1. A monitoring system for determining component wear, said monitoring system comprising: a memory device configured to store a reference model of a component; one or more imaging devices configured to generate images of one or more components of an asset; and a component wear monitoring (“CWM”) device in communication with said memory device and said one or more imaging devices, said CWM device configured to: receive a component image of a first component being inspected from one of said one or more imaging devices; detect a plurality of manmade structural features in the received component image; adjust the component image to mask out at least some of the plurality of manmade structural features from the received component image; compare the adjusted component image with the reference model to determine one or more potential defect areas in the first component; analyze each of the one or more defect areas to determine a state of the potential defect areas; and output the state of the one or more potential defect areas to a user.