When I was a young engineering student we discussed locating railway sleepers in the outback that were being chewed by termites. It's a few years back (!) so I've forgotten the details, but my point is it was vibration oriented, and I'm sure there must be similar that senses bearing breakdown for power stations etc. Surely something should exist which warns of belt failure ..... a cracked belt will make a different sound (fundamentally) to a new one, cf a cracked wine glass doesn't ring.
Any engineering professors around?? This would make an interesting student project ........ oh, and if it works don't forget to patent the system and register the name.