Machine Condition Monitoring Market Size, Share, and Trends Analysis, By Component (Hardware, Software, Services), By Deployment (On-Premises, Cloud-Based), By Application (Predictive Maintenance, Fault Diagnosis, Quality Control, Others), By End-Use (Manufacturing, Oil & Gas, Energy & Power, Others), and By Region, Forecast 2025-2032

Machine Condition Monitoring Market Overview and Key Insights:

The global machine condition monitoring market reached USD 3428.6 million in 2024 and is expected to register a revenue CAGR of 8.2% during the forecast period. Increasing demand for predictive maintenance, rising adoption of industrial automation and smart manufacturing, growing focus on asset management, and rising adoption of wireless sensors in industrial plants are expected to drive revenue growth of the market.

Market Drivers:

Increasing demand for predictive maintenance is a major factor driving revenue growth of the market. Industries in recent days are shifting from traditional reactive maintenance to predictive approaches to minimize unplanned downtime and optimize equipment performance. Predictive maintenance utilizes real-time data, sensors, and analytics to detect early signs of equipment failure. It enables timely intervention before costly breakdowns occur. This approach increases operational efficiency, reduces maintenance costs, and extends machinery lifespan.

The launch of innovative solutions for predictive maintenance is also accelerating the revenue growth of the machine condition monitoring market. In May 2025, for instance, Arduino, an Italian company specializing in open-source hardware and software, introduced a new addition to its industrial automation portfolio, the Arduino Rileva ME Opta Bundle. This latest offering is designed to support anomaly detection and predictive maintenance. It provides a comprehensive solution for monitoring various types of industrial equipment, including motors, pumps, gearboxes, compressors, fans, and other machinery.

Market Opportunity:

Growing complexity of industrial machinery is creating significant opportunities for the market. Modern equipment now integrates advanced automation, sensors, and interconnected systems. It makes them difficult to identify performance issues through traditional maintenance methods. Complex machinery demands continuous monitoring to maintain efficiency, prevent breakdowns, and optimize performance. This shift has accelerated the adoption of advanced condition monitoring technologies that offer real-time insights, predictive analytics, and early defect detection. The demand for reliable condition monitoring solutions continues to rise in these days due to the rising need to manage the intricate operations of high-tech machinery among industries.

In March 2025, Augury, a leading provider of industrial AI solutions focused on reliability and process optimization, has launched the Machine Health Ultra Low solution. It is the first AI-powered system designed to monitor and diagnose slow-rotating machinery operating between 1 and 150 RPM. This innovative technology utilizes ultrasonic sensing and advanced AI analytics to accurately identify early signs of machine faults in complex manufacturing equipment that were previously difficult to monitor continuously. It enables manufacturers to apply predictive maintenance to a broader range of equipment, improving reliability, minimizing downtime, and driving wider adoption of advanced condition monitoring solutions across industries.

Recent Trends:

One recent trend in the machine condition monitoring market is the rise of digital twin technology, which offers advanced fault diagnosis and simulation capabilities. Creating a virtual replica of physical machinery, digital twins provide real-time monitoring, predictive analytics, and detailed simulation of equipment behaviour under various operating conditions. This approach allows manufacturers to detect anomalies early, anticipate potential failures, and test maintenance strategies without disrupting actual production. Integration with IoT sensors and AI-driven analytics further enhances fault detection accuracy, reduces downtime, and optimizes maintenance schedules.

In October 2024, consulting company ABS announced that it had been awarded a contract to deliver and test a digital twin solution for real-time condition monitoring of a Petrobras FPSO unit. The solution will create a digital twin of the asset, and ABS has partnered with Akselos S.A. to implement the Akselos Structural Performance Management software. Over the next year, the software will be evaluated by monitoring one of the four FPSO units in the Cessão Onerosa oil field.

Restraints & Challenges:

increasing vulnerability of cyberattacks is restraining revenue growth of the market. Condition monitoring solutions, increasingly connected through IoT devices, cloud platforms, and remote access. It creates new entry points for cyber threats such as ransomware, data breaches, and system manipulation. These vulnerabilities raise concerns among industries managing critical infrastructure, manufacturing, and energy assets, where a security breach causes operational disruption, financial losses, and safety hazards. This concern has slowed adoption, especially among small and medium enterprises that lack robust cybersecurity frameworks, thereby limiting the revenue growth of the market.

Component Segment Insights and Analysis:

Based on the component, the machine condition monitoring market is segmented into hardware, software and services. Hardware segment is further sub-segmented into vibration sensors, ultrasound detectors, infrared sensors, corrosion probes, spectrometers and others. Software segment is further sub-segmented into data integration software, diagnostic software, predictive maintenance software, and others. Services segment is further sub-segmented into consulting services, training services, implementation & integration services, and support & maintenance services.

Hardware segment contributed the largest share in 2024, due to the rising demand for advanced sensors, data acquisition devices, and edge computing equipment that enable real-time monitoring of industrial machinery. High-performance vibration sensors, temperature probes, pressure transducers, and IoT-enabled devices are essential for accurately capturing operational data across complex and critical assets. Additionally, industries are investing in robust, durable hardware capable of withstanding harsh environments while ensuring reliable performance.

In March 2025, TDK Corporation has introduced the TDK SensEI edgeRX, marking a major advancement in industrial maintenance and machine health monitoring technology. The edgeRX platform utilizes AI-enabled edge sensor devices to deliver next-generation monitoring capabilities. It integrates a range of hardware components, including motion, magnetic, and other sensors, into a unified and intelligent system. This growing demand for intelligent, edge-based monitoring solutions is fueling revenue growth of this segment.

Deployment Segment Insights and Analysis:

Based on deployment, the machine condition monitoring market is segmented into cloud and on-premises. Cloud segment is further sub-segmented in public cloud, private cloud, and hybrid cloud.

Cloud segment is expected to register a fast revenue growth rate during the forecast period due to the rising adoption of cloud-based technology, owing to its scalability, cost efficiency, and ability to enable remote access to machine data. Cloud-based solutions allow organizations to collect, store, and analyze large volumes of condition data from multiple assets in real time. It supports predictive maintenance and reduces operational downtime. These platforms also simplify integration with AI and IoT technologies, enhancing the accuracy of diagnostics and decision-making. The growing trend toward digital transformation and the need for centralized monitoring across distributed industrial sites are further propelling the revenue growth of this segment.

In August 2024, Asahi Kasei Engineering introduced V-MO, a new cloud-based predictive maintenance service for ocean vessel motors, making its European debut at the Shipbuilding, Machinery, and Marine Technology event. Developed in collaboration with Mitsui O.S.K. Lines (MOL), the V-MO service is designed to identify early signs of motor abnormalities, helping ensure stable operations and minimize downtime for oceangoing vessels. The growing preference for scalable, cloud-enabled platforms that enhance operational reliability and efficiency is accelerating revenue growth of this segment.

Application Segment Insights and Analysis:

Based on application, the machine condition monitoring market is segmented into predictive maintenance, fault diagnosis, quality control, performance optimization, safety compliance, and others.

Predictive maintenance segment is expected to register a fast revenue growth rate during the forecast period due to the increasing emphasis on minimizing equipment downtime and optimizing operational efficiency. Predictive maintenance leverages real-time data, advanced analytics, and AI-driven insights to detect potential equipment failures before they occur. It provides timely intervention and reduces unplanned maintenance costs. Industries such as manufacturing, energy, marine, and transportation are increasingly adopting predictive maintenance to extend equipment lifespan and improve productivity.

In June 2021, ABB introduced the ABB Ability condition monitoring for belts, a cutting-edge digital solution that allows mining operators to monitor conveyor belt parameters such as speed, alignment, damage, thickness, wear, slippage, and temperature in real time. This system facilitates a shift from preventive to predictive maintenance, helping operators prevent costly failures that may arise between manual inspections while also reducing the need for personnel to work in hazardous environments. The solution enhances productivity and reliability and driving broader adoption of predictive maintenance technologies across the industrial sector.

Geographical Outlook:

Machine Condition Monitoring market is strategically segmented by geography to provide a comprehensive understanding of regional market dynamic. Discover demand analysis, emerging trends, and growth opportunities shaping market performance across different region and countries.

North America Machine Condition Monitoring Market:

Market in North America accounted for largest revenue share in 2024 due to the widespread adoption of advanced industrial automation and predictive maintenance technologies in the region, especially in U.S. and Canada. Industries such as automotive, oil and gas, energy, and aerospace are increasingly integrating IoT sensors, AI, and cloud-based analytics to enhance equipment reliability and reduce operational downtime. According to the International Federation of Robotics (IFR), automakers in the United States have increased their investment in automation, with total industrial robot installations in the automotive sector rising by 10.7% to 13,700 units in 2024. The deployment of more industrial robots is increasing the demand for predictive maintenance and real-time condition monitoring solutions in the region. It helps manufacturers minimize downtime, optimize performance, and extend equipment lifespan, thereby driving revenue growth of the market in this region.

Asia Pacific Machine Condition Monitoring Market:

Asia Pacific is expected to register a fast revenue growth rate during the forecast period due to rapid industrialization, expansion of manufacturing facilities, and increasing adoption of advanced automation technologies. Countries such as China, Japan, and India are investing heavily in IoT-enabled sensors, AI-driven analytics, and cloud-based monitoring systems to enhance operational efficiency and reduce equipment downtime. The region’s growing focus on Industry 4.0 initiatives, energy efficiency, and predictive maintenance is encouraging widespread adoption of machine condition monitoring solutions across automotive, energy, and heavy manufacturing sectors.

According to the Ministry of Industry and Information Technology (MIIT), China has developed over 30,000 basic-level smart factories as part of its national initiative to advance industrial digitalization and intelligent manufacturing. Through the ‘smart factory gradient cultivation’ program, the country has also established 1,200 advanced-level and 230 excellence-level smart factories, highlighting substantial progress in modernizing its industrial sector. The integration of IoT, AI, and intelligent manufacturing systems in these factories requires real-time equipment monitoring to ensure efficiency, reduce downtime, and optimize production. It fuels the adoption of condition monitoring technologies in China.

Europe Machine Condition Monitoring Market:

Market in Europe accounted for a significant revenue share in 2024 due to the strong focus on industrial automation, digitalization, and predictive maintenance in the region. Key industries such as manufacturing, energy, automotive, and aerospace are increasingly adopting IoT-enabled sensors, AI analytics, and cloud-based monitoring systems to enhance operational efficiency, reduce unplanned downtime, and extend equipment lifespan. Supportive government regulations promoting safety, energy efficiency, and sustainable industrial practices are further encouraging the deployment of advanced monitoring solutions.

Additionally, well-established industrial infrastructure, high technology adoption rate, and the presence of leading condition monitoring solution providers in the region are contributing to the revenue growth of the market in this region. In September 2022, ABB has formed a strategic long-term partnership with Samotics, a fast-growing Dutch scaleup specializing in ESA technology, to offer advanced condition monitoring services. The collaboration will combine the strengths of both companies to provide deeper insights into machine health and improve energy efficiency. It is encouraging adoption of machine condition monitoring solutions across manufacturing and industrial sectors and driving revenue growth of the market in this region.

 Competition Analysis:

The Machine Condition Monitoring market is characterized by a fragmented structure, with numerous players competing across various segments and regions. List of major players included in the Machine Condition Monitoring market report are:

• General Electric (GE)
• Honeywell International
• Emerson Electric Co.
• SKF AB
• Siemens AG
• ABB Ltd.
• Rockwell Automation Inc.
• Baker Hughes Company
• Fluke Corporation
• Parker Hannifin Corporation
• Schaeffler AG
• Dewesoft
• Crystal Instruments
• Amphenol Inc.

Strategic Developments in Machine Condition Monitoring Market:

• On 29 November 2022, SICK AG has introduced the MPB10 Multi-Physics Box, a robust, bolt-on condition monitoring sensor engineered to provide real-time, continuous service data from industrial equipment such as electric motors, pumps, fans, and conveyor systems, even under the harshest conditions. As SICK’s first dedicated condition monitoring device, the MPB10 is an all-in-one solution that simplifies the monitoring and interpretation of vibration, shock, and temperature data directly from the core of machines.
• On 13 February 2022, Shell unveiled VitalyX, an advanced machine health and oil condition monitoring service for the marine sector, developed in collaboration with Shell Remote Sense and Bently Nevada, a Baker Hughes company. VitalyX integrates Shell Remote Sense’s expertise in lubricant analysis with Bently Nevada’s six decades of experience in condition monitoring to provide a remote early warning system that tracks oil quality and enhances machine uptime.

Key Advantages for Stakeholders:

Navistrat Analytics’ industry report provides an in-depth quantitative analysis of various market segments, historical and current trends, market forecasts, and dynamics within the global market. The historical years covered in this report are 2022 to 2023, with 2024 serving as the base year for market size calculations. The forecast period extends from 2025 to 2032.

The report includes an executive summary and a comprehensive overview of market drivers, restraints, opportunities, and challenges (DROC), along with insights into regulatory standards. It features detailed analyses such as PORTER’s Five Forces, SWOT, and PESTLE, as well as assessments of technological trends and the competitive landscape.

PORTER’s Five Forces analysis helps stakeholders evaluate the impact of new entrants, competitive rivalry, supplier power, buyer power, and substitution threats, enabling them to assess the level of competition and the attractiveness of the global market. The competitive landscape provides stakeholders with a clear understanding of the current market positions of key players, offering valuable insights into their competitive environment.

Scope And Key Highlights of The Machine Condition Monitoring Market Report:

The Machine Condition Monitoring market report offers a detailed analysis of market size, including historical revenue (in USD Million) data for 2022-2023 and revenue forecasts for 2025-2032 across the following segments:

• Component (Revenue, USD Million; 2022-2032)
  • Hardware
    • Vibration Sensors
    • Ultrasound Detectors
    • Infrared Sensors
    • Corrosion Probes
    • Spectrometers
    • Others
  • Software
    • Data Integration Software
    • Diagnostic Software
    • Predictive Maintenance Software
    • Others
  • Services
    • Consulting Services
    • Training Services
    • Implementation & Integration Services
    • Support & Maintenance Services

• Deployment Outlook (Revenue, USD Million; 2022-2032)
  • On-Premises
  • Cloud
    • Public Cloud
    • Private Cloud
    • Hybrid Cloud

• Monitoring Technique Outlook (Revenue, USD Million; 2022-2032)
  • Vibration Monitoring and Analysis
    • Portable Vibration Monitoring
    • Online Vibration Monitoring
  • Thermography
    • Infrared Thermography
    • Thermal Imaging
  • Oil Analysis
    • Lubricant Analysis
    • Wear Particle Analysis
  • Ultrasound Emission
    • Airborne Ultrasound
    • Structure-borne Ultrasound
  • Corrosion Monitoring
    • Corrosion Coupons
    • Electrical Resistance Probes
    • Linear Polarization Resistance
  • Motor Current Analysis
    • Motor Current Signature Analysis (MCSA)
    • Current Demodulation Analysis
  • Others

• Application (Revenue, USD Million; 2022-2032)
  • Predictive Maintenance
  • Fault Diagnosis
  • Quality Control
  • Performance Optimization
  • Safety Compliance
  • Others

• End-Use (Revenue, USD Million; 2022-2032)
  • Manufacturing
    • Automotive
    • Aerospace
    • Food & Beverages
    • Electronics
    • Others
  • Oil & Gas
  • Energy & Power
  • Mining
  • Chemical & Petrochemical
  • Marine
  • Healthcare
  • Others

• Regional Outlook (Revenue, USD Million; 2022-2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Benelux
    • Nordic Countries
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Oceania
    • ASEAN Countries
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Israel
    • Turkey
    • Rest of MEA

Frequently Asked Questions (FAQ) about the Machine Condition Monitoring Market Report