Condition Monitoring Equipment Market Size (2024 - 2029)

The Condition Monitoring Equipment Market is experiencing growth driven by the increasing adoption of smart factories and renewable energy usage. The market's expansion is supported by the rising demand for vibration monitoring systems, which enhance production efficiency and reduce downtime through advanced analytics. Condition monitoring plays a crucial role in asset lifecycle management and maintenance, contributing to improved productivity and machinery safety. The integration of Industry 4.0 technologies, such as IoT and automation, is further propelling the market, despite challenges like high capital investment and maintenance costs. The post-pandemic landscape has seen companies innovating to capture market share, indicating a dynamic and evolving market environment.

Market Size of Condition Monitoring Equipment Industry

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Condition Monitoring Equipment Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 6.66 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Medium

Major Players

Condition Monitoring Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Condition Monitoring Equipment Market Analysis

The Condition Monitoring Equipment Market size is estimated at USD 2.6 billion in the current year and is expected to reach USD 3.58 billion by the next five years, registering a CAGR of 6.66% during the forecast period.

The market growth is driven by an increasing number of smart factories and growing usage of renewable energy. Further, vibration monitoring systems are gaining momentum owing to their support in enhancing production, reducing downtime due to greater analytics, and reducing human-mediated activities like manual inspections and unplanned corrections.

One of the primary goals for any business is to prolong an asset's lifecycle and ensure that the asset functions efficiently for a long period. This can be accomplished using condition monitoring. Maintenance is crucial to machines. Machine condition monitoring is an important part of maintenance, and thus, many companies have been focusing more on asset utilization and increasing productivity.

As operational equipment is responsive to many types of errors and faults, it is important to monitor minor/major changes in equipment by measuring parameters like vibration, temperature, voltage, current, pressure, flow, and several others. This significance has pushed various verticals to make extra efforts to protect their machinery. The main benefit of fault identification using condition monitoring includes allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus increasing human safety.

The advent of Industry 4.0 coupled with 5G and 3D printing technology is also expected to increase the demand for machine monitoring products connected to IoT devices through low latency signals. Industry 4.0 relies on automation, machine learning, and real-time data processing to automate manufacturing plant processes. This has expanded the use of automated manufacturing technologies such as automation, data analytics, and industrial IoT to improve operational efficiencies.

Furthermore, implementing predictive maintenance in Industry 4.0 offers substantial prospects for numerous industries. Monitoring machine data to detect and plan repairs and reduce downtime is part of the machine condition monitoring process. Such progress enables the analysis of equipment performance and the prediction of breakdown scenarios. As a result, rising awareness of machine status monitoring is projected to open up new business prospects.

The high costs of automated systems are concerned with effective and robust hardware and efficient software. Automation equipment requires high capital investment to invest in the smart factory (an automated system can cost millions of dollars to install, design, and fabricate).

Also, the need for the maintenance of automated machines is more than a manual system (even flexible automation is less flexible than humans, the most versatile machines of all). Further, the sluggish adoption of Industrial IoT technologies can be linked to the higher costs of maintaining their connections, considering that M2M connections were charged with heavy taxation, similar to mobile device subscriptions. Such factors are also linked to the factors hindering the growth of the studied market.

In the post-COVID-19 pandemic scenario, several firms are developing various products to capture the market share. For instance, in April 2021, ACOUS NAVI (FIELD System), a condition monitoring and diagnostic program compatible with FANUC Intelligent Edge Link & Drive system (FIELD system), an open software platform for the manufacturing industry, was to be sold by NSK Ltd. ACOUS NAVI is a comprehensive solution for monitoring the operation of machine components and detecting or predicting indicators of damage or deterioration.

Condition Monitoring Equipment Industry Segmentation

Condition monitoring is the process of monitoring the condition of a machine with the intent of predicting mechanical wear and failure. The monitoring type segmentation is for the condition monitoring product type, i.e., hardware (equipment), software, and services. The further sub-segmentation of the condition monitoring equipment market's hardware segment includes vibration monitoring equipment, thermography equipment, and lubricating oil analysis equipment market.

The scope of the market considers the business-to-business market. For the services segment, third-party condition monitoring service providers are not part of the study's scope and are not part of the market estimation for the study. Software solutions integrated with the hardware are considered under the hardware segment. In contrast, standalone software solutions are covered under software segment estimation based on the inputs received from market experts.

The condition monitoring equipment market is segmented by type (hardware (vibration monitoring equipment (end-user vertical (oil and gas, power generation, process, and manufacturing, aerospace, and defense, automotive, and transportation), geography (North America, Europe, Asia-Pacific, Rest of the World), thermography equipment (end-user vertical (oil and gas, power generation, process, and manufacturing, aerospace, and defense, automotive and transportation), geography (North America, Europe, Asia-Pacific, Rest of the World), lubricating oil analysis equipment (end-user vertical (oil and gas, Power Generation, Process and manufacturing, aerospace and defense, automotive and transportation), geography (North America, Europe, Asia-Pacific, and Rest of the World)), software, services).

The market sizes and forecasts are provided in terms of value in USD for all the above segments.

By Type
Hardware
Vibration Monitoring Equipment
Thermography Equipment
Lubricating Oil Analysis Equipment
Software
Services
By End-user Vertical***
Oil and Gas
Power Generation
Process and Manufacturing
Aerospace and Defense
Automotive and Transportation
Other End-user Verticals
By Geography***
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of the Europe
Asia-Pacific
China
Japan
India
Rest of the Asia-Pacific
Latin America
Middle East and Africa
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Condition Monitoring Equipment Market Size Summary

The condition monitoring equipment market is experiencing significant growth, driven by the increasing adoption of smart factories and the rising use of renewable energy sources. The integration of vibration monitoring systems is gaining traction as they enhance production efficiency, minimize downtime, and reduce the need for manual inspections. This market expansion is further supported by the advent of Industry 4.0, which leverages automation, machine learning, and real-time data processing to optimize manufacturing processes. The demand for condition monitoring equipment is also bolstered by the need for predictive maintenance, which helps in identifying potential equipment failures and reducing repair costs, thereby improving machinery safety and operational efficiency.

Regionally, the market is influenced by the growing focus on renewable energy, with significant investments and projects underway to increase capacity and reduce carbon emissions. Countries like Morocco and India are making substantial commitments to expand their renewable energy sectors, which in turn drives the demand for condition monitoring solutions. In North America, particularly the United States and Canada, the manufacturing industry is a major consumer of these technologies, with sectors such as automotive and aerospace leading the demand. The market is moderately concentrated, with key players like Rockwell Automation, Emerson Electric, and SKF adopting strategic partnerships and acquisitions to enhance their offerings and maintain a competitive edge.

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Condition Monitoring Equipment Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Assessment of the Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Hardware

        1. 2.1.1.1 Vibration Monitoring Equipment

        2. 2.1.1.2 Thermography Equipment

        3. 2.1.1.3 Lubricating Oil Analysis Equipment

      2. 2.1.2 Software

      3. 2.1.3 Services

    2. 2.2 By End-user Vertical***

      1. 2.2.1 Oil and Gas

      2. 2.2.2 Power Generation

      3. 2.2.3 Process and Manufacturing

      4. 2.2.4 Aerospace and Defense

      5. 2.2.5 Automotive and Transportation

      6. 2.2.6 Other End-user Verticals

    3. 2.3 By Geography***

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Rest of the Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Rest of the Asia-Pacific

      4. 2.3.4 Latin America

      5. 2.3.5 Middle East and Africa

Condition Monitoring Equipment Market Size FAQs

The Condition Monitoring Equipment Market is projected to register a CAGR of 6.66% during the forecast period (2024-2029)

Rockwell Automation Inc., Emerson Electric Co., Meggitt PLC, General Electric Company and SKF are the major companies operating in the Condition Monitoring Equipment Market.

Condition Monitoring Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)