-critical machinery that does not require constant surveillance. Periodic monitoring can include portable data collectors, handheld inspection devices, and routine visual checks performed by maintenance personnel.

Deployment: Growing preference for cloud-based deployment of machine condition monitoring systems due to their ability to easily scale up or down

The cloud-based deployment of machine condition monitoring systems involves delivering monitoring services over the internet, with data storage, processing, and analysis taking place on providers' servers. Organizations that experience fluctuating demand for monitoring resources often opt for cloud solutions due to their ability to easily scale up or down. Cloud services typically operate on a subscription basis, eliminating the need for substantial upfront investments in infrastructure. On-premises deployment refers to machine condition monitoring solutions installed and run on the customer's hardware and servers, often within the company's IT infrastructure. Companies that require complete control over their data for regulatory or privacy reasons may prefer on-premises solutions.

Industry: Increasing demand for industrial processing to maintain quality and safety standards

In automotive engineering, machine condition monitoring is essential for ensuring the reliability and efficiency of production lines and machinery. Automated production lines necessitate continuous uptime and minimal maintenance interruptions. Industrial processing, which encompasses a range of sub-sectors from food and beverage to chemical processing, relies heavily on machine condition monitoring to maintain quality and safety standards. Machine condition monitoring in metal mining is crucial due to the remote and harsh working environments and the high cost of equipment downtime. The oil & gas industry benefits tremendously from machine condition monitoring due to the high cost of equipment failure and environmental risks associated with leaks or spills. Wind energy relies on condition monitoring to maximize the uptime of wind turbines and optimize the maintenance schedules in often inaccessible locations.

Regional Insights

The market for machine condition monitoring solutions in EMEA has grown steadily over the past few years due to significant competitors and ensuring government support for smart factory adoption. According to the European Union, 80% to 100% of manufacturing could use the Internet of Things applications, allowing machines, sensors, and other equipment to mutually connect and communicate through the Internet by 2025. Furthermore, major European players have been investing heavily in R&D efforts to develop solutions tailored to different industry verticals. As a result, competition is expected to remain fierce as more providers enter the field and existing vendors seek to differentiate themselves with specialized offerings. On the other hand, the Americas region has also observed positive growth regarding machine condition monitoring solutions uptake. Companies are emphasizing cost-effectiveness while still offering robust functionality; this could be a key area of development for the sector in the future. In the APAC region, Machine Condition Monitoring has observed a steady increase in adoption across all industries due to increasing investments in infrastructure and digital transformation initiatives. The market is expected to continue to expand over the coming years as more companies look to leverage predictive maintenance technologies.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Machine Condition Monitoring Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Machine Condition Monitoring Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Machine Condition Monitoring Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Advanced Technology Services, Inc., ALS Limited, Amphenol Corporation, Analog Devices Inc., Baker Hughes Company, Balluff Pty Ltd., Canstar Instruments Inc., Crystal Instruments Corporation, Dewesoft d.o.o., Eaton Corporation PLC, Emerson Electric Co., Fluke Corporation, General Electric Company, Honeywell International Inc., ifm efector pty ltd., Infineon Technologies AG, International Business Machines Corporation, MachineMetrics, Inc., Mitsubishi Electric Corporation, MoviTHERM, National Instruments Corporation, NSK Ltd., Omron Corporation, Parker Hannifin Corporation, Rockwell Automation Inc., SAP SE, Schaeffler Technologies AG & CoKG, Schneider Electric SE, Siemens AG, SKF AB, Teledyne FLIR LLC, Viking Analytics, and Yokogawa Electric Corporation.

Market Segmentation & Coverage

This research report categorizes the Machine Condition Monitoring Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Hardware
  - Cameras
  - Handheld Data Collectors & Analyzers
  - Sensors

Software
- Online Condition Monitoring Systems
- Optical Condition Monitoring
- Route-Based Monitoring

Monitoring Type
- Continuous Monitoring
- Periodic Monitoring

Deployment
- Cloud
- On-Premises

Function
- Corrosion Monitoring
- Motor Current Analysis
- Oil Analysis
- Thermography
- Vibration Monitoring

Industry
- Automotive Engineering
- Industrial Processing
- Metal Mining
- Oil & Gas
- Wind Energy

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Machine Condition Monitoring Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Machine Condition Monitoring Market?

3. What are the technology trends and regulatory frameworks in the Machine Condition Monitoring Market?

4. What is the market share of the leading vendors in the Machine Condition Monitoring Market?

5. Which modes and strategic moves are suitable for entering the Machine Condition Monitoring Market?

Product Code: MRR-4321FE89C002

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing adoption to maintain operational health of equipment
  - 5.1.1.2. Rapid inclination towards predictive maintenance over preventive maintenance
  - 5.1.1.3. Accelerated digitalization of the manufacturing sector and implementation of smart factories
- 5.1.2. Restraints
  - 5.1.2.1. Additional expenses and interoperability issues during retrofitting of existing system
- 5.1.3. Opportunities
  - 5.1.3.1. Emergence of smart and real-time machine condition monitoring solutions
  - 5.1.3.2. Integration of IIoT, AI, and Big data technologies in machine condition monitoring
- 5.1.4. Challenges
  - 5.1.4.1. Concern regarding false prediction and unreliable or misleading information
5.2. Market Segmentation Analysis
- 5.2.1. Component: Expanding usage of softwares or data acquisition and processing
- 5.2.2. Monitoring Type: Increasing inclination towards continuous monitoring to minimizing downtime and maintenance costs
- 5.2.3. Deployment: Growing preference for cloud-based deployment of machine condition monitoring systems due to their ability to easily scale up or down
- 5.2.4. Industry: Increasing demand for industrial processing to maintain quality and safety standards
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Machine Condition Monitoring Market, by Component

6.1. Introduction
6.2. Hardware
6.3. Software

7. Machine Condition Monitoring Market, by Monitoring Type

7.1. Introduction
7.2. Continuous Monitoring
7.3. Periodic Monitoring

8. Machine Condition Monitoring Market, by Deployment

8.1. Introduction
8.2. Cloud
8.3. On-Premises

9. Machine Condition Monitoring Market, by Function

9.1. Introduction
9.2. Corrosion Monitoring
9.3. Motor Current Analysis
9.4. Oil Analysis
9.5. Thermography
9.6. Vibration Monitoring

10. Machine Condition Monitoring Market, by Industry

10.1. Introduction
10.2. Automotive Engineering
10.3. Industrial Processing
10.4. Metal Mining
10.5. Oil & Gas
10.6. Wind Energy

11. Americas Machine Condition Monitoring Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Machine Condition Monitoring Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Machine Condition Monitoring Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Acquisition of ECO-Adapt SAS strengthens Schaeffler's portfolio of Lifetime Solutions
- 14.3.2. ABB Ltd partners with Samotics to expand condition monitoring services with electrical signature analysis
- 14.3.3. SKF AB launches of SKF Axios powered by AWS
- 14.3.4. OMRON Corporation launches K7TM condition monitoring device for predictive maintenance of heaters
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio