Machine Condition Monitoring Market Size, Share & Trends Analysis Report
The global machine condition monitoring market was valued at USD 2.91 billion in 2022 and is projected to grow at a CAGR of 7.9% from 2023 to 2030. The demand for advanced diagnostics to assess machine health has driven market growth. Manufacturers utilize condition monitoring systems to optimize performance and maintenance. The lean manufacturing trend has further encouraged the adoption of condition monitoring to boost production efficiency, minimize downtime, and improve cost prediction for spare parts. Stakeholders are increasingly attracted to condition monitoring for enhanced productivity, equipment longevity, reduced downtime, minimized scrap parts, and real-time data-driven automation.