Machine Condition Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

Albany, NY -- (SBWire) -- 02/09/2017 --Global Machine Condition Monitoring Market

Machine condition monitoring, also known as machine health monitoring, refers to the process of monitoring and measuring certain parameters in equipment such as temperature, humidity, pressure, and others to detect any significant change and identify faults in equipment. Noise, temperature, and vibration measurements are often the key indicators of the state of equipment. Equipment failure leads to huge losses in terms of productivity and quality of manufactured goods as well as loss of capital spent on the purchasing of new equipment. Thus, machine condition monitoring acts as a predictive maintenance measure.

Machine condition monitoring is used across various sectors such as automotive, aerospace and defense, marine, chemicals, oil and gas, metal and mining, energy and power, and others. Energy and power is the largest application segment in the global machine condition monitoring market, followed by the oil and gas sector.

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Based on type, the global machine condition monitoring market has been segmented into thermography, vibration monitoring, ultrasound emission, corrosion monitoring, lubricating oil analysis, and motor current signature analysis. The various components in machine condition monitoring include ultrasound detectors, vibration sensors, spectrometers, infrared sensors, spectrum analyzers, corrosion probes, and others. Vibration sensors further consist of proximity probes, accelerometers, and tachometers.

Global Machine Condition Monitoring Market: Overview

The transition from preventive to predictive maintenance across process industries has supported the growth of the global machine condition monitoring market. Technological advancements such as the usage of wireless technology and remote monitoring in machine condition monitoring have also helped in the market's growth. During the forecast period, the growing demand for heating, ventilating, and air conditioning (HVAC) in small factories will play a key role in the growth of the market.

However, unpredictable maintenance periods and modification in old equipment might restrain the overall market. The global machine condition monitoring market has a huge potential to grow with the introduction of cloud technology. The rapid growth of the wind energy market will also augment the demand for machine condition monitoring.

In the wind energy market, wind turbines need to be operated as cheaply as possible in order to generate electricity at low cost. As maintenance costs of wind turbines are high due to their remote locations, online machine monitoring is cost effective compared to portable diagnostics systems or route-based monitoring. Similarly, in the oil and gas sector, reduction in maintenance and operating costs is of prime importance. Usually, drills and pumps are located in remote locations where expenses of technicians are very high. Online condition monitoring techniques can help to monitor wells, pumps, and refineries from a central location. As a result, maintenance personnel can be deployed only when requirement arises, thereby saving maintenance and operating costs.

Global Machine Condition Monitoring Market: Region-wise Outlook

The global machine condition monitoring market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In North America and Europe, the machine condition monitoring market has witnessed significant demand owing to the rapid growth of sectors such as oil and gas and energy and power. The presence of a number of market players in these regions has also boosted the growth of the market.

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Some of the key players operating in the global machine condition monitoring market include Bruel & Kjaer Sound & Vibration Measurement A/S (Denmark), Azima DLI Corp. (U.S.), General Electric Company (U.S.), Emerson Process Management (U.S), Honeywell International Inc. (U.S.), Parker Hannifin (U.S.), National Instruments Corporation (U.S.), SKF (Sweden), Fluke Corporation (U.S.), and Rockwell Automation, Inc. (U.S.). Market players are focusing on new product launches while looking out for partnerships and expansions.