Global Machine Condition Monitoring Market, by Region, 2018–2027 (USD Million)
The global machine condition monitoring market has been witnessing steady expansion as industries increasingly adopt predictive maintenance strategies to minimize downtime and optimize asset utilization. Regional markets vary significantly in maturity, adoption levels, and technological infrastructure, but all show strong potential for long-term growth driven by the integration of Industrial IoT (IIoT) and artificial intelligence.
Market Overview
The global market size for machine condition monitoring was valued at approximately USD 2.4 billion in 2022, and it is expected to reach around USD 3.35 billion by 2027, growing at a compound annual growth rate (CAGR) of nearly 7% during the forecast period (2022–2027). This growth is underpinned by the increasing need for operational efficiency, safety, and predictive analytics in critical industries such as manufacturing, oil & gas, power generation, and transportation.