Global Machine Condition Monitoring Market: By Components, By Application, By Deployment Mode, and Region Forecast 2020-2031
Machine Condition Monitoring Market size was valued at US$ 3,500 million in 2024 and is projected to reach US$ 5,600 million by 2031 at a CAGR of 6.8% from 2025–2031. Moreover, the U.S. Machine Condition Monitoring Market is projected to grow significantly, reaching an estimated value of US$ 1,750 million by 2031.
The market is defined as a sector focused on technologies, products, and services that enable the continuous or periodic assessment of machine health by monitoring key parameters, such as vibration, temperature, oil quality, pressure, and electrical signals, to detect changes indicating potential faults or malfunctions. The market is primarily driven by the growing demand for predictive maintenance, as industries seek to reduce costly downtime, enhance equipment reliability, and ensure operational safety. By leveraging technologies such as vibration analysis, thermography, and acoustic sensing, companies are transitioning from reactive to predictive strategies, especially in high-capital sectors like oil & gas, manufacturing, and transportation. A key trend shaping the market is the accelerated adoption of wireless and cloud-based monitoring solutions, which offer real-time data access, easier installation, and compatibility with smart manufacturing initiatives. These advancements are enabling maintenance teams to remotely monitor and respond to equipment anomalies with greater accuracy and speed.
The most significant opportunity lies in the integration of IIoT, AI, and advanced analytics, allowing real-time diagnostics and centralized decision-making across distributed facilities, especially vital post-COVID. Cloud-based platforms and edge computing further enhance this by enabling scalable and cost-effective implementations. However, high initial costs, complex integration with legacy systems, and a shortage of skilled personnel remain significant restraints, particularly for small and mid-sized enterprises. Although cloud and wireless systems are helping lower these barriers, their benefits are still emerging. Overall, the market is set to grow steadily as digital maturity and remote monitoring needs rise globally.
Based on the components
In the market, the Hardware segment holds the largest market share, driven by the widespread deployment of vibration sensors, accelerometers, thermography devices, and acoustic sensors across industrial environments. These components are essential for real-time data collection and early fault detection, particularly in high-risk sectors like oil & gas, manufacturing, and energy. Hardware remains the backbone of most condition monitoring systems, especially in predictive maintenance setups. While software and analytics are gaining importance, the need for robust, reliable hardware continues to dominate spending. In contrast, Portable/Handheld Condition Monitoring Units hold the smallest share due to their limited scalability and manual operation nature.
Based on the application
The Oil & Gas segment is expected to hold the largest market share in the market. This is due to industry’s high reliance on heavy rotating equipment such as compressors, pumps, and turbines, where equipment failure can lead to hazardous situations and massive financial losses. Condition monitoring helps detect faults early, ensuring operational safety, compliance, and uninterrupted production. The sector’s harsh operating environments and strict maintenance regulations further drive demand for advanced monitoring solutions. In contrast, the Food & Beverages segment holds a smaller share, as its equipment is generally less complex and the industry has been slower in adopting predictive maintenance technologies.
Based on the deployment type
The On-Premises segment holds the largest market share in the market. This is primarily due to the preference of industries like oil & gas, power generation, and manufacturing for greater control over sensitive operational data and system customization. On-premises solutions offer high data security and are ideal for facilities with limited internet connectivity or stringent compliance requirements. However, these systems involve higher upfront costs and complex infrastructure. In comparison, the Cloud segment, while currently smaller in share, is growing rapidly due to its scalability, lower cost of entry, remote accessibility, and ease of integration with IoT platforms and advanced analytics tools.
Study Period
2025-2031Base Year
2024CAGR
6.8%Largest Market
North AmericaFastest Growing Market
Asia Pacific
One key driver of the market is the increasing demand for predictive maintenance across industries. As unplanned equipment failures can lead to significant downtime, lost revenue, and safety hazards, organizations are prioritizing solutions that enable real-time monitoring of machinery health. Machine condition monitoring systems use technologies like vibration analysis, thermography, and acoustic monitoring to detect anomalies before they escalate into critical failures. This shift from reactive to predictive maintenance helps reduce maintenance costs, improve asset lifespan, and optimize operational efficiency, especially in capital-intensive sectors such as manufacturing, energy, oil & gas, and transportation. Furthermore, the rise of Industry 4.0 has encouraged the integration of IoT sensors and cloud analytics, allowing for remote, data-driven decision-making. While predictive maintenance is the leading catalyst, other supportive drivers include growing industrial automation, regulatory pressure for workplace safety, and the availability of AI-powered diagnostics, each enhancing the market’s appeal and long-term growth trajectory.
A major restraint of the market is the high initial cost of implementation and system integration. Setting up a comprehensive condition monitoring solution often involves significant capital investment in sensors, software, data infrastructure, and skilled personnel. For small and medium-sized enterprises, this upfront expenditure, combined with the complexity of integrating new systems with legacy machinery, acts as a major deterrent. Additionally, many plants operate in harsh or remote environments were installing and maintaining such equipment can be technically challenging and cost prohibitive. These financial and operational hurdles delay adoption, especially in cost-sensitive industries. Moreover, there’s often a lack of internal expertise required to interpret complex diagnostic data and translate it into actionable maintenance strategies. While cloud-based and wireless condition monitoring solutions are gradually addressing some of these challenges, they remain secondary enablers, and adoption still depends heavily on budget flexibility and digital readiness within an organization.
The prominent opportunity in the market lies in the integration of Industrial Internet of Things (IIoT) and advanced analytics to enable remote, real-time monitoring of equipment health. As industries move toward digital transformation, IIoT-based condition monitoring allows organizations to collect continuous performance data from machines, which can be analyzed through AI and machine learning algorithms to predict failures with high accuracy. This shift not only reduces unplanned downtime and maintenance costs but also facilitates data-driven decision-making, especially in sectors with complex asset networks like manufacturing, energy, and mining. Cloud-based platforms further enhance this opportunity by enabling centralized monitoring across geographically dispersed facilities. The ability to manage operations remotely has gained even more relevance post-COVID, with companies looking to minimize on-site personnel and ensure operational continuity. While IIoT leads this opportunity, growing adoption in emerging markets and the development of wireless sensor technologies are also expanding the market’s reach and scalability.
A key trend in the market is the rapid adoption of wireless and cloud-based monitoring systems. Traditional wired systems are being replaced by wireless sensors that are easier to install, require less maintenance, and provide real-time data from remote or hazardous environments. This trend is driven by the increasing need for scalable, flexible, and cost-effective solutions that can support smart manufacturing and Industry 4.0 initiatives. Cloud connectivity enables centralized data storage and analysis, allowing maintenance teams to access equipment status anytime, anywhere. Additionally, these platforms often come with built-in analytics and AI-driven diagnostics, improving the speed and accuracy of fault detection. This technological shift is also facilitating integration with enterprise asset management (EAM) and predictive maintenance software, further enhancing operational efficiency. Alongside this, there is growing momentum in deploying edge computing and digital twin technologies, which offer real-time simulation and localized data processing, strengthening the overall digital infrastructure of condition monitoring systems.
Report Benchmarks |
Details |
Report Study Period |
2025-2031 |
Market Size in 2024 |
US$ 3,500 million |
Market Size in 2031 |
US$ 5,600 million |
Market CAGR |
6.8% |
By Components |
|
By Application |
|
By Deployment Mode |
|
By Region |
|
According to a PBI Analyst, the market is experiencing robust growth, driven by rising demand for predictive maintenance, operational efficiency, and reduced equipment downtime across industries. Adoption is strongest in sectors like manufacturing, energy, and oil & gas, where unplanned failures are costly. The integration of IIoT, AI, and cloud-based platforms is transforming traditional monitoring into real-time, intelligent diagnostics. While high upfront costs and integration complexities restrain smaller players, wireless and SaaS-based solutions are steadily lowering these barriers. Meanwhile, with the acceleration of Industry 4.0 and digital transformation, the market is well-positioned for long-term expansion and innovation-led competitiveness.
Download Free Sample Report
Machine condition monitoring market size was valued at US$ 3,500 million in 2024 and is projected to reach US$ 5,600 million by 2031 at a CAGR of 6.8%.
Integration of IIoT, AI, and remote monitoring technologies offers major growth opportunities, especially in emerging economies and asset-intensive industries like mining and power.
Vibration monitoring leads the market due to its proven effectiveness in detecting mechanical faults early, especially in rotating machinery across critical sectors like oil & gas and manufacturing.
Market research is segmented based on components, application, deployment type, and region.
Asia Pacific is an emerging growth region, fueled by rapid industrialization, smart factory initiatives, and increasing adoption of predictive maintenance practices.
1.Executive Summary |
2.Global Machine Condition Monitoring Market Introduction |
2.1.Global Machine Condition Monitoring Market - Taxonomy |
2.2.Global Machine Condition Monitoring Market - Definitions |
2.2.1.Components |
2.2.2.Application |
2.2.3.Deployment Mode |
2.2.4.Region |
3.Global Machine Condition Monitoring Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Machine Condition Monitoring Market Analysis, 2020 - 2024 and Forecast 2025 - 2031 |
4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Machine Condition Monitoring Market By Components, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
5.1. Hardware |
5.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Portable/Handheld Condition Monitoring Units |
5.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Software Services |
5.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
6.Global Machine Condition Monitoring Market By Application, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
6.1. Oil & Gas |
6.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Power Generation |
6.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Metals & Mining, Chemicals |
6.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Automotive, Aerospace & Defence |
6.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Food & Beverages |
6.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
6.6. Others |
6.6.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.6.3. Market Opportunity Analysis |
7.Global Machine Condition Monitoring Market By Deployment Mode, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
7.1. On-Premises |
7.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Cloud |
7.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
8.Global Machine Condition Monitoring Market By Region, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Middle East and Africa (MEA) |
8.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Latin America |
8.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9.North America Machine Condition Monitoring Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
9.1. Components Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Hardware |
9.1.2.Portable/Handheld Condition Monitoring Units |
9.1.3.Software Services |
9.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Oil & Gas |
9.2.2.Power Generation |
9.2.3.Metals & Mining, Chemicals |
9.2.4.Automotive, Aerospace & Defence |
9.2.5.Food & Beverages |
9.2.6.Others |
9.3. Deployment Mode Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.On-Premises |
9.3.2.Cloud |
9.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10.Europe Machine Condition Monitoring Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
10.1. Components Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Hardware |
10.1.2.Portable/Handheld Condition Monitoring Units |
10.1.3.Software Services |
10.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Oil & Gas |
10.2.2.Power Generation |
10.2.3.Metals & Mining, Chemicals |
10.2.4.Automotive, Aerospace & Defence |
10.2.5.Food & Beverages |
10.2.6.Others |
10.3. Deployment Mode Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.On-Premises |
10.3.2.Cloud |
10.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
11.Asia Pacific (APAC) Machine Condition Monitoring Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
11.1. Components Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Hardware |
11.1.2.Portable/Handheld Condition Monitoring Units |
11.1.3.Software Services |
11.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Oil & Gas |
11.2.2.Power Generation |
11.2.3.Metals & Mining, Chemicals |
11.2.4.Automotive, Aerospace & Defence |
11.2.5.Food & Beverages |
11.2.6.Others |
11.3. Deployment Mode Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.On-Premises |
11.3.2.Cloud |
11.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12.Middle East and Africa (MEA) Machine Condition Monitoring Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
12.1. Components Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Hardware |
12.1.2.Portable/Handheld Condition Monitoring Units |
12.1.3.Software Services |
12.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Oil & Gas |
12.2.2.Power Generation |
12.2.3.Metals & Mining, Chemicals |
12.2.4.Automotive, Aerospace & Defence |
12.2.5.Food & Beverages |
12.2.6.Others |
12.3. Deployment Mode Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.On-Premises |
12.3.2.Cloud |
12.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.GCC Countries |
12.4.2.South Africa |
12.4.3.Rest of MEA |
13.Latin America Machine Condition Monitoring Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
13.1. Components Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Hardware |
13.1.2.Portable/Handheld Condition Monitoring Units |
13.1.3.Software Services |
13.2. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Oil & Gas |
13.2.2.Power Generation |
13.2.3.Metals & Mining, Chemicals |
13.2.4.Automotive, Aerospace & Defence |
13.2.5.Food & Beverages |
13.2.6.Others |
13.3. Deployment Mode Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.On-Premises |
13.3.2.Cloud |
13.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Brazil |
13.4.2.Mexico |
13.4.3.Rest of LA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.ALS |
14.2.2.Emerson Electric Co. |
14.2.3.General Electric |
14.2.4.Honeywell International Inc. |
14.2.5.Megget PLC |
14.2.6.NATIONAL INSTRUMENTS CORP |
14.2.7.Parker HannifinRockwell Automation, Inc. |
14.2.8.SKF |
14.2.9.Schaeffler AG |
15. Research Methodology |
16. Appendix and Abbreviations |
Key Market Players