Machine Condition Monitoring Market Trends and Forecast 2024-2028

The machine condition monitoring market is projected to grow by USD 1.27 billion at a CAGR of 7.41% between 2023 and 2028. The market is driven by the increasing adoption of wireless communication in industries, enabling real-time monitoring, improving productivity, and reducing downtime. Advancements in sensor technology have enhanced data accuracy, making machine condition monitoring more effective. However, limited battery life in wireless devices presents a challenge to widespread adoption. Despite this, predictive maintenance and improved operational efficiency continue to drive market growth.

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Market Segmentation

By Deployment:

• On-premises
• Cloud

The on-premises segment is expected to witness significant growth due to its ability to provide customization, control, and real-time data analysis for industries with stringent data security requirements. It enables companies to integrate predictive maintenance tools, including vibration analyzers, ultrasonic analyzers, and oil analyzers, with machine learning and big data analytics for real-time monitoring.

Cloud-based solutions provide scalability and flexibility, allowing businesses to leverage remote monitoring and AI-driven predictive maintenance. These platforms facilitate order tracking analysis, benchmarking, and diagnostic reporting while optimizing machine performance.

By End-User Industry:

• Energy and power industry
• Cement and metal industry
• Oil and gas industry
• Chemical and petrochemical industry
• Automotive industry and others

The energy and power industry is a major consumer of condition monitoring solutions, with a growing focus on renewable and gas power generation. The oil and gas industry benefits from wireless communication-enabled predictive maintenance, reducing unplanned downtimes and operational risks. The automotive sector is also adopting machine condition monitoring to enhance production efficiency.

Regional Market Trends

North America

• US

Europe

• Germany

• UK

APAC

• China

• Japan

South America

Middle East and Africa

APAC is expected to contribute 32% to the market’s growth, driven by industrial expansion in China and Japan. North America is also witnessing significant growth due to the presence of established and emerging condition monitoring solution providers. The manufacturing sector in the US and Canada heavily relies on these solutions to prevent unplanned downtime and ensure operational efficiency.

Market Dynamics

Key Drivers

• Adoption of wireless communication in industries: Wireless technology enables real-time monitoring, reducing downtime and allowing industries to optimize operations. It plays a crucial role in oil and gas, power, and manufacturing industries, where remote monitoring is necessary.
• Predictive maintenance adoption: Industries are leveraging machine learning, big data analytics, and AI-driven sensors to prevent unplanned production halts and equipment failures.

Key Trends

• Advancements in sensor technology: Cost-effective and efficient sensors are driving the adoption of real-time data processing and condition monitoring. Companies like Honeywell International Inc. are introducing innovative low-power smart sensors that enhance equipment monitoring.
• AI-driven machine condition monitoring: Industries are incorporating AI-based predictive maintenance solutions, enabling more accurate failure predictions and improving operational efficiency.

Key Challenges

• Limited battery life in wireless devices: Frequent battery replacements increase operational costs and pose challenges for real-time machine monitoring.
• High computational requirements: On-premises monitoring systems require significant processing power for real-time data analysis, which can be a barrier for some industries.

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Key Players

• 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.

Recent Developments

• January 2025 – SKF launched a cloud-based platform for machine condition monitoring, integrating real-time analytics and predictive maintenance capabilities.
• December 2024 – Honeywell introduced an AI-powered predictive maintenance solution, enhancing operational efficiency through advanced condition monitoring.
• November 2024 – Emerson expanded its machine condition monitoring portfolio by acquiring a predictive analytics software company, strengthening its industrial IoT solutions.
• October 2024 – Schaeffler launched wireless condition monitoring sensors, enabling real-time vibration and temperature tracking through a cloud-based system.

This market continues to evolve with technological advancements, offering industries real-time monitoring, predictive maintenance, and improved operational efficiency.