| Study Period | 2019 - 2032 |
| 2024 Market Size | USD 3.5 billion |
| 2025 Market Size | USD 3.8 billion |
| 2032 Forecast | USD 6.6 billion |
| Growth Rate(CAGR) | 8.5% |
| Largest Region | North America |
| Fastest Growing Region | APAC |
| Nature of the Market | Fragmented |
|
Explore the market potential with our data-driven report
The machine condition monitoring equipment market size was USD 3.5 billion in 2024, and the market size is predicted to reach USD 6.6 billion by 2032, advancing at a CAGR of 8.5% during 2025–2032.
The market is popular and expands rapidly because industries focus on maximizing their assets and predictive maintenance strategies. The main objective is both failure prevention and efficient resource management. Wireless technology adoption together with HVAC market expansion and remote maintenance solutions creates the main drivers behind market development. Market expansion occurs due to growing requirements for smart factories together with the need to monitor diverse machine parameters. The United States maintains its position as a leader in the global market because its economy is expanding at the same time productivity in industries increases due to advanced monitoring technology. Government-supported NIST programs together with other initiatives boost industry progress through their strategic backing. The market demonstrates positive long-term potential since artificial intelligence (AI) and IoT-enabled predictive maintenance will boost operational effectiveness. The worldwide market growth will expand at an accelerated pace due to modern automation trends and the advancement of Industry 4.0 movements.
The hardware category held the larger market share, of 85%, in 2024. This is attributed to increasing requirements for such equipment in critical applications, such as manufacturing and chemical industries that are prone to defects.
Industrial operations depend heavily on vibration sensors because they detect initial machinery deterioration signals before problems escalate. The oil & gas industry along with aerospace and power generation and manufacturing require vibration monitoring to minimize equipment downtime and avoid operational breakdowns. Real-time precise data from hardware sensors exceeds the capabilities of software-based predictions and thus makes industries rely on them for condition monitoring. New-generation advanced wireless IoT-enabled vibration sensors from companies enable efficient and easier deployment in smart factories.
The software category will grow at a higher CAGR, during the forecast period. The industrial world now uses artificial intelligence analytics and Industrial IoT (IIoT) to spot product failures at their onset. The integration of cloud systems enables operators to perform real-time machine diagnostics and monitor equipment conditions from any location which results in increased operational effectiveness. Companies now dedicate more resources to predictive analytics software purchases as a result of Industry 4.0 advancements because it improves asset management capabilities. Software-based solutions are implemented more efficiently because they use fewer physical components which enable businesses to expand these systems across various sectors.
The types analyzed here are:
The vibration monitoring category held the largest market share, of 65%, in 2024. This is because the industries which include oil & gas and power generation and manufacturing sectors depend on vibration analysis to identify misalignment and imbalance and mechanical wear conditions. Real-time monitoring of vibration provides precise condition data which makes it the most trusted predictive maintenance approach. Various organizations choose wireless vibration sensors because they continuously monitor machine health while providing remote monitoring capabilities.
The ultrasound emission category will grow at a higher CAGR, during the forecast period, as it detects problems such as minor leaks together with electrical discharges and bearing failures at stages when they remain non-critical. The aerospace sector together with automotive industries and manufacturing operations depend on ultrasound-based monitoring to enhance maintenance workflows. Monitored compressed air and gas leaks enable industries to decrease energy wastage thus supporting sustainability targets.
The monitoring types analyzed here are:
The fixed monitoring system category held the larger market share, of 75%, in 2024. This is because industrial facilities employing high-value machinery should implement fixed. After all, these systems continuously track equipment while running around the clock. The power generation sector along with the manufacturing and aerospace industries depend heavily on these tracking systems. The consistent nature of fixed monitoring technology enables better condition-based maintenance because it provides constant data collection. The implementation of fixed monitoring systems with AI and IoT technologies under Industry 4.0 boosts predictive maintenance capabilities in companies.
The portable monitoring system category will grow at a higher CAGR, during the forecast period. Maintenance teams can use portable systems to examine various machines without fixed sensors through portable testing which provides cost-effective solutions for diverse industrial equipment bases. Multiple industries choose handheld and wireless monitoring devices for conducting immediate real-time assessments of machine health conditions. Portable systems find extensive use throughout oil & gas sectors as well as energy industries and transportation systems because they require onsite condition monitoring capabilities.
The monitoring systems analyzed here are:
The on-premises category held the larger market share, of 70%, in 2024. Companies operating sensitive equipment such as power plants and defense facilities together with oil & gas industry sectors select on-site deployments to maintain control over their data security systems. The on-premises system operates with high-speed data processing and works independently from the internet thus serving missions that need instant response. Industrial companies that have deployed predictive maintenance systems before maintain on-premises infrastructure which causes them to resist shifting everything to cloud platforms. Different industries need to store data locally according to regulatory requirements which creates a preference for deploying systems inside their premises.
The cloud category will grow at a higher CAGR, during the forecast period, as Cloud solutions enable business operators to check machine conditions remotely so they no longer need to conduct onsite checks. Cloud deployment removes the need for expensive initial infrastructure costs thus enabling businesses of diverse sizes to implement the system.
The deployment types analyzed here are:
The oil and gas category held the largest market share, of 60%, in 2024. Complex high-value equipment including drilling rigs and pipelines with compressors form the basis of this industry which has the potential to trigger calamitous financial and protective losses in case of equipment failure. Government bodies together with organizations maintain strict maintenance requirements to stop accidents and avoid spills and emissions-related violations. Organizations continue to depend increasingly on condition monitoring systems for their equipment upkeep while minimizing unexpected equipment stoppages. Real-time condition monitoring solutions help oil refineries and drilling platforms detect equipment failures and pipeline leaks as well as monitor equipment corrosion in their operations.
The energy and power category will grow at a higher CAGR, during the forecast period. The rising power consumption and broadening power grid network causes power plants and renewable energy facilities to emphasize condition monitoring systems for failure prevention. The implementation of AI-based monitoring systems enables the detection of transformer turbine and generator faults to achieve better operational outcomes. Power plant operators invest in real-time condition monitoring systems because stricter maintenance guidelines and efficiency requirements have become mandatory.
The end users analyzed here are:
Drive strategic growth with comprehensive market analysis
North America held the largest market share, of 40%, in 2024. The compliance standards of oil & gas together with chemicals and manufacturing sectors demand ongoing condition monitoring for operational safety purposes. General Electric together with Honeywell Rockwell Automation and Schneider Electric operate from the region as they develop predictive maintenance technologies. Companies now utilize IIoT-based condition monitoring systems to boost their operational performance.
The implementation of automation at Schneider Electric’s smart factory in the United States resulted in a 20% decrease in required machine repairs. Manufacturing as well as transportation and power generation industries have adopted machine condition monitoring extensively since they need to minimize equipment downtime while extending their operational life.
The market in the APAC region will grow at a higher CAGR, during the forecast period. This is because the combination of inexpensive labor costs and enhanced automation systems makes China and India together with Japan preferential sites for worldwide manufacturing activities. China stands as the market leader with USD 78 billion allocated for nuclear power plant development plus its ongoing CNPC oil & gas exploration activities create higher demand for condition monitoring solutions in strategic industries. India and China have initiated "Made in China 2025" and India’s automation expansion in solar energy and industrial control systems which leads to greater adoption of predictive maintenance solutions. The industrial automation advancements at Delta Electronics and ABB India drive up the need for condition monitoring systems in their operations.
The regions analyzed in this report are:
The machine condition monitoring industry demonstrates fragmentation because various businesses operate throughout multiple industrial sectors. Emerson Electric Co. maintains the market's largest position through its innovative predictive maintenance tools and industrial IoT capabilities which extend across various industries. This market demonstrates growing expansion because smart factories are on the rise while industries increase their need for predictive maintenance together with their adoption of AI-driven analytics. The market will keep growing steadily because industries focus on minimizing downtime while improving efficiency along with meeting regulatory standards and North America together with Asia-Pacific leads the adoption rate.
Want a report tailored exactly to your business need?
Request CustomizationLeading companies across industries trust us to deliver data-driven insights and innovative solutions for their most critical decisions. From data-driven strategies to actionable insights, we empower the decision-makers who shape industries and define the future. From Fortune 500 companies to innovative startups, we are proud to partner with organisations that drive progress in their industries.
Working with P&S Intelligence and their team was an absolute pleasure – their awareness of timelines and commitment to value greatly contributed to our project's success. Eagerly anticipating future collaborations.
McKinsey & Company
India
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws
Customize the Report to Align with Your Business Objectives
Request the Free Sample Pages