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    Machine Condition Monitoring Market

    ID: 2059
    108 Pages
    Research Team
    12/2021

    Machine Condition Monitoring Market Research Report Information By End Use (Oil & Gas Industry, Chemical & Petrochemical Industry, Pulp & Paper Industry, and Steel & Metal Industry), By Monitoring Type (Vibration Monitoring, Thermography, Oil Analysis, and Corrosion Monitoring), By Monitoring Process Type (Online, and Portable), And By Region (North America, Europe, Asia-Pacific...

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    Market Summary

    Research Methodology on Machine Condition Monitoring Market


    1. Introduction


    This research aims to provide an all-inclusive assessment of the global Machine Condition Monitoring market in terms of the volume of sales and value of the same in the global market. The research report also gives a thorough account of the technological developments, industry growth drivers and restraints in the global marketplace. The report serves as a comprehensive guide to the global Machine Condition Monitoring market and provides a thorough overview of the competitive landscape of the market along with the forecast for 2023 to 2030.


    2. Research Approach and Methodology


    The research study has been divided into three phases: primary research, secondary research, and data synthesis. In the first phase, primary research was conducted to understand the current status of the machine condition monitoring market, aiding the analysis of the existing trends and drivers. The primary data was collected through interviews, surveys, and structured questionnaires which covered the key stakeholders such as business leaders, industry experts, and other people associated with the market, which includes manufacturers, distributors, and end users. Additionally, company reports, industry white papers, press releases, and journals were also considered to supplement the primary research.


    In secondary research, data was collected by utilizing directories as well as subscriptions to various trade magazines. Multiple sources such as government data, articles, databases, press releases, business directories, company websites, and industry journals were used to gain insights into the market.


    The machine condition monitoring market also has a competitive focus in the global arena. The global competitors of major players are competing intensely in the market and have various strategies deployed in the market to sustain their market position. A careful examination and detailed market analysis of the competitive landscape has been undertaken to understand the strategies of the competitors and the market positioning of the key players.


    In the data synthesis phase, a blend of the primary and secondary research was analysed together and data was represented in the form of spreadsheets, reports, and fusion charts. All the data gathered was then triangulated to study various parameters such as demand and supply. The industry experts and consultants further provided qualitative inputs about the market during the data triangulation process.


    The final stage involved a market assessment that included market segmentation based on market metrics, such as product type, pricing strategy, geography, and application-wise spending, SWOT analysis, Porter's Five Forces Model, technology roadmap, and PESTEL analysis.


    3. Market Size Estimation


    The market estimation was carried out by collecting data on the volume and value from reliable secondary resources such as reports, research papers, financial databases, and surveys. The market estimation was conducted through the top-down & bottom-up approach. Initially, the overall market size was calculated by reviewing the value and volume of the service sold across the globe. However, the regional market size was calculated by adding the value of the services sold in each region. The top-down approach further included the market breakdown in terms of product type, pricing strategy, and geography. The bottom-up approach was adopted to derive the overall market size of the Machine Condition Monitoring market.


    4. Data Triangulation


    To validate the market size of the Machine Condition Monitoring market, the data collected through various sources were triangulated using the following methods:



    • Supply Side: Product type, Pricing Strategy, and Geography

    • Demand Side: End-user Analysis and Market Channels

    • Scenario Analysis: SME Analysis & DTCA Analysis


    5. Pipeline Analysis


    The research report presents the market assessment of the pipeline of new products. Under the pipeline analysis, the new product developments, approval pipeline, and clinical trial review were conducted to give a complete picture of the market.


    6. Conclusion


    The market research study on the Machine Condition Monitoring market has provided a comprehensive analysis of the market, which covers a wide range of supply and demand factors, technological advancements, market value, industry growth, and restraints.


    In addition, a complete overview of the competitive landscape and a SWOT analysis of the market has been provided, enabling readers to make the right decision while investing in the Machine Condition Monitoring market. The research report has also considered regional and global developments, trends, competitive landscape, and government regulations, providing a thorough assessment of the global market.

    Market Size & Forecast

    Attribute/Metric Details
    Market Size 2023 USD 2.6825 Billion
    Market Size 2024 USD 2.8783 Billion
    Market Size 2032 USD 4.713 Billion
    Compound Annual Growth Rate (CAGR) 6.36% (2024-2032)
    Base Year 2023
    Market Forecast Period 2024-2032
    Historical Data 2018- 2022
    Market Forecast Units Value (USD Billion)
    Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments Covered End Use, Monitoring Type, Monitoring Process Type, and Region
    Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
    Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
    Key Companies Profiled Emerson Electric Co., General Electric, Rockwell Automation Inc., Parker Hannifin Corp, Analog Devices Inc., SKF, Amphenol Inc., Allied Reliability, National Instruments Corp, Meggit Plc, and Fluke Corporation
    Key Market Opportunities Increase in adoption of industry 4.0
    Key Market Dynamics Rise in need for predictive maintenance and product innovations by market players

    Major Players

    Machine Condition Monitoring Market Segmentation

    Machine Condition Monitoring End use Outlook (USD Billion, 2018-2032)

    • Oil & gas industry

    • Chemical & petrochemical industry

    • Pulp & paper industry

    • Steel & metal industry

    Machine Condition Monitoring, Monitoring Type Outlook (USD Billion, 2018-2032)

    • Vibration monitoring

    • Thermography

    • Oil Analysis

    • Corrosion Monitoring

    Machine Condition Monitoring, Monitoring Process Type Outlook (USD Billion, 2018-2032)

    • Online

    • Portable

    Machine Condition Monitoring Regional Outlook (USD Billion, 2018-2032)

    • North America Outlook (USD Billion, 2018-2032)

      • North America Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • North America Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • North America Machine Condition Monitoring by Monitoring Type

        • Online

        • Portable

      • US Outlook (USD Billion, 2018-2032)

      • US Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • US Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • US Machine Condition Monitoring by Monitoring Process type

        • Online

        • Portable

      • CANADA Outlook (USD Billion, 2018-2032)

      • CANADA Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • CANADA Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • CANADA Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

    • Europe Outlook (USD Billion, 2018-2032)

      • Europe Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Europe Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Europe Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • Germany Outlook (USD Billion, 2018-2032)

      • Germany Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Germany Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Germany Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • France Outlook (USD Billion, 2018-2032)

      • France Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • France Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • France Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • UK Outlook (USD Billion, 2018-2032)

      • UK Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • UK Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • UK Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • ITALY Outlook (USD Billion, 2018-2032)

      • ITALY Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • ITALY Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • ITALY Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • SPAIN Outlook (USD Billion, 2018-2032)

      • Spain Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Spain Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Spain Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • Rest Of Europe Outlook (USD Billion, 2018-2032)

      • Rest Of Europe Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • REST OF EUROPE Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • REST OF EUROPE Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

    • Asia-Pacific Outlook (USD Billion, 2018-2032)

      • Asia-Pacific Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Asia-Pacific Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Asia-Pacific Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • China Outlook (USD Billion, 2018-2032)

      • China Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • China Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • China Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • Japan Outlook (USD Billion, 2018-2032)

      • Japan Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Japan Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Japan Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • India Outlook (USD Billion, 2018-2032)

      • India Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • India Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • India Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • Australia Outlook (USD Billion, 2018-2032)

      • Australia Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Australia Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Australia Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • Rest of Asia-Pacific Outlook (USD Billion, 2018-2032)

      • Rest of Asia-Pacific Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Rest of Asia-Pacific Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Rest of Asia-Pacific Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

    • Rest of the World Outlook (USD Billion, 2018-2032)

      • Rest of the World Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Rest of the World Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Rest of the World Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • Middle East Outlook (USD Billion, 2018-2032)

      • Middle East Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Middle East Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Middle East Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • Africa Outlook (USD Billion, 2018-2032)

      • Africa Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Africa Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Africa Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

      • Latin America Outlook (USD Billion, 2018-2032)

      • Latin America Machine Condition Monitoring by End use

        • Oil & gas industry

        • Chemical & petrochemical industry

        • Pulp & paper industry

      • Latin America Machine Condition Monitoring by Monitoring type

        • Vibration monitoring

        • Thermography

        • Oil Analysis

        • Corrosion Monitoring

      • Latin America Machine Condition Monitoring by Monitoring process type

        • Online

        • Portable

    Market Trends

    Global Machine Condition Monitoring Market Overview:

    Machine Condition Monitoring Market Size was valued at USD 2.6825 billion in 2023. The Machine Condition Monitoring market industry is projected to grow from USD 2.8783 Billion in 2024 to USD 4.713 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.36% during the forecast period (2024 - 2032). The requirement to offer improved diagnostics and aid in determining the machine’s health are the key market drivers enhancing the market growth.

    Machine Condition Monitoring Market Overview

    Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

    Machine Condition Monitoring Market Trends

      • Growing need for enhanced diagnostics is driving the market growth

    Market CAGR for machine condition monitoring is being driven by the rising demand for sophisticated diagnostics to assess the machine's health. Manufacturers have looked for condition monitoring systems to improve, track, and maintain the operation of their machinery. In addition, the move towards lean manufacturing has compelled enterprises to look into condition monitoring to improve spare parts availability and cost forecasting, boost production efficiency, and reduce downtime.

    Stakehol...

    Market Segment Insights

    Smartphone Sensors Smartphone Type Insights

    The Smartphone Sensors market segmentation, based on smartphone type, includes standard smartphone, rugged smartphone, smartwatches, and other wearable. The standard smartphone segment dominated the market, accounting for the maximum market revenue. A smartphone is a mobile phone with a built-in computer and advanced features, such as web browsing and operating system, which are not associated with its counterpart. The rising mobile internet use, rising disposable income in developing countries, and high ownership of premium design smartphones are a few factors that are anticipated to grow smartphone sales. Smartphones are helped by a mobile operating system that offers advanced computing facilities. A smartphone can also work as a digital media player for uploading photos, videos, and music through a single interface.

    Smartphone Sensors Market, By Device Type Outlook, 2024 & 2035
    Get detailed insights about Machine Condition Monitoring Market

    Smartphone Sensors Manufacturer Insights

    The Smartphone Sensors market segmentation, based on the manufacturer, includes Apple Inc., Samsung Electronics, Huawei Technology, Xiaomi Inc., Oppo, Sony Corporation, HMD Global, and others. The Apple Inc. segment generated the most revenue due to its superior quality. Apple’s iPhone stands out over all other smartphones in the market. Apple Inc. is the market leader because they use more sensors in their devices to provide unique features. For Instance: Apple’s iPhone 12 uses a lidar for depth sensing, proximity for 3D touch, a gyroscope for compass, GPS, face ID for biometrics, auto-off, a barometer, a magnetometer for compass & GPS, and an ambient light sensor for auto-dimming displays. The better user experience, increased accessibility, and more security these sensors offer consumers to boost the segment‘s growth.

    Smartphone Sensors Application Insights

    The Smartphone Sensors market segmentation, based on the manufacturer, includes Apple Inc., Samsung Electronics, Huawei Technology, Xiaomi Inc., Oppo, Sony Corporation, HMD Global, and others. The Apple Inc. segment generated the most revenue due to its superior quality. Apple’s iPhone stands out over all other smartphones in the market. Apple Inc. is the market leader because they use more sensors in their devices to provide unique features. For Instance: Apple’s iPhone 12 uses a lidar for depth sensing, proximity for 3D touch, a gyroscope for compass, GPS, face ID for biometrics, auto-off, a barometer, a magnetometer for compass & GPS, and an ambient light sensor for auto-dimming displays. The better user experience, increased accessibility, and more security these sensors offer consumers to boost the segment‘s growth.

    Smartphone Sensors Regional Insights

    The Smartphone Sensors market segmentation, based on the manufacturer, includes Apple Inc., Samsung Electronics, Huawei Technology, Xiaomi Inc., Oppo, Sony Corporation, HMD Global, and others. The Apple Inc. segment generated the most revenue due to its superior quality. Apple’s iPhone stands out over all other smartphones in the market. Apple Inc. is the market leader because they use more sensors in their devices to provide unique features. For Instance: Apple’s iPhone 12 uses a lidar for depth sensing, proximity for 3D touch, a gyroscope for compass, GPS, face ID for biometrics, auto-off, a barometer, a magnetometer for compass & GPS, and an ambient light sensor for auto-dimming displays. The better user experience, increased accessibility, and more security these sensors offer consumers to boost the segment‘s growth.

    Smartphone Sensors Market, By Device Type Outlook, 2024 & 2035
    Get detailed insights about Smartphone Sensors Market

    Smartphone Sensors Price Insights

    The Smartphone Sensors market segmentation, based on price, includes USD 300 to USD 500, USD 100 to USD 300, above USD 500, and under USD 100. The USD 300 to USD 500 segment dominated the market revenue in the projected period. Most smartphones sold in medium-end devices have a sensor within this range. For instance: Nubia launched a new flagship Android device powered by the latest Snapdragon 8Gen 2CPU. The OEM has also specified that this gadget, which peculiarly seems to go by the name Z50 even though its processor was the z40 Pro, will compete with the Xiaomi 13 and iQOO11 series with cutting-edge LPDDR5X RAM and storage with the most recent UFS 4.0 spec.

    Get more detailed insights about Machine Condition Monitoring Market

    Key Players and Competitive Insights

    Leading market players are investing heavily in research and development to expand their product lines, which will help the Smartphone Sensors market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and growing market climate, the Smartphone Sensors industry must offer cost-effective items.

    Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Smartphone Sensors industry to benefit clients and increase the market sector. In recent years, the Smartphone Sensors industry has offered manufacturers some of the most significant advantages. Major players in the Smartphone Sensors market, including MS AG (Austria), Broadcom Inc. (US), DYNA IMAGE Corporation (China), Murata Electronics Oy (Finland), NEXT Biometrics Group ASA (Norway), Omron Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan)., and others, are attempting to increase market demand by investing in research and development operations.

    Samsung is dedicated to abiding by local laws and regulations and enforcing a strict code of conduct for all employees. Samsung adheres to a straightforward business tent: to usage its technology and expertise to develop top-notch goods and services that make a more cultured world. Samsung provides a high importance on its people and technologies to do this. For Instance: In January 2023, Samsung Electronics launched its new MICRO LED, Neo QLED, and Samsung OLED product lines, along with lifestyle products and accessories, before CES® 2023.

    Apple Inc. is a multinational American technology business with its main office in Cupertino, California. According to revenue, Apple will be the top technological business in the world in 2022, with US $ 394.3 billion in sales. According to market capitalization, Apple is the largest corporation in the world as of March 2023. For Instance: In September 2022, the iPhone 14 and iPhone 14 Plus, which come in two sizes, 6.1 and 6.7 inches and include a smart design, camera upgrades, and game-changing new safety measures, were introduced by Apple. The iPhone 14 and iPhone 14 Plus have a powerful camera system that incorporates the primary and front TrueDepth cameras, the Ultra Wide camera for uncommon perspectives, and the photonic engine, an enhanced picture pipeline.

    Key Companies in the Smartphone Sensors market include

    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)
    MS AG (Austria)

    Industry Developments

    • September 2022: Comcast and Samsung Electronics announced their partnership to create 5G Radio Access Network (RAN) technologies to enhance 5G connection for Xfinity Mobile and Comcast Business Mobile users in Comcast service zones. Samsung will provide 5G RAN technology, and Comcast will deploy Citizens Broadband Radio Service (CBRS) and 600 MHz spectrum to provide 5G access to consumer and business users in the US.
    • October 2022: Huawei announced the release of the newest antenna solutions, including the Maxwell platform and the X2 antenna series, for the subsequent 5G antenna innovation stage. The new technologies speed up 5G deployment by improving antenna and setup capabilities.

    Market Segmentation

    Smartphone Type Outlook

    • Standard Smartphone
    • Rugged Smartphone
    • Smartwatches
    • Other Wearable

    Price Outlook

    • USD 300 to USD 500
    • USD 100 to USD 300
    • Above USD 500
    • Under USD 100

    Manufacturer Outlook

    • Apple Inc.
    • Samsung Electronics
    • Huawei Technology
    • Xiaomi Inc.
    • Oppo
    • Sony Corporation
    • HMD Global

    Application Outlook

    • High-Level
    • Mid-Level
    • Low-Level

    Manufacturer Outlook

    North America
    • US
    • Canada
    Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
    Asia-Pacific
    • China
    • Japan
    • India
    • Italy
    • Australia
    • South Korea
    • Rest of Asia-Pacific
    Rest of the World
    • Middle East
    • Africa
    • Latin America

    Report Scope

    Attribute/Metric Details
    Market Size 2023 USD 2.6825 Billion
    Market Size 2024 USD 2.8783 Billion
    Market Size 2032 USD 4.713 Billion
    Compound Annual Growth Rate (CAGR) 6.36% (2024-2032)
    Base Year 2023
    Market Forecast Period 2024-2032
    Historical Data 2018- 2022
    Market Forecast Units Value (USD Billion)
    Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments Covered End Use, Monitoring Type, Monitoring Process Type, and Region
    Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
    Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
    Key Companies Profiled Emerson Electric Co., General Electric, Rockwell Automation Inc., Parker Hannifin Corp, Analog Devices Inc., SKF, Amphenol Inc., Allied Reliability, National Instruments Corp, Meggit Plc, and Fluke Corporation
    Key Market Opportunities Increase in adoption of industry 4.0
    Key Market Dynamics Rise in need for predictive maintenance and product innovations by market players

    Market Highlights

    Author

    Aarti Dhapte
    Team Lead - Research

    She holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.

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    Latest Comments

    John Doe
    john@example.com

    This is a great article! Really helped me understand the topic better.

    Posted on July 23, 2025, 10:15 AM
    Jane Smith
    jane@domain.com

    Thanks for sharing this. I’ve bookmarked it for later reference.

    Posted on July 22, 2025, 7:45 PM
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    FAQs

    At what amount is the market expected to be valued by the end of 223?

    By 2023, the market is assessed to be valued at USD 2.91 Bn.

    What will be the CAGR of the market between 2017 and 2023?

    The market is anticipated to mark 5.55% CAGR over the forecast period.

    What are the end-user segments of the market?

    The end-user segments of the global market are - power, chemical and petrochemical, oil and gas, pulp and paper, steel and metal, cement, pharmaceutical, food and beverage, and automotive.

    What are the drivers of the market?

    The rising awareness about the systems, coupled with increasing adoption of advanced technologies, is expected to drive market growth.

    Mention some of the key players in the market.

    Emerson Electric (U.S.), Rockwell Automation (U.S.), General Electric (U.S.), Timken (U.S.), SKF (Swedan), NSK (Japan), FLIR Systems (U.S.), Parker-Hannifin (U.S.), and PCB Piezotronics (U.S.).

    What was the valuation of North America market in 2016?

    The valuation of the regional market in 2016 was USD 754.77 Mn.

    Which regions are covered in the report?

    North America, Europe, Asia-Pacific (APAC), and the Rest of the world are covered in the report along with a country-level analysis for each of these regions.

    Why is the product gaining popularity?

    Rising demand for the detection of machine faults is anticipated to facilitate the product to gain popularity in the coming years.

    1. EXECUTIVE SUMMARY
      1. MARKET SUMMARY
      2. DEFINITION
      3. SCOPE OF THE STUDY
      4. MARKET
    2. RESEARCH METHODOLOGY
      1. RESEARCH PROCESS
      2. PRIMARY
      3. SECONDARY RESEARCH
      4. MARKET SIZE ESTIMATION
      5. FORECAST
      6. LIST OF ASSUMPTIONS
    3. MARKET DYNAMICS
      1. INTRODUCTION
      2. DRIVERS
        1. SHIFT FROM PREVENTIVE MAINTENANCE TO PREDICTIVE MAINTENANCE
        2. FOCUS ON EMPLOYEE HEALTH AND SAFETY STANDARDS
      3. RESTRAINTS
      4. OPPORTUNITIES
        1. ADVENT OF BIG DATA ANALYTICS
      5. COVID-19 IMPACT ANALYSIS
        1. IMPACT ON THE GLOBAL
    4. MARKET FACTOR ANALYSIS
      1. SUPPLY CHAIN
        1. DESIGN & DEVELOPMENT
        2. COMPONENT SUPPLY
        3. END USE
      2. PORTER’S FIVE FORCES MODEL
        1. THREAT OF NEW ENTRANTS
        2. BARGAINING POWER OF SUPPLIERS
        3. BARGAINING POWER OF BUYERS
        4. INTENSITY
    5. GLOBAL MACHINE CONDITION MONITORING MARKET, BY END USE
    6. GLOBAL MACHINE CONDITION MONITORING
      1. OVERVIEW
        1. MARKET ESTIMATES & FORECAST,
        2. VIBRATION MONITORING
        3. THERMOGRAPHY
        4. CORROSION MONITORING
        5. ULTRASOUND EMISSION MONITORING
        6. MOTOR CURRENT ANALYSIS
    7. GLOBAL MACHINE CONDITION MONITORING MARKET,
      1. OVERVIEW
        1. MARKET ESTIMATES & FORECAST,
        2. ONLINE
        3. PORTABLE
    8. GLOBAL MACHINE CONDITION
      1. OVERVIEW
        1. MARKET ESTIMATES &
        2. HARDWARE
        3. SOFTWARE
        4. SERVICES
    9. GLOBAL MACHINE CONDITION MONITORING MARKET, BY REGION
      1. OVERVIEW
        1. MARKET ESTIMATES & FORECAST, 2024–2032
      2. NORTH AMERICA
        1. US
        2. CANADA
        3. MEXICO
        4. GERMANY
        5. FRANCE
        6. UK
        7. REST OF
      3. ASIA-PACIFIC
        1. CHINA
        2. JAPAN
        3. INDIA
        4. REST OF ASIA-PACIFIC
      4. REST OF THE WORLD
        1. SOUTH AMERICA
        2. MIDDLE EAST & AFRICA
    10. COMPETITIVE LANDSCAPE
      1. OVERVIEW
      2. MARKET SHARE ANALYSIS
      3. COMPETITIVE BENCHMARKING
      4. COMPETITOR
      5. KEY DEVELOPMENTS & GROWTH STRATEGIES
        1. PRODUCT
        2. MERGERS & ACQUISITIONS/EXPANSIONS/PARTNERSHIPS/JOINT
    11. COMPANY PROFILE
      1. EMERSON ELECTRIC CO.
        1. COMPANY
        2. FINANCIAL OVERVIEW
        3. PRODUCTS OFFERED
        4. SWOT ANALYSIS
        5. KEY STRATEGIES
        6. COMPANY OVERVIEW
        7. FINANCIAL OVERVIEW
        8. PRODUCTS OFFERED
        9. KEY DEVELOPMENTS
        10. SWOT ANALYSIS
        11. KEY STRATEGIES
      2. ROCKWELL AUTOMATION, INC.
        1. COMPANY
        2. FINANCIAL OVERVIEW
        3. PRODUCTS OFFERED
        4. SWOT ANALYSIS
        5. KEY STRATEGIES
        6. COMPANY OVERVIEW
        7. FINANCIAL OVERVIEW
        8. PRODUCTS OFFERED
        9. KEY DEVELOPMENTS
        10. SWOT ANALYSIS
        11. KEY STRATEGIES
      3. ANALOG DEVICES, INC.
        1. COMPANY OVERVIEW
        2. FINANCIAL OVERVIEW
        3. PRODUCTS OFFERED
        4. KEY DEVELOPMENTS
        5. SWOT ANALYSIS
        6. KEY STRATEGIES
      4. SKF
        1. COMPANY
        2. FINANCIAL OVERVIEW
        3. PRODUCTS OFFERED
        4. SWOT ANALYSIS
        5. KEY STRATEGIES
        6. COMPANY OVERVIEW
        7. FINANCIAL OVERVIEW
        8. PRODUCTS OFFERED
        9. KEY DEVELOPMENTS
        10. SWOT ANALYSIS
        11. KEY STRATEGIES
      5. ALLIED RELIABILITY
        1. COMPANY OVERVIEW
        2. FINANCIAL OVERVIEW
        3. PRODUCTS OFFERED
        4. KEY DEVELOPMENTS
        5. KEY STRATEGIES
      6. NATIONAL INSTRUMENTS CORP.
        1. COMPANY
        2. FINANCIAL OVERVIEW
        3. PRODUCTS OFFERED
        4. SWOT ANALYSIS
        5. KEY STRATEGIES
        6. COMPANY OVERVIEW
        7. FINANCIAL OVERVIEW
        8. KEY DEVELOPMENTS
        9. SWOT ANALYSIS
      7. FLUKE CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS OFFERED
        3. KEY DEVELOPMENTS
        4. KEY STRATEGIES
    12. GLOBAL MACHINE CONDITION MONITORING MARKET, BY SOFTWARE COMPONENT, 2024-2032(USD
    13. CANADA: MACHINE CONDITION MONITORING MARKET, BY SOFTWARE COMPONENT, 2024-2032(USD
    14. MEXICO: MACHINE CONDITION MONITORING MARKET, BY END USE, 2024-2032(USD MILLION)
    15. EUROPE: MACHINE CONDITION MONITORING MARKET, BY SOFTWARE COMPONENT, 2024-2032(USD
    16. GERMANY: MACHINE CONDITION MONITORING MARKET, BY END USE, 2024-2032(USD MILLION)
    17. UK: MACHINE CONDITION MONITORING MARKET, BY HARDWARE COMPONENT, 2024-2032(USD
    18. REST OF EUROPE: MACHINE CONDITION MONITORING MARKET, BY END USE, 2024-2032(USD
    19. ASIA-PACIFIC: MACHINE CONDITION MONITORING MARKET, BY END USE, 2024-2032(USD
    20. CHINA: MACHINE CONDITION MONITORING MARKET, BY COMPONENT, 2024-2032(USD MILLION)
    21. JAPAN: MACHINE CONDITION MONITORING MARKET, BY MONITORING TYPE, 2024-2032(USD
    22. INDIA: MACHINE CONDITION MONITORING MARKET, BY SOFTWARE COMPONENT, 2024-2032(USD
    23. REST OF ASIA-PACIFIC: MACHINE CONDITION MONITORING MARKET, BY END USE, 2024-2032(USD
    24. REST OF ASIA-PACIFIC: MACHINE CONDITION MONITORING MARKET, BY SOFTWARE COMPONENT,
    25. SOUTH AMERICA: MACHINE CONDITION MONITORING MARKET, BY SOFTWARE COMPONENT, 2024-2032(USD
    26. MIDDLE EAST & AFRICA: MACHINE CONDITION MONITORING MARKET, BY MONITORING
    27. COMPETITOR DASHBOARD: GLOBAL MACHINE CONDITION MONITORING MARKET
    28. PRODUCT LAUNCHES/PRODUCT DEVELOPMENTS/SERVICE DEPLOYMENTS
    29. ROCKWELL AUTOMATION, INC.: KEY DEVELOPMENTS
    30. ANALOG DEVICES, INC.: PRODUCTS OFFERED
    31. GLOBAL MACHINE CONDITION MONITORING MARKET: MARKET STRUCTURE
    32. GLOBAL MACHINE CONDITION MONITORING MARKET: DRIVERS IMPACT ANALYSIS
    33. GLOBAL MACHINE CONDITION MONITORING MARKET: RESTRAINTS IMPACT ANALYSIS
    34. VALUE CHAIN: MACHINE CONDITION MONITORING MARKET
    35. ROCKWELL AUTOMATION, INC.: FINANCIAL OVERVIEW SNAPSHOT

    Machine Condition Monitoring Market Segmentation

    Machine Condition Monitoring End use Outlook (USD Billion, 2018-2032)

    • Oil & gas industry
    • Chemical & petrochemical industry
    • Pulp & paper industry
    • Steel & metal industry

    Machine Condition Monitoring, Monitoring Type Outlook (USD Billion, 2018-2032)

    • Vibration monitoring
    • Thermography
    • Oil Analysis
    • Corrosion Monitoring

    Machine Condition Monitoring, Monitoring Process Type Outlook (USD Billion, 2018-2032)

    • Online
    • Portable

    Machine Condition Monitoring Regional Outlook (USD Billion, 2018-2032)

    • North America Outlook (USD Billion, 2018-2032)

      • North America Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • North America Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • North America Machine Condition Monitoring by Monitoring Type
        • Online
        • Portable

      • US Outlook (USD Billion, 2018-2032)

      • US Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • US Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • US Machine Condition Monitoring by Monitoring Process type
        • Online
        • Portable

      • CANADA Outlook (USD Billion, 2018-2032)

      • CANADA Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • CANADA Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • CANADA Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

    • Europe Outlook (USD Billion, 2018-2032)

      • Europe Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Europe Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Europe Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • Germany Outlook (USD Billion, 2018-2032)

      • Germany Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Germany Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Germany Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • France Outlook (USD Billion, 2018-2032)

      • France Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • France Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • France Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • UK Outlook (USD Billion, 2018-2032)

      • UK Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • UK Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • UK Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • ITALY Outlook (USD Billion, 2018-2032)

      • ITALY Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • ITALY Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • ITALY Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • SPAIN Outlook (USD Billion, 2018-2032)

      • Spain Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Spain Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Spain Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • Rest Of Europe Outlook (USD Billion, 2018-2032)

      • Rest Of Europe Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • REST OF EUROPE Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • REST OF EUROPE Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

    • Asia-Pacific Outlook (USD Billion, 2018-2032)

      • Asia-Pacific Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Asia-Pacific Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Asia-Pacific Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • China Outlook (USD Billion, 2018-2032)

      • China Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • China Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • China Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • Japan Outlook (USD Billion, 2018-2032)

      • Japan Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Japan Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Japan Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • India Outlook (USD Billion, 2018-2032)

      • India Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • India Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • India Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • Australia Outlook (USD Billion, 2018-2032)

      • Australia Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Australia Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Australia Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • Rest of Asia-Pacific Outlook (USD Billion, 2018-2032)

      • Rest of Asia-Pacific Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Rest of Asia-Pacific Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Rest of Asia-Pacific Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

    • Rest of the World Outlook (USD Billion, 2018-2032)

      • Rest of the World Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Rest of the World Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Rest of the World Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • Middle East Outlook (USD Billion, 2018-2032)

      • Middle East Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Middle East Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Middle East Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • Africa Outlook (USD Billion, 2018-2032)

      • Africa Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Africa Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Africa Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable

      • Latin America Outlook (USD Billion, 2018-2032)

      • Latin America Machine Condition Monitoring by End use
        • Oil & gas industry
        • Chemical & petrochemical industry
        • Pulp & paper industry
      • Latin America Machine Condition Monitoring by Monitoring type
        • Vibration monitoring
        • Thermography
        • Oil Analysis
        • Corrosion Monitoring
      • Latin America Machine Condition Monitoring by Monitoring process type
        • Online
        • Portable
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