Authored By: Sarah
17 Oct 2024

Latest News: Machine Condition Monitoring Market is expected to grow by a CAGR of 7.41% during 2024-2028; Trends and Forecasts to 2018

The Machine Condition Monitoring Market is expected to grow at a CAGR of 7.41% to reach USD 1268.3 million by 2028. In the realm of Machine Condition Monitoring, the Internet of Things (IoT) has brought about significant advancements in sensor technology. Industries are transitioning towards smart sensors, which offer reduced maintenance requirements compared to traditional analytical sensors. This shift towards smart sensors enhances system reliability by decreasing repair costs and minimizing sensor replacement time. The cost-effective nature of smart sensors, coupled with their capability to deliver real-time, dependable data, has fueled their growing demand. Honeywell International Inc. (Honeywell) provides Nanopower Series Magnetoresistive (MR) Sensor Integrated Circuits (ICs), which consume minimal power and are effortless to install. These sensors cater to various applications, making them a valuable addition to the Machine Condition Monitoring market.

North America dominates the regional market because of In North America, the Machine Condition Monitoring (MCM) market is experiencing significant growth due to the region's robust industrial sector. The presence of advanced industries in the US, Canada, and Mexico, coupled with the presence of established and emerging condition monitoring solution providers, is driving market expansion. Additionally, the high number of manufacturing facilities in countries like the US and Canada, which utilize real-time information processing, computerized production technology, and digital analytics for commercial IoT and predictive management, is leading to a high adoption rate of machine condition monitoring solutions. Furthermore, the power industry in North America is expected to increase its demand for MCM systems, particularly in response to the rise in renewable and gas power generation. This trend is expected to continue, as autonomous systems and human administration increasingly rely on machine status tracking for efficient industrial plant operations and minimizing equipment downtime.

There are various factors that drive the Machine Condition Monitoring Market market which are as following: In the industrial sector, wireless communication technology has emerged as a game-changer for Machine Condition Monitoring (MCM) applications. Previously confined to consumer electronics, this technology is increasingly being adopted for remote monitoring in industries due to the complexity of processes and the need for real-time data. Wireless communication devices enable the extraction of data from pumps, motors, conveyors, and other machinery, transmitting it wirelessly to refineries, cooling towers, drilling machines, and other distant locations. In instances where cable installation is technically challenging or economically unjustifiable, wireless technology offers a viable alternative. The oil and gas and power industries, with their large, dispersed plants and control units, have particularly benefited from this technology, enabling operators to collect accurate data efficiently.

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Machine Condition Monitoring Market Segmentation

  • Deployment
    • On-premises
    • Cloud
  • End-user
    • Energy and power industry
    • Cement and metal industry
    • Oil and gas industry
    • Chemical and petrochemical industry
    • Automotive industry and others
  • Geography
    • North America
    • Europe
    • APAC
    • South America
    • Middle East and Africa

The market witnesses several challenges, which are as follows In the realm of industrial automation, machine condition monitoring systems employing wireless devices face unique challenges. These devices, which are frequently utilized for remote operations and battery-powered, necessitate periodic battery replacements due to their limited lifespan, typically up to two years. This recurring maintenance task adds unnecessary operational burdens and costs for industries. Shutdowns for battery replacement in process industries can lead to substantial losses. Moreover, the rapid data recording intervals required for condition monitoring systems, such as one-minute intervals, significantly drain battery life, compromising system functionality and accuracy.

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Some of the key companies that have been profiled in the report include: 

  • AB SKF
  • ALS Ltd.
  • AMETEK Inc.
  • Analog Devices Inc.
  • Baker Hughes Co.
  • Dewesoft d.o.o.
  • Emerson Electric Co.
  • Fortive Corp.
  • Gastops Ltd.
  • General Electric Co.
  • Honeywell International Inc.
  • ifm electronic gmbh
  • National Instruments Corp.
  • OMRON Corp.
  • Parker Hannifin Corp.
  • Rockwell Automation Inc.
  • Schaeffler AG
  • Signals and Systems India Pvt. Ltd.
  • SPM Instrument
  • Teledyne Technologies Inc.

Market Research Overview 

In the industrial sector, plant operations are critical to maintaining productivity and minimizing downtime. Unplanned production halts due to machinery breakdowns can lead to significant financial losses. To mitigate this risk, businesses are increasingly adopting predictive maintenance strategies, which utilize advanced tools such as vibration analyzers, ultrasonic analyzers, and oil analyzers. These technologies enable early detection of potential machine failures, reducing the likelihood of unexpected downtime. The global market for industrial machinery, supplies, and components is experiencing growth due to expanding industrial output in process and discrete industries. This trend is driven by the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries. To facilitate seamless communication between sensors and maintenance teams, wireless communication technology plays a crucial role. Furthermore, the integration of machine learning and big data analytics enhances predictive maintenance capabilities, enabling more accurate and efficient maintenance planning. In this context, the global industrial machinery, supplies, and component market represents the combined revenue generated by manufacturers of machinery and components used in industrial applications. Key product categories include presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. As industries continue to expand, the demand for reliable and efficient industrial machinery and components will remain strong. - The Machine Condition Monitoring Market is experiencing significant growth, fueled by the Wireless communication gaining momentum in industries. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Market Research Analysis

Machine Condition Monitoring Market: 50-word Summary The Machine Condition Monitoring (MCM) market focuses on industrial plant operations, employing predictive maintenance tools like vibration analyzers, ultrasonic analyzers, and oil analyzers to detect mechanical wear, unplanned production halts, and equipment failures. MCM systems provide early warning systems against faults, abnormalities, misalignments, and environmental factors such as humidity. Utilizing computer learning, real-time information processing, digital analytics, commercial IoT, and predictive management, MCM enhances smart factory operations by tracking machine status and minimizing outages.


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UK: +44 203 893 3200
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