Machine Condition Monitoring Equipment Market Will Reach USD 4,946 Million By 2030

 The size of the machine condition monitoring equipment market was USD 2,773 million in 2022, and the figure is set to rise at a CAGR of 7.50% in the duration of 2022–2030 and reach USD 4,946 million by the end of this decade, as per P&S Intelligence.

For better asset management and to improve productivity, companies these days are focusing more on condition surveillance. The purpose of this equipment is to strategize maintenance and other tasks, in order to avoid malfunctions and ensure better usage of resources. 

Machine Condition Monitoring Equipment Market Size and Share Analysis Report

The usage of wireless technology in machine condition monitoring equipment is considered the major growth factor. The features of wireless devices include almost the same efficiency with reduced cost in comparison to wired devices. This has allowed remote monitoring of machines and helps in saving transportation costs to and from offshore facilities.

In 2022, the vibration monitoring category had the largest market share at 29%. This can be credited to the snowballing need for these machines in critical operations, including chemical and manufacturing that are prone to faults.

Companies in the machine condition monitoring equipment market have amplified their expenditure on equipment, continuously being monitored, including steam turbines, boiler feed pumps, and gearboxes for cooling and gas. So as to improve the dependability and protection of data, users possibly will enhance their usage of such systems.

The reason behind the larger market share can be also, the rising requirement to detect wear and tear, misalignments, and imbalances. The growing usage of vibration monitoring is vital in providing data regarding detection of flaws at an early stage. The decrease in integration, operational, and maintenance complexity has amplified the demand for such services.

To guard refrigeration and cooling systems against uncleanness and failure, lubrication characteristics within compressors required to be done. The existence of minuscule toxins can cause a system failure. So, refrigeration and HVAC fluid study programs and oil condition monitoring allow the operator to understand the condition of the machine or service needs, safe operating ranges, and lubrication and enable to schedule low-cost maintenance.

By the end of the decade, The APAC industry is projected to advance at a highest CAGR of 6.9%, mainly because of increasing acceptance of planned maintenance technology, rapid industrialization, and rising pressure to provide operational effectiveness in the region.

Manufacturing units are being established in Asian countries because of the developing emigration of production bases, specifically in Japan, India, and China, due to the availability of labor at a lower cost. 

Hence, for better asset management and to improve productivity, companies these days are focusing more on condition surveillance. The purpose of this equipment is to strategize maintenance and other tasks and many companies are increasing their dependency on these solutions, and such factors will drive this market in the future as well. 

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How are Innovations in Industrial Processes Driving Machine Condition Monitoring Equipment Market?

Now that industries have been established in almost every corner of the world for manufacturing numerous different types of products, innovation and advancements are bound to happen for making industrial processes more efficient. Some of the challenges which are being faced by firms at the present time include high labor cost, demographic change, resource & energy inefficiency, rising operational cost, and surging capital. 

For chemical factories, stringent regulations are being imposed by regulatory bodies for minimizing chemical contamination and ensuring the safety of workers through legislations including OHSAS 29 CFR 1910.107 and OHSAS 18001, which are imposing heavy penalties for the violation of the prescribed norms.

The equipment collects and analyses certain signals from motor in order to identify developing faults and inefficiencies. The process helps in avoiding unplanned downtime. According to a P&S Intelligence report, the global machine condition monitoringequipment market reached a value of $2.2 billion in 2017 and is projected to generate a revenue of $3.2 billion by 2023, advancing at a 6.8% CAGR during the forecast period (2018–2023).

Attributed to this, several companies are increasingly making use of plant automation solutions for ensuring regular monitoring of plant operations and processes. This is done by using machine condition monitoring equipment. Condition monitoring is a vital tool for predictive maintenance of machines. 

Various types of monitoring are motor current signature analysis, corrosion monitoring, ultrasound emission, thermography, lubricating oil analysis, and vibration monitoring. Out of these, the largest demand for condition monitoring equipment in 2017 was created for vibration monitoring, which is ascribed to the rising requirement for vibration monitoring in important applications including chemical and manufacturing industries that are highly prone to defects. 

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Fixed and portable are two types of monitoring systems, between which, fixed systems are predicted to become more popular as they provide more detailed analysis and monitoring in comparison to portable systems.

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