The machine condition monitoring equipment market size is expected to advance at a CAGR of 7.5% during 2022–2030, to reach USD 4,946 million by 2030.
The machine condition monitoring equipment market in North America held the largest revenue share in 2022. The rapid growth in the energy sector as well as technological advancement in manufacturing sector in the region has increased the demand for machine condition monitoring.
Also, the rising need for effective scheduling of maintenance as well as speculation of equipment failure across major industries, namely manufacturing, oil & gas and construction, are the major factors responsible for the North America’s largest market share.
Additionally, aerospace and defense, automobile and chemical are the key industries contributing to the country’s growth.
During the period of economic boom, decision of increasing the equipment outsourcing maintenance services is totally based on the desire of a company to increase the throughput by increasing efficiency and equipment run time. But during economic crunches, companies try to outsource services to decrease expenses and make on-time deliveries with the lowest cost possible.
Moreover, with the support of proper management and agreements, companies try to maintain and increase their profitability during challenging situations, which result in the reduction of uncertainties in operations.
The increasing advancements in efficiency and accuracy of machine condition monitoring equipment is resulting in the growing demand for this equipment in several industries, as it maximizes machine productivity. Through effective vibration condition monitoring, it is possible to virtually eliminate plant downtime owing to unexpected machine failure. Vibration condition monitoring facilitates the planning of repairs during non-peak production hours.
In 2022, the on-premises category dominated the market and generated 85% of total revenue. On-premises is frequently managed or self-hosted, guarantees that enterprises satisfy certain market needs, and empower teams to manage their workload and build a highly configurable environment. Engineers must monitor and keep a track of the status of the machines and make it simple for teams to identify the inefficient machines in order to ensure that they are operating efficiently. The cloud market will experience a rapid expansion over the next few years. This can be ascribed to a number of things, including cost effectiveness, scalability, adaptability, security, and privacy.
One of the main factors propelling the market for cloud-based machine condition monitoring systems is the high requirement for SaaS model due to cost savings. Due to a user-friendly, cloud-based interface, users can readily view and examine data to safeguard the system operates as effectively as possible. Through a web-based dashboard, a cloud-based solution enables customers to continuously monitor the machines, providing them with a quick outline and a complete, in-depth analysis.
Bentley Systems, Inc., for instance, announced the release of the cloud-based iTwin asset-specific solutions in November 2022. These solutions support iTwin IoT, iTwin capture, and iTwin experience to provide instantaneous asset health monitoring. The asset health-specific solution would assist in lowering the risk and addressing the machine's expanding regulatory obligations.
The significant machine condition monitoring equipment market players are General Electric Company, Corrpro Companies Inc., Emerson Electric Co., Grupo Álava Ingenieros, AB SKF, Honeywell International Inc., Rockwell Automation Inc., Parker Hannifin Corporation, National Instruments Corporation, and AZIMA DLI CORPORATION.