Machine Condition Monitoring Market Size, Trends and Growth Analysis by 2027

The global machine condition monitoring market was valued at approximately US$ 2,640.0 million in 2019 and is anticipated to grow to US$ 3,922.0 million by 2027.

This market is characterized by the presence of numerous established and emerging players, contributing to a consistent growth trajectory over the years. The ongoing expansion is expected to persist, leading to significant revenue generation throughout the forecast period. A key advantage for the market is the large number of participants operating globally, which fosters competition and innovation. However, the extended lifespan of monitoring hardware solutions poses a challenge, potentially limiting the market's growth.

The machine condition monitoring market is segmented geographically into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Analyzing historical trends, current developments, and future projections for market players and end-users aids in understanding the dynamics of the machine condition monitoring market.

North America leads the machine condition monitoring market, followed closely by Europe and APAC. The dominance of North America can be largely attributed to its robust industrial sectors in the United States, Canada, and Mexico. The U.S. holds the largest market share in the region, thanks to a mix of established and emerging condition monitoring solution providers. The country benefits from a significantly higher number of manufacturing facilities, which drives demand for condition monitoring solutions. Canadian manufacturers reflect a similar trend, contributing to a higher adoption rate of these technologies. However, the long lifespan of monitoring hardware limits demand primarily to new manufacturing plants, which may slow the year-on-year growth of the market in this region.

Europe and APAC are in close competition for market share, with APAC expected to experience the highest growth rate during the forecast period. Both regions are witnessing an increase in new manufacturing plants, which positively influences the machine condition monitoring market as manufacturers recognize the advantages of these solutions. The APAC region is projected to be the fastest-growing area, driven by significant industrialization in countries such as China, India, Japan, and South Korea. The expansion of manufacturing facilities in these nations is leading to increased demand for condition monitoring solutions from both large enterprises and SMEs, thereby boosting the market's revenue in the region.

Meanwhile, the MEA and SAM regions are also making notable contributions to the machine condition monitoring market in terms of revenue and volume. Urbanization and growth in foreign direct investments (FDI) in these areas are prompting regional governments and private manufacturers to allocate substantial budgets for adopting advanced technologies aimed at analyzing machine health. The growing awareness of the benefits associated with condition monitoring is driving market growth in these regions.

The machine condition monitoring market is categorized based on various factors including monitoring technique, offering, deployment type, monitoring process, end-user, and geography. In terms of monitoring techniques, the market includes vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission, and motor current analysis. Regarding offerings, the market is divided into hardware and software, with hardware further classified into vibration sensors, proximity probes, tachometers, infrared sensors, spectrometers, ultrasound detectors, corrosion probes, and others. The deployment type is segmented into on-premise and cloud solutions, while the monitoring process is divided into online and portable condition monitoring. End-users are categorized into sectors such as oil & gas, automotive, aerospace & defense, food & beverage, power generation, manufacturing, and others. Notably, the aerospace & defense sector has been a leader in the machine condition monitoring market and is expected to maintain its dominance throughout the forecast period.

Key players in the machine condition monitoring market include ASL Limited, Emerson Electric Co., General Electric Co., Honeywell International Inc., National Instruments, Parker-Hannifin Corp., Rockwell Automation, Schaeffler Technologies, SKF, and Wilcoxon Sensing Technologies. Additionally, numerous other companies are active in the global machine condition monitoring market, contributing significantly to its growth.

The overall size of the global machine condition monitoring market has been determined through a combination of primary and secondary research methods. The research process begins with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This is complemented by primary interviews with industry participants and experts to validate and analyze the findings. Participants in this process include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the machine condition monitoring sector.