Increase in need for reduced maintenance cost along with unexpected failure is anticipated to fuel the growth of global machine condition monitoring market. In order to find any failure in machine such as noise, vibration and temperature measurements, machine condition monitoring is required. Generally, machine condition monitoring techniques is used in rotating equipment, pumps, electric motors, internal combustion engines, presses. It is a major part of predictive maintenance. Machine condition monitoring allows maintenance to be scheduled and avoids its consequences. The demand for machine condition monitoring is rapidly increasing as they are widely used across various industries such as chemicals, aerospace & defence, automotive, metals and mining among many others. Its unique benefits increases the lifespan of the machines. Above of all, unexpected breakdown and focus on plant asset management is pushing the growth in the machine condition monitoring market.
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Machine Condition Monitoring Market: Drivers & Restraints
Advancement in technology such as expansion of low-cost advanced machine condition monitoring, direct communication processes and rapid processing functions etc, is opening new doors to the growth of machine condition monitoring market. The drivers identified in the machine condition monitoring are machine reliability by effective prediction of their failures, maximizing part life by proper scheduling of maintenance programs, achieving reduction in frequency, severity of machine downtimes along with ensuring the safety of equipment and staff, among others. Fast growth in Asia-Pacific region along with increasing governmental regulation are the key factors driving the growth in the global machine condition monitoring. However, unpredictable maintenance periods and higher cost of the machine decreases the adoption rate and could act as a major restraint in the global market.
Machine Condition Monitoring Market: Segmentation
On the basis of monitoring technology, the global machine condition monitoring market is segmented as:
- Vibration analysis and diagnostics
- Corrosion Monitoring
- Lubricating Oil Analysis
- Motor Current Signature Analysis (MCSA)
- Ultrasound Emission Testing
- Infrared Thermography
On the basis of applications the global machine condition monitoring market is segmented as:
- Aerospace & Defence
- Others (Oil & Gas, Power and Mining)
Machine Condition Monitoring Market: Region-wise Outlook
The global machine condition monitoring market is expected to register a favourable growth for the forecast period, 2015-2025. The market growth in developed economies for these systems is expected between 7% and 10% whereas in developing regions the growth may even exceed 12% during coming five years. On the basis of region, North America is estimated to be the fastest growing market for Machine condition monitoring. Asia Pacific, and Latin America are expected to be the growth engines of machine condition market in the near future. The remaining regions are expected to grow at a steady rate over the forecast period.
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Machine Condition Monitoring Market: Key Players
Some of the key players identified in the global Machine Condition Monitoring market are National Instruments, Parker Kittiwake, Rockwell Automation, Bruel & Kjaer Vibro GmbH, Emerson Process Management, Fluke Corp, Honeywell Process Solution, among many others.