The global machine condition monitoring market size was estimated at USD 3.5 billion in 2024 and is projected to reach USD 5.46 billion by 2030, growing at a CAGR of 7.6% from 2025 to 2030. This growth is primarily driven by the increasing demand for advanced diagnostic tools that enable manufacturers to effectively assess and monitor the health and performance of their machinery.

In recent years, manufacturers have increasingly adopted condition monitoring systems as essential solutions to optimize the operational efficiency of their equipment and to streamline maintenance processes. The growing adoption of lean manufacturing principles has further accelerated this trend, with manufacturers leveraging these systems to improve production efficiency, reduce equipment downtime, and better manage spare parts inventories and maintenance costs.

Industry stakeholders recognize the significant benefits of condition monitoring technology, including enhanced productivity, prolonged equipment lifespan, reduction or elimination of unexpected downtime, and the minimization of defective or scrap parts. Additionally, these systems support automation efforts by providing real-time data on machine conditions, enabling more responsive and intelligent decision-making on the factory floor.

For example, in February 2024, the machine monitoring software provider eNETDNC enhanced its product capabilities by integrating Microsoft Power BI Desktop into its software platform. This integration allows users to generate customizable, real-time reports and interactive dashboards, providing valuable insights into key performance indicators (KPIs), machine statuses, and production trends. As a result, customers can better visualize and analyze operational data, empowering them to optimize manufacturing processes and improve overall equipment effectiveness.

Key Market Trends & Insights:

• In 2024, North America emerged as the leading region in the machine condition monitoring market, capturing a significant revenue share of over 36%. This dominance reflects the region’s advanced industrial infrastructure, high adoption of innovative monitoring technologies, and strong focus on improving operational efficiency.

• Within North America, the United States machine condition monitoring market is expected to continue its positive growth trajectory throughout 2024, driven by ongoing investments in industrial automation, smart manufacturing, and maintenance optimization.

• When considering various monitoring techniques, the vibration monitoring segment held the leading position globally in 2024, accounting for more than 26% of the total revenue share. Vibration monitoring remains a preferred technique due to its effectiveness in detecting mechanical faults early and preventing costly downtime.

• By monitoring process, the online condition monitoring segment dominated the market in 2024, securing the largest portion of revenue. Online monitoring offers real-time data collection and analysis, enabling proactive maintenance and minimizing unexpected equipment failures.

• From the perspective of end-use industries, the power generation segment generated the highest revenue share in 2024. This is attributed to the critical importance of machine reliability and continuous operation in power plants, where condition monitoring helps ensure uninterrupted energy production and efficient asset management.

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Market Size & Forecast:

• 2024 Market Size: USD 3.5 Billion

• 2030 Projected Market Size: USD 5.46 Billion

• CAGR (2025-2030): 7.6%

• North America: Largest market in 2024

• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights:

Several key players in the machine condition monitoring market, including prominent companies like Emerson Electric Co., General Electric, Honeywell International Inc., and SKF, are actively focusing on strategies to expand their customer base and strengthen their competitive positioning within the industry. To achieve these objectives, these companies are implementing a range of strategic initiatives such as forming partnerships, executing mergers and acquisitions, engaging in collaborations, and investing heavily in the development of new products and cutting-edge technologies. This proactive and multifaceted approach allows them not only to enhance their market presence but also to drive innovation in line with the rapidly evolving security and operational needs of their customers.

Focusing on Emerson Electric Co., this company is a global leader in technology and engineering, with a strong specialization in automation solutions and industrial equipment. Within the machine condition monitoring sector, Emerson offers a comprehensive portfolio of products and services aimed at optimizing asset performance and boosting operational efficiency. Their condition monitoring solutions integrate advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI) to deliver real-time insights into equipment health. This enables organizations to adopt predictive maintenance strategies that help minimize downtime and extend equipment life. Emerson’s product offerings include wireless sensors, diagnostic tools, and sophisticated software platforms that facilitate smooth data collection, integration, and analysis for better decision-making.

Similarly, General Electric (GE) is renowned for its diverse portfolio that spans various sectors including aviation, healthcare, and renewable energy. In the realm of machine condition monitoring, GE provides state-of-the-art solutions that harness the power of predictive analytics and IoT technology to improve asset reliability and operational performance. Among their notable digital innovations is the GE Digital Twin technology, which enables real-time monitoring and comprehensive analysis of equipment health. This technology supports proactive maintenance strategies, allowing organizations to anticipate and address potential equipment issues before they lead to costly failures, thus enhancing overall productivity and reducing operational risks.

Key Players

• ALS

• Emerson Electric Co.

• General Electric

• Honeywell International Inc.

• Megget PLC

• NATIONAL INSTRUMENTS CORP

• Parker Hannifin

• Rockwell Automation, Inc.

• SKF

• Schaeffler AG

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Conclusion:

The global machine condition monitoring market is experiencing significant growth, driven by the increasing adoption of predictive maintenance strategies across various industries. Technological advancements, such as the integration of artificial intelligence and the Industrial Internet of Things (IIoT), are enhancing the capabilities of monitoring systems, enabling real-time data analysis and proactive maintenance. This shift towards condition-based monitoring is leading to improved operational efficiency, reduced downtime, and extended equipment lifespan. As industries continue to prioritize asset reliability and cost-effective operations, the demand for advanced machine condition monitoring solutions is expected to rise, fostering innovation and competition among market players.