Machine condition monitoring involves continuously monitoring equipment conditions to avoid unexpected failures and facilitate predictive maintenance. It helps identify potential issues and predict maintenance needs before a problem occurs. It focuses on monitoring equipment health indicators such as vibration, temperature, noise and lubricant quality to evaluate the condition of components. This allows reliable analysis of equipment health and reduces unplanned downtime. Various sensors are installed on machines to monitor these parameters, with onboard computers transmitting data through a network to centralized software systems for analysis. Advanced analytics tools then examine this time-series historical data for patterns and anomalies indicative of developing faults.
The global machine condition monitoring market is estimated to be valued at US$ 4,568.38 million in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the machine condition monitoring market is the growing adoption of wireless vibration monitoring systems. Traditional vibration monitoring systems require cabling from sensors to data collectors, making installation complex. Wireless systems eliminate this complexity by transmitting sensor data via radio signals. They are more economical to install and easier to scale for large and moving assets. This is driving many organizations to replace wired systems with wireless alternatives to reduce complexity and costs of condition monitoring. The increasing digitization of plant floors is also enabling integration of wireless systems with cloud platforms and analytics for remote monitoring. Such developments are expected to help wireless condition monitoring gain wider acceptance going forward.
Porter’s Analysis
Threat of new entrants: The machine condition monitoring market has high capital requirements and threat from existing key players which makes entry of new players challenging.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of substitute products.
Bargaining power of suppliers: Suppliers have lower bargaining power due to availability of alternative suppliers in the market.
Threat of new substitutes: Threat from substitutes is moderate as vibration monitoring is considered as one of the most effective techniques for machinery monitoring.
Competitive rivalry: The market is dominated by few players and witnessing high competition.
Key Takeaways
Global Machine Condition Monitoring Market Demand is expected to witness high growth. Global Machine Condition Monitoring Market Demand is estimated to be valued at US$ 4,568.38 million in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the global machine condition monitoring market due to stringent labor and safety regulations. Asia Pacific is expected to be the fastest growing market due to growth in industries and increasing focus on predictive maintenance.
Key players operating in the Machine Condition Monitoring market are Applied Sciences Inc., Argonide Corporation, CHUETSU PULP & PAPER CO. LTD, Donaldson Company Inc., DuPont, Esfil Tehno AS, eSpin Technologies Inc., Hollingsworth & Vose Companym, IREMA-Filter GmbH, Japan Vilene Company Ltd, LIME, Merck KgAA, Nanofiber Solutions, NanoLayr Limited, NANOVAL GmbH & Co. KG, NIPPON PAPER INDUSTRIES CO. LTD, PARDAM s.r.o., SAPPI LTD, SNC Fibers, SPUR AS, TEIJIN LIMITED, TORAY INDUSTRIES INC., and US Global Nanospace Inc.. Key players are focusing on new product launches and mergers & acquisitions to gain leading position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it