Machine Condition Monitoring Market Size, Industry Analysis Report, Regional Outlook, Application Development, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI298
Machine condition monitoring market size was valued over USD 1.5 billion in 2014. It is likely to grow at over 7.5% and exceed USD 3 billion from 2016 to 2023. This monitoring system is one of the finest methods of maintenance in order to meet up the necessities of production. In addition, it monitors the health of a machine with the intent to predict mechanical failure and wear.
It offers condition of machinery which make certain about the right maintenance provided and at the right time. Global machine condition monitoring market provides sensory signals that the components are working under the rated capacity. In addition, it also offers a suitable warning if the preset standard conditions are not met or the indices go beyond its limits. Most of the machines fail owing to several reasons such as corrosion, mechanical wear & tear and surface degradation among others.
The U. S. machine condition monitoring market is leading the industry, followed by Europe and Asia Pacific in 2014.
Machine health monitoring is a process of monitoring and measuring various parameters such as temperature, humidity and pressure, in order that any momentous change, indicative of faults could be identified. The failure of equipments may cause enormous losses to the companies not just in terms of loss of capital spent on the purchasing of new equipment but also in terms of productivity and overall quality of final goods being produced. It finds several machinery and equipment faults. Moreover, it also detects the cause of the machine failure precisely. On and off line vibration monitoring is extensively adopted by the industries that perform continuous production processes.
Most of the machines observe signs of slight deterioration after a certain amount of time owing to the aforementioned factors, which if recognized earlier, would help machine enterprises and operators to plan the prognostic maintenance. In order to predict and prevent the above mentioned equipment and machine failures, the monitoring of the machines are the most effective analytical maintenance tools. Faults in a machine can be found with the help various monitoring processes such as thermography, vibration monitoring and lubricant oil analysis among others.
The major factors responsible for the growth of the machine condition monitoring market includes transition from preventive to predictive maintenance in process industries coupled with the use of wireless technology in machine condition monitoring. In addition, remote monitoring and growth in the heating ventilating and air conditioning (HVAC) industry is also expected to fuel the demand over the forecast period. However, unpredictable maintenance periods and modification in old equipment are expected to hinder the demand growth over the forecast period.
Global machine condition monitoring market has gained importance as companies are mainly focused on increasing productivity and asset utilization. Increasing productivity and equipment performance with the assistance of predictive maintenance enhances the equipment reliability. Vibration monitoring segment was the foremost maintenance technology owing to its extensive use in process industries for fault diagnosis and troubleshooting purposes of the machinery.
The industry can be segmented on the basis of types which includes ultrasound emission, vibration monitoring, thermograph, corrosion monitoring and lubricating oil analysis. In addition, the industry can be segregated on the basis of components which include vibration sensors, spectrometer, spectrum analyzer, corrosion probes, infrared sensors and ultrasound detector. Vibration segment is further sub-segmented in to tachometer, accelerometer and proximity probes.
The industry can be bifurcated on the basis of applications which include aerospace & defense, chemicals, automotive, marine, oil & gas, metals & mining and energy & power. Regional machine health monitoring markets include Asia Pacific, North America, MEA, Latin America and Europe.
Major players dominating machine condition monitoring market share are General Electric Company, Emerson Process Management, Honeywell International Inc., Svenska Kullagerfabriken AB, National Instruments Corporation, Rockwell Automation, Inc., Saj Engineering and Trading Company, Fluke Corporation, Azima Dli Corporation and Brüel & Kjaer Vibro GmbH among others.
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