Market key trends:

Remote diagnostic capabilities have emerged as a key trend in the machine condition monitoring market. Continuous digital connectivity allows condition data to be analyzed off-site by equipment manufacturers and maintenance specialists. They can detect anomalies, determine root causes, and recommend corrective actions from a remote location. This saves industries time and money by reducing unnecessary service visits and coordinating repairs in a more planned manner. Cloud-based condition monitoring further enhances remote access and enables predictive maintenance via analytics of aggregated fleet-wide operational data.

Segment Analysis

The machine condition monitoring market is segmented by monitoring type, offering, deployment type, sales channel, industry vertical and region. The vibration monitoring segment dominated the market and accounted for more than 30% of the total shares in 2023. Vibration monitoring helps in identifying structural integrity issues, imbalance and misalignment in machines at an early stage. This helps in avoiding unexpected breakdowns and maintaining continuity of operations.

Key Takeaways

The Global Machine Condition Monitoring Market Demand is expected to witness high growth. The market valued at US$ 3965.6 million in 2023 is projected to reach US$ 5924.7 million by 2030, expanding at a CAGR of 5.8% during the forecast period.

Regional analysis: The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rapid industrialization and rising machine maintenance spends across industries such as oil & gas, manufacturing and energy & power in major countries like China and India. The North American region dominated the global market with more than 25% share in 2023 due to strict regulatory policies regarding workplace safety and huge presence of machine condition monitoring vendors in the US.

Key players operating in the machine condition monitoring market are National Instruments, Emerson Electric Co., General Electric, Honeywell International Inc, SKF, Rockwell Automation, Parker Hannifin, Azima Dli, Meggitt PLC and Brüel & Kjær Vibro. National Instruments leads the market with wide offerings across vibration and temperature monitoring. Emerson Electric has strong presence across process and discrete industries with acquisition strategy.

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