The transition from preventive to predictive maintenance in the process industry has proven extremely crucial to the growth witnessed by the global machine condition monitoring market. A new analysis by Transparency Market Research, titled “Machine Condition Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024” is aimed at studying the various factors influencing the market’s growth trajectory. The report is intended to update the market stakeholders about the prevailing dynamics. It also presents insights into the growth drivers and restraints that the global machine condition monitoring market could witness during the forecast period from 2016 to 2024.
Machine condition monitoring, also called machine health monitoring, is the process of monitoring parameters such as humidity, pressure, temperature, and others that determine an equipment’s performance. Functions of machine condition monitoring are considered indispensable for detecting changes or faults in any machine. Vibration, temperature, and noise measurements are the key indicators of the state of an equipment.
Machine conditioning is therefore considered imperative for industries interested in evading loss incurred on capital invested on purchase of machines. It allows companies to enjoy the benefits of predictive maintenance.
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In the last couple of years, the global machine monitoring market has been witnessing robust growth in demand from industries such as aerospace, automotive, defense, chemicals, automotive, oil and gas, energy and power, metal and mining, and others. Of these, the energy and power industry has been exhibiting the highest demand for machine condition monitoring, followed by the oil and gas segment.
The most common services covered by machine condition monitoring include vibration monitoring, thermography, corrosion monitoring, ultrasound emission, motor current signature analysis, and lubricating oil analysis. Various components included in machine condition monitoring are vibration sensors, infrared sensors, spectrometers, corrosion probes, spectrum analyzers, and others.
The report will present an in-depth analysis of the market, identifying the most lucrative opportunities for the aforementioned service segments. It will also provide detailed insights into the components that are in high demand in the market.
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The demand for machine condition monitoring has been gaining significantly from the increase use of wireless technology and remote monitoring. The rising demand for heating, ventilation, and air conditioning across smaller factories will also bolster demand from the global machine condition monitoring market.
Despite witnessing growth at an impressive rate, the unpredictability of maintenance periods may restrain the market to an extent. Nevertheless, with the introduction of cloud technology across industries, the global machine condition monitoring market is expected to gain significant impetus in the near future.
Regionally, North America, Asia Pacific, Europe, and Rest of the World constitute the major segments of the global machine condition monitoring market. Among these regions, Europe and North America are expected to exhibit considerably rising demand for machine condition monitoring services during the forecast period. The factors influencing the market’s growth across these regional segments have been evaluated in the report in detail.
It also presents a holistic analysis on the prevailing competitive landscape. Some of the leading companies operating in the market include Azima DLI Corp. (U.S.), Parker Hannifin (U.S.), General Electric Company (U.S.), Rockwell Automation, Inc. (U.S.), and others.