As you are probably aware, defects on the races and balls of rolling element bearings can easily be detected based on impacting at unique frequencies for inner race, outer race, and ball pass.
For example for outer race defect:
In acceleration time waveform look for impacts spaced at the interval 1/BPFO for outer race defect.
In velocity or acceleration spectrum, look for a series of harmonics of BPFO peaking in the neighborhood of the bearing natural frequency 30kcpm - 100kcpm.
Demond spectrum you will see peak at BPFO.
If the defect becomes worse and starts spreading over all balls and races, then the noise floor will start to raise.
This stage might be considered wear? Not sure.
Another aspect of wear is increased clearance. Increased radial clearance may result in slight increase in 1x running speed due to eccentricity and also may result in 1x sidebands around bfpo harmonics due to rotating load zone. (assuming stationary outer race rotating inner race)
If the machine can be shut down in some cases it may be able to check clearance in place by seeing how much the shaft will move.
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