Machine Condition Monitoring Market to reach $5.92 billion by 2031, growing at a CAGR of 8.6%: Report by Coherent Market Insights

Burlingame, April 12, 2024 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled, Global Machine Condition Monitoring Market, By Offerings (Hardware (Vibration Sensors, Infrared Sensors, Spectrometers, Corrosion Probes, Ultrasound Detectors, Spectrum Analyzers), Software, and Services), By Deployment (Cloud and On-premises), By End-use Industry (Automotive, Oil and Gas, Power Generation, Chemicals , Metals and Mining, Aerospace and Defense, Food and Beverages, and Others), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2024-2031. According to the report, the global machine condition monitoring market was valued at $3.33 billion in 2024, and is estimated to reach $5.92 billion by 2031, growing at a CAGR of 8.6% from 2024 to 2031

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Market Dynamics:

The growth of the Machine Condition Monitoring Market is being primarily driven by the increasing adoption of predictive maintenance practices by various industries. Predictive maintenance helps in reducing machine downtime, optimizing maintenance schedules, and minimizing overall operational costs. Additionally, the growing focus on equipment efficiency and performance optimization is further fueling the demand for machine condition monitoring solutions.

Machine Condition Monitoring Market Report Coverage

Report Coverage Details
Market Revenue in 2024 $3.33 billion
Estimated Value by 2031 $5.92 billion
Growth Rate Poised to grow at a CAGR of 8.6%
Historical Data 2019–2023
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Offerings, By Deployment, By End-use Industry
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers • Improving Operational Efficiency and Preventing Unplanned Downtime

• Ensuring Personnel and Workplace Safety

Restraints & Challenges • Limited Technology Adoption

• High Implementation Costs

Market Trends:

One of the key trends observed in the Machine Condition Monitoring Market is the integration of advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI) in condition monitoring systems. These technologies enable real-time monitoring, data analytics, and predictive maintenance, thus enhancing the overall efficiency of the equipment.

Another trend shaping the market is the rising popularity of wireless condition monitoring systems. These systems offer flexibility, ease of installation, and cost-effectiveness, making them increasingly preferred by end-users across various industries.

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Market Opportunities:

The automotive industry is witnessing a surge in demand for machine condition monitoring solutions to ensure the smooth functioning of critical machinery and prevent unexpected breakdowns. With the increasing complexity of vehicles and the growing emphasis on automation, the need for real-time monitoring of machine health is becoming paramount. Vibration sensors and infrared sensors are among the key offerings in this segment, with spectrometers dominating the hardware subsegment.

The oil and gas industry is increasingly adopting machine condition monitoring solutions to optimize operational efficiency and prevent costly downtime. With the need to monitor the health of critical equipment such as pumps, compressors, and turbines, the demand for sophisticated monitoring tools is on the rise. Spectrometers, corrosion probes, and ultrasound detectors are key hardware offerings in this segment, with cloud deployment dominating the market.

Key Developments:

In February 2023, Seed Group partnered with Samotics which is a Condition monitoring system to introduce condition monitoring services in the Middle East using SAM4 technology.

In June 2022, Watersight introduced AquaRing for real-time monitoring of water conditions in the water, utility, and food and beverage sectors.

Key Market Takeaways:

Machine Condition Monitoring is anticipated to witness a CAGR of 8.6% during the forecast period 2024-2030, owing to the increasing focus on predictive maintenance and the growing adoption of Industry 4.0 technologies.

On the basis of offerings, spectrometers are expected to dominate the hardware segment, while cloud deployment is expected to lead the market.

In terms of end-use industries, the automotive sector is expected to hold a dominant position.

North America is projected to lead the market in terms of region.

Key players operating in the machine condition monitoring market include Advanced Technology Services, Inc., Allied Reliability, Analog Devices Inc., Baker Hughes Company, and Crystal Instruments. These players are focusing on innovation and strategic partnerships to gain a competitive edge in the market.

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Market Segmentation

By Offerings:

  • Hardware
    • Vibration Sensors
    • Infrared Sensors
    • Spectrometers
    • Corrosion Probes
    • Ultrasound Detectors
    • Spectrum Analyzers
  • Software
  • Services

By Deployment:

  • Cloud
  • On-premises

By End-use Industry:

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

By Regional:

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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