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Global Machine Health Monitoring Industry to Grow at 8.3% CAGR Through 2029
The global machine condition monitoring industry size is expected to grow from USD 3.1 billion in 2024 to USD 4.7 billion by 2029, at a CAGR of 8.3% from 2024 to 2029. Cloud technology enables access to maintenance data anywhere in the world through devices such as personal computers, tablets, or smartphones. This data is available to any stakeholder with approved access, including third-party analysts, without requiring any additional expensive infrastructure. Cloud computing reduces operating costs and ensures easy data maintenance. It offers data flexibility and provides unlimited storage and secure networking options. Thus, the advent of cloud computing platforms with a significant focus on cyber security is expected to fuel the growth of the machine condition monitoring industry.
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By segment, machine condition monitoring industry for vibration monitoring technique is expected to gain a significant market share during the forecast period.
Vibration meters are the basic data logger devices representing machine vibration readings. Most vibration meters are battery-operated and consist of monochrome or digital LCD. These devices are portable and present a simple and convenient way to monitor vibrations. However, unlike vibration analyzers, they provide simple readings onscreen with no alarm level or reference to the previous readings or perhaps vibration standards in rotating machines. Further, portable vibration analyzers are effective, convenient, accurate, and mobile tools that have feature memories to store the vibration measurement data for further analysis.
By segment, machine condition monitoring industry for On-premises segment is expected to hold a substantial market share during the forecast period.
Machine condition monitoring solutions and systems are deployed at the user’s premises to ensure complete control over the data flow, enabling data security. This is one of the key reasons for adopting the on-premises machine condition monitoring solutions and systems. On-premises machine condition monitoring solutions and systems collect real-time data with high accuracy, reducing the response time to resolve issues. Machine condition monitoring solutions deployed on the company premises ensure complete control and security of its data. This leads to increased adoption of on-premises solutions. However, high installation, setup, and maintenance costs restrict the adoption of on-premises deployment of machine condition monitoring solutions and systems.
By segment, machine condition monitoring industry for Aerospace industry segment to grow at an impressive CAGR during the forecast period.
Aerospace is a rapidly growing industry, and there is a constant need to enhance the reliability of machines to avoid production losses occurring due to machinery breakdowns. In aircraft manufacturing, more than one condition monitoring technology is used to monitor the condition of critical machines, resulting in the generation of large volumes of data. Advanced algorithms are used to develop condition monitoring systems and solutions to accommodate various analytical technologies. The use of artificial intelligence for condition monitoring enables companies to efficiently detect potential faults in machinery, thereby minimizing production losses.
By region, machine condition monitoring industry in North America is expected to hold a significant market share during the forecast period.
The machine condition monitoring industry in North America has been studied for the US, Canada, and Mexico. Machine condition monitoring systems can accurately forecast equipment failure, helping organizations reduce their maintenance and operational expenses and financial losses witnessed due to unplanned downtime. North America accounts for a significant share of the machine condition monitoring market, and it is one of the most advanced regions in terms of technology adoption and infrastructure development. Further, factors such as the rising focus of manufacturing firms on optimum asset management and resource utilization; tight government regulations related to workplace and personnel safety; and stringent quality control standards required to be followed by companies from the oil & gas, chemicals, and food & beverages industries accelerate the demand for machine condition monitoring systems in North America.
The key players in this market include Emerson Electric Co. (US), Honeywell International Inc. (US), PARKER HANNIFIN CORP. (US), Rockwell Automation (US), General Electric (US), Amphenol Corporation (US) and others.
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