The Power of Machine Condition Monitoring 2024

Elizabeth Ruiz

Posted 1/17/2024


According to MarketsandMarkets, a new market research report Machine Condition Monitoring Market projects that machine condition monitoring market to grow from 3.1 billion in 2024 to 4.7 billion by 2029. The efficiency of cloud computing and a focus on cybersecurity are expected to drive the growth in the machine condition monitoring market. 

As new technology, such as the use of AI and IIoT, emerges in the machine condition monitoring field, it can be helpful to revisit the value it brings to any organization. The following newsletter presents a case study demonstrating how beneficial CM can be to a business and finishes up with lists of 2024 condition monitoring trends and the latest software. 

Case Study: Results of Machine Condition Monitoring 

(courtesy IDCON INC)

We often get the following two questions:

1. With what machine condition monitoring technique are failures usually found?
2. What is the cost saving associated with finding failures?

The answer depends on the current equipment condition, the amount of equipment, the type of equipment, and what the consequences of failures are for a plant.

There isn’t a good answer until some data is taken for a particular plant. But to give you an example, we would like to present the data from a recent project (Case study).

Condition Monitoring Technique Used:

We collected data for question 1 above by assigning an inspection technique to each work request that turned into a work order. The study was done for 7 months. If a work order for a coupling was turned in, the condition monitoring technique used was assigned to that work order, for example: Found by stroboscope. By collecting data for seven months in a plant, we found the following:

How failures were found in this particular plant:

Cost Savings from Machine Condition Monitoring

To find the maintenance cost saving without using too much effort, the plant did a quick cost savings estimate for each inspection that saved downtime. For example, a coupling found in bad condition is estimated to have caused about 2 hours of downtime, and an unplanned job for maintenance.

The calculation would look like this:

A: Cost If coupling broke without warning: Downtime * Cost of Downtime/hr + Direct maintenance cost (unplanned & Unscheduled) + Potential damages

B: Actual cost of repair: Downtime (if any – should be fixed in scheduled shutdown) * Cost of Downtime/hr + direct maintenance cost (planned & scheduled) + Damages(= 0)

A – B = Cost avoidance

The cost avoidance calculation was done by operations and maintenance in the daily planning and scheduling meeting.

cost savings example when using machine condition monitoring

The result was a cost avoidance of $3,100,000 in 7 months.

Machine Condition Monitoring 2024

So, how is machine condition monitoring improving in 2024? Let’s take a look at this list from Global Electronic Services Inc. of some of the latest trends.

1. IIoT (Industrial Internet of Things) Technology: IIoT allows for a new level of data collection analysis through interconnecting sensors, devices, and machinery. It enables a continuous flow of data that provides instant information on equipment health (e.g. heat threshold sensors) – allowing you to make decisions more quickly and improving operational efficiency. IIoT sensors can shorten downtime, improve equipment management, and create a safer environment for employees. 

Enhanced IIoT integration is leading to automated adjustments and calibration in machinery. This automation reduces the likelihood of issues caused by out-of-tolerance settings by ensuring that equipment is always running at optimal settings. Automated calibration maintains tools to strict tolerances to avoid wear and tear that can cause premature failure. 

2. Using Artificial Intelligence (AI) and Machine Learning (ML) in Preventive and Predictive Maintenance: AI and ML are able to analyze historical and real-time data to predict failures, which makes it much easier for maintenance to be scheduled at the right times. 

3. Edge Computing for Rapid Alerting: Edge computing works by bringing data processing closer to the source of the data’s generation. This allows for faster response times to potential problems in terms of machine condition monitoring. Edge computing enables instant alerts when issues are detected by processing the data in your plant instead of in a far-away data center. 

4. Operator-Driven Reliability: Even with advanced machine condition monitoring tools, it is still essential to have skilled operators equipped with the right technology and training. 

Click here for details on more trends such as digital twins and simulation, augmented reality and wearable devices, cloud-based and mobile solutions, and information on standards and regulations.


According to Facilio,

Asset condition monitoring software works by collecting data from sensors that are attached to assets, such as machines, vehicles, and buildings. This data can include things like vibration, temperature, and pressure. 
The software then analyzes this data to identify any potential problems with the asset. If a problem is detected, the software can send an alert to maintenance personnel so that they can take corrective action before the asset fails.
Asset condition monitoring software is a valuable tool for improving the reliability and performance of assets. You can significantly reduce downtime, improve safety, and save unnecessary maintenance costs by simply identifying problems early on.


The two types of condition monitoring software are online monitoring and scheduled monitoring. See a quick comparison below.

online vs. schedule machine condition monitoring
Information courtesy Facilio

Check out this list from Facilio of some of the latest machine condition monitoring software in 2024 (complete list here): 

Moxa: Moxa produces many machine condition monitoring solutions able to monitor many assets such as equipment, vehicles, and facilities. The solutions employ sensors to gather data on machine health and performance, and then analyzes it to identify possible issues.

Oracle’s Primavera Unifier Facilities and Asset Management: Available as cloud-based or on-site. Handles needs such as service requests, preventive and corrective maintenance, inventory and inspections, and facility condition assessments and space management. The solution provides task reminders, notifications, document management and visualization, among others. 

Facilio: Facilio machine condition monitoring software allows you to monitor operation and performance of equipment using both static and dynamic parameters. It provides detailed reports on metrics such as mean time to repair/replace, MTBF, etc. You are able to access comprehensive asset information (including maintenance activity, downtime, faults, failures, and more) easily in one location. It also allows you to automate the work approval process, track progress on maintenance tasks, and delegating tasks for optimal efficiency. 


As the case study indicates, machine condition monitoring is worth it. This rapidly growing industry is only producing more value as new technology and methods enhance how we protect our asset reliability. There are so many new options and software available that will fit the individual needs of your plant, mill, or mine to improve your CM process. Let us know which technology you would like to know more about and which software you are using in 2024! 

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