The condition monitoring system market is anticipated to have a valuation of USD 3,776.1 million in 2023. According to Future Market Insights, between 2023 and 2033, the market is forecast to expand at a 7.7% CAGR and reach a value of USD 7,928.7 million.
The demand for sophisticated diagnostics to assess the machine's health and support market expansion. Manufacturers have looked for condition-monitoring equipment to improve, track, and maintain the operation of their machinery.
Machine condition monitoring generates a lot of demand since it measures equipment characteristics to look for changes that can indicate an impending failure and prevent a breakdown. The method has become more popular in a variety of industries, including metal and mining, oil and gas, power generation, automotive, maritime, and aerospace.
Key Highlights from the Report:
| Attributes | Details |
|---|---|
| Condition Monitoring System Market CAGR (2023 to 2033) | 7.7% |
| Condition Monitoring System Market Size (2023) | USD 3,776.1 million |
| Condition Monitoring System Market Size (2033) | USD 7,928.7 million |
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Demand from the chemical and petrochemical application segment increased by 6.8% between 2020 and 2021, resulting in a year-over-year growth of 6.5% in 2021 for the combined condition monitoring system business. The industry expanded significantly, from USD 2,995.3 million in 2018 to USD 3,520.1 million in 2022.
The increasing need for monitoring machinery equipment in the power generation industry is likely to push the demand for condition monitoring systems at 7.7% CAGR between 2023 and 2033, in comparison to above 4.1% CAGR registered from 2018 to 2022.
Various factors are driving the interest in condition monitoring systems across industries. For instance, these systems allow maintenance and other actions to prevent consequential damages, thereby avoiding any catastrophic failures to the machinery equipment.
Over the years, key players in the market have been collaborating with automation solution providers to enrich the system's features.
The power generation application segment has risen in the past few years due to stringent regulations encouraging emission control among various manufacturing plants that still use fossil fuels. Power generation is becoming highly important nowadays as nations seek sustainable development through renewable sources.
Power generation plants are essential, so many industry leaders are turning towards condition monitoring systems to ensure that the machinery is unaffected by power cuts and that the key components remain intact and safe. Manufacturers provide durable sensors and systems to endure the harsh environmental conditions in which the power generation equipment is used.
Due to industrial firms' desire to increase the effectiveness and dependability of their operations through the use of cutting-edge technologies like IoT and machine learning, it is anticipated that the wireless motor monitoring system market is likely to expand. Tougher regulatory and safety requirements, coupled with the aging workforce in industries across various countries, encourage adopting condition monitoring systems.
Industrial facility managers are continuously working on improving maintenance processes at manufacturing plants. Gaining insights about the same is crucial to capitalize on the benefits of data-enabled predictive maintenance. With predictive maintenance, facility managers can avoid virtual downtime when equipment is not operating to its maximum potential.
Condition monitoring systems can leverage a range of data, which includes equipment run time, energy usage, temperature, output, and others, to improve decision-making and operations at manufacturing plants or manufacturing units. This is expected to lead to the adoption of condition-monitoring solutions at facilities.
Principal Consultant
The United States is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights analysis. According to the study, the United States is expected to account for over 80% of the North America market through 2033. Previously, the market was expanding, with a share of 19.5 % in 2022.
Many media to large enterprises in the country manufacture condition monitoring systems for use in various industries. Secondly, the comparatively higher median age of factories, plants, and operators has been a key driver for the condition monitoring market in the United States.
It is also home to various petrochemical companies, and the country’s recent investments in clean and renewable energy are expected to create high demand for condition monitoring systems.
Demand in the Canada market is expected to rise at nearly 7% CAGR over the forecast period. Canada's condition monitoring system sector is driven by the presence of a well-developed oil and gas industrial landscape and thriving food & beverage industry, which the government hugely backs.
Canada also possesses the world’s third-leading oil reserves and is the fourth-leading oil producer and exporter globally. The presence of numerous oil rigs and crude oil sources, as well as downstream processes, has created the demand for condition monitoring systems in the country.
China is the world’s leading manufacturer in terms of output. Driven by its commitment to opening up the economy and low tariff access to several western markets, it has caused foreign firms and investors to boost their manufacturing capabilities in China.
China’s machinery industry has also maintained growth at above 30% over the past decade. It is expected to have a CAGR of 3% by 2033. Domestic and foreign companies in China are investing in growth areas, such as production, and are using advanced and automated machine tools, which are directly expected to create high demand for the condition monitoring market.
In 2019, the rate of installing a wind turbine in Sweden was at least twice a week. Wind power has been a fast-growing renewable energy source, and its capacity has grown rapidly in Sweden. Sweden also possesses one of Europe's leading shares of primary energy from wind. Wind turbine downtime is costly during winter for a couple of reasons.
Between November to April, most plants worldwide produce two-thirds of their electricity yield, which is dependent upon the availability of wind. Due to this, the wind turbine condition monitoring system market shows excellent growth in Sweden.
Logistical costs for maintenance are higher during this time of the year. The expansion of wind power generation systems has been sweeping over northern Sweden in the past couple of years and is expected to create a high demand for the product in this market.
Germany is expected to be an attractive market throughout the forecast period. According to the study, Germany held a market share of 4.8% in 2022 and is expected to account for almost one-fifth of the European market through 2033.
The presence of several small to medium-sized manufacturers of condition monitoring in the country has made the market very competitive in the same. These smaller companies are focusing on innovations of their products for the end user’s requirements.
Many collaborations and supply contracts between condition monitoring systems manufacturers and end users in the transportation, power generation, and paper and pulp industries, among various others, have resulted in product customization and enrichment.
Based on technique, vibration analysis is expected to have a leading market share of 65.2% in 2022. The vibration analysis technique type has been around for a longer time in the market compared to the others.
It has also become a mainstay in various end-use applications. Although predictive maintenance has been booming over the years, several businesses with strict maintenance protocols find themselves needing to conduct reactive maintenance.
Routine maintenance with vibration monitoring systems ensures that reactive maintenance is carried out with the best possible results.
Portable machine diagnostics type of operation of the system is expected to hold a market share of more than 30%. Portable machine diagnostics are used for temporary diagnostic monitoring of critical machinery, which usually has a high probability of machine faults, or after a serious consequence of a part, which has undergone faults.
Portable machine diagnostics help collect data about problem-machines and analyze them. They are easy to use, light, fast and very capable. These characteristics and features of the portable machine diagnostics operation type, which is expected to drive the market for the same.
The market for chemical and petrochemical industry within the application segment is expected to account for more than 20% of the condition monitoring sector. The petrochemical industry produces products of tremendous value through labolabor-intensive complex processes.
An unexpected failure in the petrochemical industry may lead to huge, catastrophic and expensive failures. Maximized throughput from the petrochemical plants often results in stress and fatigue on the process and production equipment.
With Industry 4.0 becoming a key development trend for manufacturers within the petrochemical industry, automation and artificial intelligence integrated systems to track machine performance or asset health, which are key factors driving the sales of condition monitoring equipment.
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Companies operating in the condition monitoring system industry are aiming at launching new products, gaining new supply contracts, and establishing strategic partnerships with other industrial automation solution providers to expand their product manufacturing and address the demand of an expanding patient pool.
Vibration Analysis segment contributes a share of 65.2% of total production.
Chemical and Petrochemical industry holds 20% of the global market share.
From 2018 to 2022, the global market exhibited 4.1% CAGR.
Rising machine learning, and Internet of Things are the key trends in the global market.
Power generation, and transportation in Germany have increased the demand.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technique 5.1. Corrosion Monitoring 5.2. Infrared Thermography 5.3. Motor Condition Monitoring 5.4. Oil Analysis 5.5. Ultrasound Testing 5.6. Vibration Analysis 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Aerospace and Defence 6.2. Automotive and Transportation 6.3. Chemical and Petrochemical 6.4. Food & Beverage 6.5. Marine 6.6. Mining and Metal 6.7. Oil and Gas 6.8. Power Generation 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Schaeffler Technologies AG & Co. 15.2. Kirloskar Brothers Ltd. 15.3. Siemens AG 15.4. Honeywell International Inc. 15.5. ABB Ltd. 15.6. Emerson Electric Co. 15.7. Rockwell Automation, Inc. 15.8. Fluke Corporation 15.9. Parker Hannifin Corp. 15.10. General Electric 15.11. Festo Group 15.12. Eaton Plc 15.13. Meggit PLC 15.14. PCE Instruments 16. Assumptions & Acronyms Used 17. Research Methodology
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Condition Monitoring System Market
