San Francisco, CA -- (SBWIRE) -- 08/19/2020 -- Global Machine Health Monitoring Market: Overview

Machine health monitoring used for tracking machine health and performance- temperature, current, vibration, and RPM against set thresholds in order to pin-point signs of degradation. These conditioning machines can measure the current and voltage moving through electrical transformers to understand how efficiently their assets consume energy, or can measure oil temperature to track if a machine's cooling apparatus is working well, or track external surface temperature to see if heat is dissipating as expected.
As per TMR Research, the global machine health monitoring market is set to touch a higher mark in terms of valuation over the forecast period of 2019 to 2029. The compound annual growth rate would be sturdy over the forecast period. Opportunities are set to arise in industries such as oil and gas, manufacturing, petroleum, aerospace and defense, automotive, and marine amongst others.

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Global Machine Health Monitoring Market: Competitive Landscape

The global machine health monitoring market is a fragmented vendor landscape – result of large number of players marking it. Some of the leading key manufacturers in this market are:

Emerson Electric
Rockwell Automation
National Instruments
General Electric
Parker Hannifin
Honeywell
Azima Dli
Meggitt
Skf
Schaeffler
Bruel & Kjaer
Pcb Piezotronics
Fluke Corporation
Pruftechnik Dieter Busch

These players are predicted to cash in on an increasingly automated and efficient global manufacturing scenario. Alliances such as mergers and other strategies elated to geographic expansion will help them grow their reach further.

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Global Machine Health Monitoring Market: Key Trends and Drivers

Since the Machine Health Monitoring Market finds application in varied industries such as oil and gas, manufacturing, petroleum, aerospace and defense, automotive, growth in these is expected to ensure that the market for machine health monitoring has a healthy growth rate. Factors oiling the engines of growth in the global machine condition monitoring market are:

An industry which is creating substantial demand for Machine Health Monitoring products is oil and gas. Growing activity in the industry – onshore and offshore oil exploration and shale gas activities – is expected to keep contribute to increase in demand. Since oil exploration and processing units are frequently subject to a range of adverse conditions owing to a corrosive working environment off-shore, machine health monitoring attains paramount importance here.
The advent of the Internet of Things (IoT) has made it possible to monitor machine conditions without being physically present during uptime. With IoT, millions of sensors communicate the data they record to designated storage and information processing spaces. If a parameter exceeds a certain threshold, the system can send an alert to the relevant specialist of that specific part of the machine. Also, IoT lets manufacturers plan for predictive maintenance, where using Artificial Intelligence for monitoring all aspects of a machine allows maintenance before anything breaks down. These technologies are set to give greater impetus to growth in Machine Health Monitoring Market.

Global Machine Health Monitoring Market: Regional Analysis

North America is estimated to be the fastest-growing market for the Machine Health Monitoring Market due to a higher investment made by existing industry operators on efficient maintenance. This growth also owes itself to a more robust industrial setup in the developed nations and a consequently larger market base. On the other hand, Asia Pacific and Latin America are expected to be the growth engines of Machine Health Monitoring Market in the near future as each of these regions is witnessing industrialization and urbanization.

Market Segmentation:

Machine Condition Monitoring Market, by Monitoring Technique

Vibration Monitoring
Thermography
Oil Analysis
Corrosion Monitoring
Ultrasound Emission
Motor Current Analysis

Machine Condition Monitoring Market, by Offering

Hardware
Vibration Sensors
Accelerometers
Proximity Probes
Tachometers
Infrared Sensors
Thermal Infrared Sensors
Quantum Infrared Sensors
Spectrometers
Infrared Spectrometers
Ultraviolet Spectrometers
Atomic Spectrometers
Mass Spectrometers
Ultrasound Detectors
Sound Pressure Meters
Stethoscopes
Ultrasonic Leak Detectors
Spectrum Analyzers
Swept Spectrum Analyzers
Real-time Spectrum Analyzers
Corrosion Probes
Others (Velocity Sensors and Transmitters, Thermal Cameras and IR Thermometers, Viscometers and Particle Counters, Wireless Transmitters and Corrosion Data Collectors, Ultrasonic Probes, Current Transformers, and Resistive Shuts, and Networking Devices)
Software
Data Integration
Diagnostic Reporting
Order Tracking Analysis
Parameter Calculation

Machine Condition Monitoring Market, by Deployment Type

On-premises
Cloud
Machine Condition Monitoring Market, by Monitoring Process

Online Condition Monitoring
Portable Condition Monitoring

Machine Condition Monitoring Market, by Industry

Oil & Gas
Power Generation
Metals & Mining
Chemicals
Automotive
Aerospace & Defense
Food & Beverages
Marine
Others (Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics)

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About TMR Research
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