Global Machine Condition Monitoring market outlook 2024, Forecast To 2033

The machine condition monitoring market has witnessed strong growth, increasing from $2.93 billion in 2023 to $3.16 billion in 2024, with a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period is attributed to the growth in industrial automation and manufacturing activities, increased emphasis on equipment reliability and asset performance, the demand for predictive maintenance in process industries, a focus on cost savings and operational efficiency in industries, and regulatory compliance and safety standards in manufacturing. Moving forward to 2028, the market is expected to experience strong growth, reaching $4.26 billion, maintaining a 7.8% CAGR. The anticipated growth in the forecast period can be linked to the adoption of wireless and IoT-enabled condition monitoring solutions, the integration of artificial intelligence (AI) and machine learning (ML) in predictive maintenance, the rising importance of remote monitoring for distributed assets, and research and development in advanced sensor technologies and data interpretation. Major trends in the forecast period include predictive analytics for early fault detection, vibration analysis for machinery health assessment, the integration of digital twins for asset performance monitoring, and the incorporation of wireless and IoT sensors, along with ultrasound and acoustic emission for non-destructive testing.