How big is the condition monitoring market | Size & Forecast 2025

Q: What is the current size of the condition monitoring market?

The condition monitoring market was valued at USD 5.6 billion in 2024 and is projected to reach USD 12.3 billion by 2031.

Q: What is the growth rate of the condition monitoring market?

The market is anticipated to grow at a CAGR of 12.4% between 2025 and 2031.

Q: Which components contribute the most to the condition monitoring market?

IoT sensors, vibration analyzers, diagnostic software, and cloud platforms are major contributors.

Q: What is driving demand in the condition monitoring market?

Demand is driven by predictive maintenance needs, industrial automation, and real-time monitoring of asset health.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

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Code: MTA5914

Publication Date: Jul 2025

How big is the Condition Monitoring Market?

According to 6Wresearch internal database and industry insights, the condition monitoring market was valued at approximately USD 5.6 billion in 2024 and is projected to reach USD 12.3 billion by 2031, growing at a CAGR of 12.4% during the forecast period.

The market is expanding steadily due to increasing demand for predictive maintenance, reduced downtime, and efficiency improvements across industrial and infrastructure sectors.

Key Growth Drivers of the Condition Monitoring Market

An increase in the attention to predictive maintenance in order to reduce unplanned outages
Embracing the Industry 4.0 technologies and smart manufacturing
Increased adoption of IoT-connected sensors into industrial machines
Further application in energy, oil and gas, automobile, and aerospace industries
Demand in real-time asset health monitoring and diagnostics is growing

Condition Monitoring Market Trends

The condition monitoring market is witnessing strong momentum with the deployment of advanced vibration analysis, thermography, and ultrasonic monitoring tools. Cloud-based platforms and real-time dashboards are enabling centralized data visibility and remote diagnostics. IoT and AI-powered analytics are helping predict equipment failures with high accuracy, reducing operational risks and optimizing maintenance schedules. The trend toward wireless and portable devices is making on-site data capture faster and more cost-effective. Integration of condition monitoring systems with enterprise software is improving asset lifecycle management and decision-making.

Emerging Developments in the Condition Monitoring Market

The condition monitoring market is evolving with the introduction of AI-driven condition-based maintenance platforms and digital twin technologies. Companies are investing in scalable, cloud-integrated systems and smart sensors for early fault detection. Collaborations between OEMs and software firms are enabling customized and scalable predictive solutions across sectors. Use of augmented reality in maintenance procedures is also emerging to assist technicians with real-time guidance.