The global machine condition monitoring market size is projected to grow from USD 2.6 billion in 2021 to USD 3.6 billion by 2026; it is expected to grow at a CAGR of 7.1% from 2021 to 2026. The growth of the machine condition monitoring market is majorly driven by significance of remote operations owing to spread of COVID-19, advent of secure cloud computing platforms used for machine condition monitoring, adoption of wireless communication technology in machine condition monitoring, inclination toward predictive maintenance of industrial machinery, and deployment of automated condition monitoring technologies in smart factories.
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Vibration monitoring held the largest share of the machine condition monitoring market in 2020. Vibration monitoring is a widely used predictive maintenance technique as it can detect faults in machines at an early stage before repairs are required. It can also identify the exact location of faults in machines. Decreasing prices of vibration sensors and wireless systems have made vibration monitoring the most preferred technique for machine condition monitoring. Ease of data analysis and one-time installation are other factors driving the growth of the vibration monitoring segment of the market. Oil and gas, energy and power, automotive, pulp and paper, food and beverages, and chemicals are key industries impacted by the COVID-19. Vibration monitoring systems are predominantly used in the aforementioned industries, with oil and gas, automotive, and power generation being the significant end users of these systems.
Oil and gas segment is expected hold the largest share in the machine condition monitoring market during the forecast period. The industry has been emphasizing increasing its profitability owing to the rising pressure of high operating costs of oil and gas plants. Machine condition monitoring ensures uninterrupted operations of production machinery with minimized downtime; this helps reduce maintenance costs and increase the productivity of the machinery used in oil and gas plants. Though the oil and gas industry accounted for the largest share of the machine condition monitoring market in 2020, there was a sharp decline in oil prices owing to the COVID-19 in the same year. This may adversely affect the deployment of new machine condition monitoring systems and solutions in the oil and gas industry in 2021, as the industry is expected to start recovering this year, and the deployment of new machine condition monitoring systems and solutions will result in increased expenses for oil and gas companies.
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Machine condition monitoring market in APAC is expected to grow at the highest CAGR during 2021−2026. Ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency are fueling the growth of the machine condition monitoring market in this region. The expansion of manufacturing activities as a result of the migration of production bases to Asian countries, such as China, India, and South Korea, with low labor costs, is driving the demand for machine condition monitoring systems and solutions in the region.
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