Machine Condition Monitoring Market Expected To Be Dominant Over 2024 To 2030
The USD 3.80 Billion Industry in 2024, is projected to reach a revised size of US$ 6.23 Billion by 2030
Machine Condition Monitoring Market Size is evaluated to reach US$ 3.80 billion in 2023 and growing at a steady rate from 2023 to 2030. According to estimates, this market will grow with a compound annual growth rate (CAGR) of 7.3% between 2024 to 2030, reaching around US$ 6.23 billion at the end of the forecast period.
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Market Definition and Estimation
Machine condition monitoring continuously monitors specific parameters of machinery (e.g., vibrations, temperature, voltage, current, pressure) to identify major deviations that can cause machine failure. Such proactive measures are part of predictive maintenance strategies, where reactive interventions prevent catastrophically harmful equipment breakdowns and optimize operating efficiency. Machine condition monitoring helps industries to carry out maintenance activities ahead of schedule to minimize downtime and maximize the lifespan of machines.
Market Growth Drivers and Opportunities
Several factors are contributing to the expansion of the machine condition monitoring market:
Segmentation Analysis
The machine condition monitoring market is segmented based on monitoring process, industry, and region.
By Monitoring Process:
By Industry:
Country-Level Analysis: USA and Germany
United States:
In 2023, North America with the U.S. accounted for a largest share of the machine condition monitoring market. Increasing demand in this region is due to high emphasis on optimal utilization of assets, stringent government regulations regarding workplace safety, and high quality standards in several verticals including oil and gas and chemicals. In the US market, the presence of a mix of major market players such as General Electric, Honeywell International, etc., continues to support the market.
Germany:
Europe accounts for the second largest share in the machine condition monitoring market, with Germany acting as a center of gravity. Germany is the third-largest car producer in the world and the fourth-largest producer of motor vehicles, and is home to a solid automotive industry that propels the growth of condition monitoring systems. Owing to its strong engineering excellence and emphasis on smart manufacturing, the adoption of these systems is expected to increase to ensure good equipment reliability and production standards within the country.
Competitive Analysis
The machine condition monitoring market is characterized by the presence of several key players who are continually innovating to maintain a competitive edge. Notable companies include:
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Conclusion
Technological innovations, increasing adoption of predictive maintenance strategies, and the application of big data analytics are contributing to the substantial development of the machine condition monitoring market. The companies like oil and gas, power generation and automotive have been investing into the condition monitoring solution to prevent equipment failure, streamline maintenance scheduling and operational costs.
Backed by high demand from US and Germany among other central markets and continuous innovations by the few major players catering the market, this market is poised to reach US$ 6.23 billion by 2030. With the growing need for efficiency, safety, and enforcement of standards under various regulatory acts, machine condition monitoring solutions will continue to transform industrial maintenance practices.
To gain more information on the Global Machine Condition Monitoring Market, for the period 2021 to 2021, Market research uses an extensive range of companies and countries–level statistics and data analysis technology to help professionals and stakeholders in the industry Capitalise on new trends and decisions accordingly.
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