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Machine Condition Monitoring Market

Machine Condition Monitoring Market: Information by Type (Hardware, Software), End-user (Oil & Gas, Power Generation), and Region — Forecast till 2030

Published At : 29 Aug, 2022
Updated At : 16 Aug, 2022
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Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
10.51 %
Fastest Growing Market:
Europe
Largest Market:
North America

The global machine condition monitoring market size was valued at USD 3,145 million in 2021. It is expected to reach USD 6,996 million by 2030, growing at a CAGR of 10.51% during the forecast period (2022–2030). Machine condition monitoring refers to regulating/monitoring machinery parts while in operation. Parameters such as vibrations, pressure, and temperature are considered, which can paint a descriptive definition for turbines, pumps, motors, gearboxes, and compressors. Condition monitoring provides a diagnostic approach to help the operator determine the machine’s health based on various measured conditions.

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Market Dynamics

Global Machine Condition Monitoring Market Drivers

Increasing Predictive Maintenance Requirements to Positively Share Industry Outlook

The optimal performance of machines is correlated to the overall maintenance and rigorous maintenance schedules. Effective maintenance schedules also help keeps down maintenance costs. End-users integrate predictive maintenance techniques for determining the equipment condition to predict when the next maintenance cycle will be required. These measures are expected to increase the footprint of the machine condition monitoring market growth during the forecast period. Technological advancements have paved the way for newer and refined methods for tracking various machinery conditions. Factors such as reduced energy consumption due to increased implementation of vibration monitoring solutions will further increase the boundary of the market towards an expanded horizon.

Additional benefits of predictive maintenance are unnecessary work safety issues, reduced downtime and minimized equipment failures, optimal resource planning, and effective stages of planned outages for maximizing output. Technological approaches such as industrial Internet of Things (IoT) and Industrial 4.0 are expected to be at the forefront of the development, production, and management of smart factory automation. A shift in manufacturing trends and the rising acceptance of IoT will improve smarter and innovative methods for advanced production with technologies that alter human labor with automation solutions. Rising adoption of “Smart Industry” wherein data generation and visualization can be interpreted in real-time. These factors are expected to propel faster technology adoption across various end users.

Integration of Industry 4.0 to Support Market Growth

Industry 4.0 is responsible for a massive transformation within sectors from legacy systems to smart components and machines for facilitating digital factories. This further integrates the development of ecosystems comprising connected plants and organizations aimed at similar production and manufacturing capabilities. Industry 4.0 moves toward interconnected products and production measures, providing the pathway for effective communication, real-time optimization, and newer production methods. Factors such as improved productional efficiency and productivity, real-time assets implementation, and reduced downtime are expected to increase the adoption rate of Industry 4.0, thereby creating umpteen opportunities for market growth.

Global Machine Condition Monitoring Market Restraint

Higher Implementation Cost to Restrict Market Growth

While automated process automation is hugely significant and increases productivity tenfold, often, it requires a substantial financial commitment along with strong and strong-fertilizing communication between end users and technology providers. Additionally, concerns revolving around implementing such huge projects include various regulations and industry standards. For instance, many aspects of food automation solutions aren’t yet entirely viable for tackling complex tasks. Such manpower-heavy tasks require a higher level of automation that the current generation of machinery does not possess. Also, the automation needed for such tasks is costly, reducing SMEs’ implementation rate.

Leasing options for setting up such infrastructures requires a substantial financial bearing. Manufacturers often face these challenges to offset around 100% of the costs. The pandemic put a huge dent in the development cycle as players worldwide faced operational and financial difficulties. Certain sectors noted specific declines in sales, further declining the market scope for machine condition monitoring systems. Additionally, geographical challenges such as UK-EU trading relations and post-Brexit further declined chances for a smooth transition of power. These factors downplayed the growth of new manufacturing and production capabilities, thereby decreasing the market growth to a certain extent.

Global Machine Condition Monitoring Market Opportunities

Increasing Risk Mitigation Strategies to Spur Market Opportunities

The market for machine condition monitoring is highly fragmented, with regional and local firms vying for a larger market share with the new entrants occupying the dominant position. Brand identity is expected to play a pivotal part in acquiring a large consumer base as established brands are synonyms with higher performance-based evaluations. Players such as Bentley Nevada, SKF GMBH, and Meggit Sensing Systems constantly innovate by devoting many resources to their R&D departments. Strategic acquisitions such as mergers are further implemented to increase valuable market share. The competitive rivalry between the players is additionally expected to stir up the market space towards a continuous development cycle.

 

Segmental Analysis

The global machine condition monitoring market is segmented by type, end-user, and region.

By Type

By type, the global machine condition monitoring market can be divided into hardware, software, and services.

The Hardware segment accounts for the largest market share and is estimated to grow at a CAGR of 5.81% over the forecast period. It can be further broken down into Vibration Condition Monitoring Equipment, Thermography Equipment, Lubricating Oil Analysis, Ultrasound Emissions Monitoring, and Others. This growth is attributable to its rising applications in turbines, motors, and pumps. These tests monitor rotating or reciprocating parts and determine the frequency and amplitude of vibrations, giving a good idea about the equipment’s intensity of wear and tear. In April 2021, Dewesoft announced an accurate and easy-to-use system for several vibration and temperature machine condition monitoring solutions.

The Service segment is the fastest growing. It can be further broken down into Remote Monitoring Services, Instrumentation Maintenance Services, and Machinery Diagnostic Services. Machinery diagnostic services acquire the maximum share in this segment. Machinery diagnostic services can be performed in a minimal amount of time without having to take the machine out of operation. These services include correcting, checking, compensating for soft-foot, mechanical looseness, and magnetic center during the alignment process.  

By End-User

By end-user, the global machine condition monitoring market can be segmented across Oil & Gas, Power Generation, Process & Manufacturing, Aerospace & Defense, Automotive & Transportation, and Others (Marine, Mining, and Metal).

The Oil & Gas segment holds the largest market share and is expected to grow at a CAGR growth of 4.89% over the forecast period. This growth is ascribed to the sector being process-intensive, where machinery needs to be continuously monitored. Equipment failure in this sector leads to intense capital loss, thereby framing a higher value for machine condition monitoring.

 

Regional Analysis

By region, the global machine condition monitoring market is analyzed across North America, Europe, Asia-Pacific, and the Rest of the World.  

The Preeminence of North America over the Rest of the World

Machine Condition Monitoring Market Regional Analysis

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North America occupies the largest market share, with the United States estimated to grow at a CAGR of 5.18% over the forecast period. Factors such as mature industries and the added presence of technically skilled experts drive the market growth in the region. The oil & gas industry has been heavily focused on condition monitoring in terms of vibration analysis. In the United States, the cost of an unscheduled refinery shut down can cause an average of USD 20 billion per annum, necessitating the use of machine condition monitoring. Canada will also account for a considerable market share over the forecast period. The emergence of end-users such as healthcare will give rise to vibration sensors for vibration monitoring.

Europe is the second-largest shareholder. It is estimated to reach USD 39 million by 2030, growing at a CAGR of 5.77% during the forecast period. Germany is the third-highest car producer in the world and the fourth highest-total total motor vehicle producer. As the forecast period progresses, the growing automobile industry and excellence in engineering will host the way for a budding machine condition monitoring market in the region.

 

Competitive Analysis

Key players in the global machine condition monitoring market are

  • Meggitt Sensing Systems
  • Rockwell Automation Inc.
  • GE Bentley Nevada
  • Emerson Electric Co.
  • SKF AB
  • Bruel & Kjaeo Vibro
  • FLIR Systems Inc.
  • Fluke Corporation
  • Nippon Avionics Co. Ltd
  • Thermo Fisher Scientific Inc.
  • Perkin Elmer Inc.
  • AMETEK Spectro Scientific
  • Parker Kittiwake
  • Gastops Ltd

 

Recent Developments by Key Players

  • September 2020 – SKF and the University of Twente combined their research department to advance rotating machinery performance.
  • April 2020 – SKF released their compact and cost-effective vibration and temperature sensor to monitor the condition of heavy industrial machinery's rotating parts.
  • April 2020 – Emerson announced introducing the AMS Wireless Vibration Motor. This low-cost, easy-to-deploy vibration sensor can perform perspective analytics on vibration data using native software that detects automated failure nodes.
  • February 2020 – Rockwell Automation Inc. and Accenture’s Industry X.O formed a partnership to develop a digital offering for helping industrial clients move towards transforming their entire connected enterprise.

 

Global Machine Condition Monitoring Market Segmentation

By Type

  • Hardware
    • Vibration Condition Monitoring Equipment
    • Thermography Equipment
    • Lubricating Oil Analysis
    • Ultrasound Emissions Monitoring
    • Others
  • Software
  • Services
    • Remote Monitoring Services
    • Instrumentation Maintenance Services
    • Machinery Diagnostic Services

By End-User

  • Oil & Gas
  • Power Generation
  • Process & Manufacturing
  • Aerospace & Defense
  • Automotive & Transportation
  • Others (Marine, Mining, and Metal).

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
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