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Nowadays industry pays much attention to prevent failures that may interrupt production with severe consequences in cost, product quality, and safety. The most-analyzed parameters for monitoring dynamic characteristics and ensuring correct functioning of systems are electric current, voltage, and vibrations. System-on-chip (SoC) design is an approach to increase performance and overcome costs during equipment monitoring. This work presents the design and implementation of a low-cost SoC design that utilizes reconfigurable hardware and a customized embedded processor for time-frequency analysis on industrial equipment through short-time Fourier transform and discrete wavelet transform. Three study cases (electric current supply to an induction motor during startup transient, voltage supply to an induction motor through a variable speed drive, and vibration signals from industrial-robot links) show the suitability of the proposed monitoring system for time-frequency analysis of different signals in distinct industrial applications, and early diagnosis and prognosis of abnormalities in monitored systems.