"Overview of Machine Condition Monitoring Market"
The Machine Condition Monitoring Market Was Valued At US$ 2.1 Bn In 2018 And It Is Expected To Reach More Than US$ 3.6 Bn By 2025, Likely To Grow With The CAGR Of 6.4% During The Forecast Period.
Machine condition monitoring offers various advantages such as increasing equipment performance and productivity, increased adoption of vibration sensors. While increasing the adoption of machine condition monitoring in the automotive industry and a rise in online machine monitoring, and increasing equipment performance and productivity have boosted the penetration and growth of the global machine condition monitoring market.
Unexpected Failure and Increase in Need for Reduced Maintenance Cost Anticipated To Fuel the Growth of Global Machine Condition Monitoring Market
In order to find any failure in a machine such as noise, vibration and temperature measurements, machine condition monitoring is required. Generally, machine condition monitoring techniques are used in rotating equipment, pumps, electric motors, internal combustion engines, presses. It is a major part of predictive maintenance. Machine condition monitoring avoids machine failures by allowing scheduled maintenance. The machine condition monitoring is widely used across many industries such as automotive, aerospace & defense, chemicals, metals, and mining among many others which results in an increase in demand. Its unique benefits increase the lifespan of the machines. Above all, unexpected breakdown and focus on plant asset management is pushing the growth in the machine condition monitoring market.
The Growing Manufacturing Industry, Advancement in Technology in Low-Cost Advanced Machine Condition Monitoring and Increasing Government Regulations to Drive the Global Machine Condition Monitoring Market
The Expansion of direct communication processes and rapid processing functions etc, is opening new doors to the growth of the machine condition monitoring market. Maximizing part life by proper scheduling of maintenance programs with an effective prediction of their failures, the severity of machine downtimes along with ensuring the safety of equipment and staff are the drivers identified in the machine condition monitoring market. Rapid growth in the manufacturing industry in the Asia-Pacific region along with increasing governmental regulation are the key factors driving the growth in 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.
Vibration Monitoring Segment held Key share in Global Machine Condition Monitoring Market in 2018
The vibration monitoring segment is projected to expand at a considerable CAGR of 7.3% over the forecast period from 2019 to 2025. Vibration monitoring is the most widely used technique due to a rise in the adoption of vibration sensors for monitoring equipment conditions. A cyclic or periodic displacement of a machine from its static position due to the back and forth motion is considered as Vibrations. This motion is caused mainly by the oscillation of various components such as belts, gears, bearings, and drive motors. Vibration monitoring is used for measuring oscillation of components such as belts, bearing, gears, drive motors, and other elements. The real-time vibration monitoring is required to monitor these systems. One-time installation and easy data analysis are the other factors driving the growth of the vibration monitoring market.
Demand for Hardware Offering to witness Rapid growth during the forecast period.
Hardware components offered by machine condition monitoring solution providers mainly include vibration sensors & analyzers, spectrometers, infrared sensors, ultrasound detectors, spectrum analyzers, and corrosion probes. All these systems are the main components of condition monitoring systems through which machine health is obtained in advance. The data extracted by hardware components enable effective predictive maintenance programs to avoid costly downtime.
Asia Pacific Machine Condition Monitoring Market to witness Rapid Growth During the Forecast Period
The Asia Pacific accounted for a significant revenue share in 2018 due to the high adoption of modern technologies for smart manufacturing, reduction in operational costs, and the importance of security measures at workplaces and most important an increase in government regulation. In the Asia Pacific, multiple players are implementing cloud-based sensor networks for condition monitoring that avoid time-consuming and expensive downtime of much industrial equipment. The economies of China and India are growing at a robust pace, and there is rapid penetration of the Internet of Things (IoT) in the Asia Pacific. China held a significant share of the market in the Asia Pacific in 2017. The market in the country is estimated to expand at a significant CAGR during the forecast period.
The market in North America is expected to expand at a rapid CAGR during the forecast period. North America is a key market for machine condition monitoring as it is home to some of the largest multinational corporations in this market, including the majority of the leading players such as Emerson Electric (US), Honeywell International (US), National Instruments (US) and General Electric (US). The region is considered to be one of the most advanced regions in terms of technology adoption and infrastructure. In North America, an increase in government expenditure, the presence of a large number of market players, and a rise in awareness about highly advanced technologies are fueling the machine condition monitoring market. The rapid expansion of sectors such as oil and gas and energy and power demand for machine condition monitoring systems in North America is likely to remain concentrated in the U.S.
However, the market in Europe is likely to expand at a significant CAGR over the forecast period, owing to a significant expansion in the automotive sector. The U.K. held a major share of the machine condition monitoring market in Europe in 2018.
Emerson Electric is one of the leading players in the Machine Condition Monitoring market which is engaged in the manufacturing and development of process control systems, valves, and analytical instruments. The company also provides maintenance services and training courses on machine condition monitoring systems.
Emerson Electric, General Electric, Honeywell International, National Instruments, and SKF, Honeywell is the major players operating in the machine condition monitoring market.
Machine Condition Monitoring Market Key segments:
Machine Condition Monitoring Market, By Monitoring Technique
- Vibration Monitoring
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission
- Motor Current Analysis
Machine Condition Monitoring Market, By Component
- Vibration Sensor & Analyzer
- Infrared Sensor
- Spectrum Analyzers
- Ultrasound Detectors
- Corrosion Probes
Machine Condition Monitoring Market, By Deployment Type
Machine Condition Monitoring Market, By Industry
- Metals & Mining
- Power Generation
- Oil & Gas
- Food & Beverages
Machine Condition Monitoring Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America