Condition Monitoring Will Be a $4B Industry by 2025
The manufacturing industry is shifting to a more proactive approach. With the rise of connected technologies, and the infrastructure to support them, condition monitoring is now a necessity for many. Investments in the Industrial Internet of Things (IIoT), edge computing, and other Industry 4.0 tech are increasing year-over-year, so the factory of tomorrow is set to look drastically different.
And that begins with an increasingly ubiquitous focus on condition monitoring. As manufacturers seek to get ahead of challenges, and stay under industry headwinds, they’re taking a proactive approach to factory operations — one reliant on eliminating downtime.
The growth of condition monitoring
According to research firm Markets and Markets, the market size of condition monitoring equipment and software will grow from $2.6 billion in 2021 to nearly $4 billion over the next five years. With a compound annual growth rate (CAGR) of 7.1%, manufacturers big and small are looking for solutions to avoid costly operational problems.
This peek into the future of condition monitoring doesn’t include predictive maintenance solutions. Those fall under manufacturing automation — an entirely separate market. Together, these forces herald a future of more autonomous factories — factories that know how to take care of themselves.
Driving factors behind condition monitoring
While the promise of convenience is a major driving factor behind machine condition monitoring, there’s no substitute for the wealth of data tied to these investments. Condition monitoring helps identify unusual operating patterns, prior to a breakdown, to extend the life of manufacturing equipment. It relies on two technologies which act as unique sides of the same coin:
- Cloud technology. Cloud technology allows for real-time condition monitoring and access to data from virtually anywhere. It comes with advanced analytics, scalability, and configurable data aggregation.
- IIoT devices. IIoT devices are the backbone of condition monitoring. They provide insight into machine operations and spin out data regarding the quantifiable attributes of the equipment for better quality control and risk reduction.
Manufacturing companies around the globe are adopting cloud tech and IIoT devices to increase efficiency, and condition monitoring is the next natural progression.
Headwinds in the condition monitoring market
While condition monitoring is increasingly standard for many manufacturers, there are challenges hindering its rise to popularity. As factories look to invest in and implement these technologies, they’re encountering some key barriers, including:
- A lack of skilled technicians. Technicians with the skills to run an effective machine condition monitoring program are in short supply — as are those capable of establishing and monitoring an IIoT infrastructure.
- A lack of accessibility. Access to cloud and automation solutions is difficult in areas still waiting on reliable telecom infrastructure. Manufacturers in these areas are unable to adopt IIoT or cloud solutions without a 4G or 5G backbone.
The impact of these challenges on the trajectory of the market is uncertain, but manufacturers continue to adopt condition monitoring because of the many benefits it offers.
The future of condition monitoring
Condition marketing will play a huge role in the future of manufacturing. Whether onsite or cloud-based, condition monitoring helps companies keep operations running smoothly, which is even more essential as the manufacturing industry grows more competitive. Condition monitoring increases efficiency by identifying and preventing problems before they cause serious equipment damage.