Machine Condition Monitoring Market - Size, Share, Industry Trends, and Forecasts (2025-2032)

By Type:

Based on type, the market is segmented into vibration monitoring, temperature monitoring, strain monitoring, pressure monitoring, ultrasonic monitoring, and others.

Trends in the type:

• Rising adoption of vibration monitoring for early identification of potential equipment failures and prevention of costly downtime.
• Increasing utilization of temperature monitoring system, attributing to its several benefits including early fault detection, enhanced efficiency, extended equipment life, and others.

Vibration monitoring segment accounted for the largest revenue share in the overall market in 2024.

• Vibration monitoring is among the primary method used for assessment of the machine condition.
• In vibration monitoring, accelerometers are often utilized for monitoring variations in amplitude across a wide frequency range.
• Moreover, vibration monitoring enables users to analyze phenomena such as unbalance, misalignment, looseness, gear tooth issues, or bearing wear before an equipment failure.
• For instance, Acoem offers FALCON, a portable vibration monitoring system in its product offerings, which is optimized to maximize efficiency and coverage with a combination of wireless sensors and continuous monitoring.
• Thus, increasing advancements associated with vibration monitoring systems are accelerating the machine condition monitoring market size.

Temperature monitoring segment is anticipated to register substantial CAGR growth during the forecast period.

• Temperature monitoring primarily focuses on constant measurement and analysis of temperature of machinery and equipment during their operation.
• Temperature monitoring typically utilizes sensors for collecting temperature data and software for analyzing trends, detecting anomalies, and triggering alerts when predetermined thresholds are exceeded.
• Moreover, temperature monitoring systems are primarily used in oil & gas, power generation, food & beverage, pharmaceutical, and other industries.
• For instance, Teledyne FLIR LLC offers FLIR SV87-KITmodel of temperature condition monitoring solution for industrial applications in its product portfolio. The temperature condition monitoring solution enables manufacturing facilities including paper mills, food & beverage, oil & gas, and others to maintain constant remote condition monitoring of critical machinery and infrastructure.
• Thus, increasing advancements related to temperature monitoring solutions are anticipated to propel the machine condition monitoring market trends during the forecast period.

By Component:

Based on component, the market is segmented into hardware, software, and services.

Trends in the component:

• Increasing technological advancements associated with condition monitoring hardware devices such as sensors, display units, and others.
• Rising utilization of condition monitoring software in industrial facilities for facilitating constant parameter monitoring, analysis, optimization, and improved operational efficiency.

Hardware segment accounted for the largest revenue share of 53.22% in the overall machine condition monitoring market share in 2024.

• The primary hardware components used for condition monitoring include sensors, data acquisition system, communication interface, display units, and others.
• Sensors such as vibration sensors, temperature sensors, and others are typically used for measuring vibrations in machinery, monitoring operating temperatures, and other related parameters to identify misalignments, imbalance, and anomalies before any failure occurs.
• Additionally, display units such as dashboards or monitors are also used for presenting real-time data, alerts, and analytics to operators and maintenance personnel.
• Moreover, the aforementioned hardware components help in facilitating improved equipment condition monitoring within industrial facilities, in turn leading to enhanced efficiency and safety in industrial processes.
• For instance, in January 2024, Microchip Technology Inc. launched its new multi-channel remote temperature sensors. The temperature sensors are integrated with resistance error correction and beta compensation, which eliminates the necessity for additional configuration for improved accuracy.
• Therefore, rising innovations associated with hardware components used in condition monitoring system are driving the machine condition monitoring market trends.

Software segment is anticipated to register fastest CAGR growth during the forecast period.

• Condition monitoring software provides several functionalities including real-time monitoring of equipment, analysis, and reporting among others.

• Moreover, condition monitoring software facilitates continuous data collection from hardware components to provide real-time monitoring and rapid response to abnormal conditions.
• For instance, SKF is a condition monitoring solution manufacturer that offers condition monitoring software in its product portfolio. SKF’s condition monitoring software offers an integrated approach to condition monitoring by enabling fast, reliable, and efficient storage, manipulation and retrieval of large amounts of complex machinery and plant information.
• Hence, rising advancements related to equipment condition monitoring software are projected to drive the market during the forecast period.

By Deployment:

Based on deployment, the market is segmented into on-premise and cloud.

Trends in the deployment:

• Rising trend towards adoption of on-premise deployment due to higher security and privacy, lower network bandwidth costs, and more control over system hardware.
• Factors including the ease of integration, rapid deployment, and increasing consumer preference for flexible, scalable, reliable, and cost-effective condition monitoring software solutions are driving the cloud deployment segment.

On-premise segment accounted for a significant revenue in the total machine condition monitoring market in 2024.

• On-premise deployment enables enterprises to manage and have complete control over its integrations, and maintain tighter control over the condition monitoring system’s security aspects as compared to cloud-based deployment.
• Factors including higher security and privacy, lower network bandwidth costs, and more control over system hardware are vital aspects driving the on-premise deployment segment.
• For instance, ABB offers ABB Ability Condition Monitoring in its product offerings, which is an on-premise solution that utilizes edge technology and data analysis for monitoring and assessing the condition of ABB analyzers. Moreover, ABB’s on-premise condition monitoring solution helps in identifying abnormalities in the analyzer along with troubleshooting the cause remotely.
• According to the machine condition monitoring market analysis, the rising advancements associated with on-premise condition monitoring solutions are driving the market.

The cloud segment is anticipated to register a substantial CAGR growth during the forecast period.

• The cloud-based deployment offers a seamless collaboration along with fast and cost-effective access to condition monitoring software by multiple users irrespective of the time and location of the user.
• Moreover, cloud-based deployment provides a range of benefits such as minimal capital expense, rapid implementation, ease of utilization and integration, faster processing, and higher scalability.
• For instance, Siemens offers SIPLUS CMS1200 cloud-based condition monitoring solution in its product offerings. The cloud-based condition monitoring solution offers several features such as constant monitoring of machines and plants, digital control of the plant status, early detection of damage, and others.
• Thus, increasing advancements related to cloud-based condition monitoring solutions are anticipated to boost the market during the forecast period.

By End-User:

Based on the end user, the market is segmented into power generation, oil & gas, automotive, food & beverage, aerospace & defense, pharmaceutical, chemical, metal & mining, marine, and others.

Trends in the end user:

• Increasing adoption of condition monitoring in oil & gas sector for analyzing the operational performance and health of equipment used in oil & gas facilities.
• Factors including increasing rising development of power generation plants, development of manufacturing facilities, and increasing production from automotive, food & beverage, pharmaceutical, and other industries are among the key trends driving the adoption of condition monitoring systems.

Oil & gas segment accounted for a significant revenue share in the total machine condition monitoring market share in 2024.

• This dominance is attributed to the rising adoption of condition monitoring solutions in oil & gas sector for reducing equipment downtime, increasing operational efficiency, and improving safety.
• Moreover, condition monitoring systems are used in oil & gas sector for monitoring drilling rigs, pumps, compressors, and other critical machinery used in oil & gas facilities, which enables operators to detect issues early and schedule maintenance before any failures occur.
• For instance, in 2022, Equinor ASA, in partnership with Var Energi and Petoro, invested approximately USD 6 billion in an oil & gas project, Johan Castberg Field, located in Norway. The Johan Castberg field development project comprises of three oil discoveries that are estimated to produce 400 to 650 million barrels of oil after operation.
• Therefore, the increasing development of oil & gas facilities is driving the adoption of condition monitoring solutions, in turn propelling the market.

Food & beverage segment is anticipated to register a substantial CAGR growth during the forecast period.

• Condition monitoring systems are primarily used in food & beverage sector to monitor the health and performance of several equipment used in food & beverage facilities such as conveyer systems, mixers & agitators, pumps, and other related equipment.
• Moreover, the use of condition monitoring system in food & beverage facilities ensures early identification of machine defects, timely maintenance, along with efficient, safe, and continuous operation of machinery used in food & beverage facilities.
• For instance, according to Food Drink Europe, the European Union food and beverage sector was valued at EUR 1,121 billion (USD 1,196.7 billion) in 2022, demonstrating a growth of 2.6% in comparison to EUR 1,093 billion (USD 1,166.8 billion) in 2021.
• Hence, the growing food & beverage is projected to increase the utilization of condition monitoring system in food & beverage facilities, in turn driving the market during the forecast period.