Machine Condition Monitoring Market - Databook 2025 to 2034

The global machine condition monitoring market size was evaluated at USD 3,510 million in 2024 and is expected to grow around USD 7,370 million by 2034, registering a CAGR of 7.7% from 2025 to 2034.

Highlights of the Machine Condition Monitoring Market

• North America dominated the machine condition monitoring market.
• Europe is set to be the fastest-growing region during the forecast period.
• By monitoring technique, the vibration monitoring segment held a dominant presence in the market in 2024.
• By monitoring technique, the oil analysis segment is expected to grow at the fastest rate in the market during the forecast period of 2025 to 2034.
• By component, the hardware segment accounted for the largest market revenue share in 2024.
• By component, the portable/handheld condition monitoring units segment is projected to experience the highest growth rate in the market between 2025 and 2034.
• By product type, the motor segment led the market.
• By product type, the bearings segment is set to experience the fastest rate of market growth from 2025 to 2034.
• By application, the turbines & generators segment registered its dominance over the market in 2024.
• By application, the HVAC systems segment is anticipated to grow with the highest CAGR in the market during the studied years.
• By architecture type, the on-premises segment maintained a leading position in the market in 2024.
• By architecture type, the hybrid cloud segment will gain a significant share of the market over the studied period of 2025 to 2034.
• By plant type, the brownfield plant segment enjoyed a prominent position in the market during 2024.
• By plant type, the greenfield plant segment is anticipated to grow with the highest CAGR in the market during the studied years.
• By monitoring process, the online condition monitoring segment accounted for a considerable share of the market in 2024.
• By monitoring process, the portable condition monitoring segment is projected to expand rapidly in the market in the coming years.
• By end use, the power generation segment held a dominant presence in the market in 2024.
• By end use, the chemicals segment is set to experience the fastest rate of market growth from 2025 to 2034.

Industry Valuation and Growth Rate Projection

Machine condition monitoring is an essential practice that assesses the health of industrial equipment and its performance. Therefore, it should sustain edifice productivity and avoid abrupt breakdowns. Such conditions are monitored with parameters such as temperature, humidity, pressure, vibration, and noise to find any disturbances before significant breaks. Techniques are then used to find out what the machine feels internally, including thermography, vibration analysis, oil analysis, corrosion monitoring, and ultrasound detection. The machine condition monitoring market has recorded a major boost in its growth globally by the digitalization trend that's embraced today, and thus, the evolution of various technologies such as cloud computing, internet of things (IoT), and wireless connectivity. These technologies have brought a significant change in the data collection and analysis methods. This transformation not only improves machine performance but also gears operations towards industrial automation and operational efficiency.

Machine condition monitoring can be an effective remedy to virtually every industry, ranging from manufacturing and healthcare to aerospace, defense, energy, and mining. This could truly swathe the aforementioned industries, increasing and ever augmenting penetration for machine monitoring applications to ensure seamless, uninterrupted operations. The increasing awareness of preventive maintenance further comes to bolsters that movement. Therefore, the power generation, oil and gas, and metals and mining industries have become markets with growing demand for machine monitoring. This is being driven by a need to reduce operational risks to maximize productivity. The furtherance of monitoring technologies and automation trends is envisaged to strengthen the market.

Machine Condition Monitoring Market: Stats and Figures

• With over six million sensors installed worldwide, 80,000 3500 Machinery Protection Systems deployed around the globe, and more than 10,000 CMMS-based remote monitoring software solutions in use, more end users trust the operational efficiency of their machinery to Bently Nevada* than anyone else.

How AI Has Benefitted the Machine Condition Monitoring Market:

• The standard of maintenance in the industry has improved through machine learning and artificial intelligence (AI) algorithms.
• These algorithms predict equipment failures with a 92% accuracy rate, along with simplifying the manufacturing operations.
• Most facilities nowadays apply machine learning as part of their entire IIoT infrastructures.
• Machine learning is becoming part of manufacturing and disrupting old manufacturing ways.
• When integrated over the entire IIoT infrastructure, these technologies make strong and efficient systems possible.
• The manufacturing area can acquire condition-based monitoring (CBM) for keeping the equipment in operational shape, which could reduce downtime and, hence, improve productivity.
• Machine learning in the CBM section allows the embedding of very powerful algorithms into operational data to detect deviations in trends and predict failures.

Industry Leader Announcements:

• Eduardo Botelho, Global Material Handling Service Product Manager, ABB:

“Real-time monitoring of the actual belt performance prompts the necessary corrective actions ahead of failure or further and more costly damage.”

• Ed J. Boufarah, vice president of Bently Nevada at Baker Hughes:

“The new remote monitoring center in Campinas enables remote delivery of Bently Nevada machinery monitoring and diagnostics expertise in near real-time to support the critical operations of our customers in Brazil and throughout South and Central America.”

Geographical Insights

Regional factors dictate the development of the machine condition monitoring market in Asia Pacific, North America, and Europe, and hence the rapid growth of this particular market in these regions.

Asia-Pacific

The global machine condition monitoring market is seeing tremendous growth, with Asia-Pacific being a major contributor to the high growth. The Asia-Pacific region is enjoying rapid industrialization along with the advanced technological development and the growth of the manufacturing and energy sectors. The countries in this region have automated and digitized their operations using these tools while improving their operational efficiency. As a result, demand for machine monitoring systems has increased. Increased machine monitoring systems in an industry multiply productivity, equipment life, and performance, for example, in industries such as automotive, oil and gas, power generation, and manufacturing.

North America

North America is expected to grow at the fastest rate during the forecast period. The expenditure in North America is also growing steadily, with technological innovation and industrial automation driving the overall expenditure. Companies utilize real-time data analytics and cloud monitoring to make the processes as efficient as possible while minimizing the overall downtime and providing a safer standard.

Europe

Europe, focusing more on sustainability, energy efficiency, and regulatory compliance, tends to follow the same path in digital transformation through machine monitoring. On this note, adoption of smart monitoring technologies for real-time diagnostics and maintenance planning goes hand in hand with the value of Industry 4.0 practices. Overall, the machine monitoring systems market is likely to see very healthy and strong growth in the immediate future.

Recent Developments:

• In February 2023, OMRON Corporation will launch its K7DD-PQ Series of advanced motor condition monitoring devices globally, automating abnormality monitoring on manufacturing sites, starting in Japan and globally on April 3, 2023.
• In June 2021, ABB introduced ABB Ability™ Condition Monitoring for belts, a digital service that allows mine operators to monitor conveyor belts in real time, preventing maintenance and enhancing belt reliability.

Competitive Landscape

The machine condition monitoring market is very fragmented, with leading companies such as SKF (Sweden), Honeywell International (US), National Instruments (US), Emerson Electric (US), General Electric (US), Parker Hannifin Corporation, Rockwell Automation, Inc., Schaeffler AG, Fortive Corporation (Fluke Corporation), ALS Limited. The global machine condition monitoring market is facing intense competition due to innovation, evolving consumer preferences, and product development, with brand managers focusing on global market share and differentiation.

The market is dominated by several companies renowned for their significant contributions. Based on recent data, the top three companies are:

• Company Name: SKF
• Year of Incorporation: 1907
• Headquarters: Gothenburg, Sweden

In the fourth quarter of 2024, SKF's net sales in Sweden were SEK 24,725 million. While sales declined in Europe and China, the Americas and India & Southeast Asia saw positive sales growth. The adjusted operating profit for the quarter was SEK 2,735 million, with an adjusted operating margin of 11.1%.

• Company Name: Schaeffler AG
• Year of Incorporation: 1946
• Headquarters: Herzogenaurach, Germany

In 2024, Schaeffler's revenue was 18.2 billion euros, a 12.9% increase at constant currency. This growth was partly attributed to the Vitesco Technologies acquisition. The company anticipates a revenue range of 23 to 25 billion euros for 2025.

• Company Name: General Electric
• Year of Incorporation: 1892
• Headquarters: Boston, Massachusetts

General Electric's 2023 revenue was $68.0 billion, a 17% increase from the previous year. This growth was driven by strong performance in key segments like aviation and power, with adjusted revenues at $64.6 billion, also up 17% organically. The company's total orders for the year reached $79.2 billion, a 25% increase.