Machine Condition Monitoring Market - Introduction
Machine condition monitoring market is expected to grow at healthy rate during the forecast period from 2017-2025. Condition monitoring is a technique that involves monitoring various parameters or conditions in a machinery such as the vibration, temperature etc. for identification of a significant change that might result in a developing fault. It allows scheduling of maintenance or other actions that needs to be taken for preventing failure along with avoiding the resulting consequences. Machine Condition Monitoring market globally is segmented in terms of type, component, applications and geography. These devices have growing applications across different verticals such as energy & power, automotive, aerospace & defense, and oil & gas among others. Timely detection of plant and machine problems makes for a major factor that increases the demand for this market globally.Minimization of unscheduled downtime further helps in the reduction of costs that contributes to being another major factor boosting the overall demand for this market.
|Base Year of Estimation||2016|
|Value Estimation Year||2017|
|Forecast Period||2017 - 2025|
|Market Segmentations||By type, application, component, region|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America|
|Report Coverage||Technology Analysis, Market Dynamics, Market Trends, Segmentation Overview and Competitive Landscape of the market|
Machine Condition Monitoring technology is increasing because of its growing applications different industries where techniques such as X-ray radiography, atomic emissions spectroscopy, ferrography, ultrasonic analysis and spectrum analysis are used among others. Techniques such as ultrasound testing comes under non-destructive testing techniques that uses amalgamation of ultrasonic waves on the material where the waves are projected or another technique such as infrared thermography detects infrared energy that is emitted from the object converting the value into temperature.
It is seen in 2016, that machine condition monitoring provides the best way of maintenance that are required for production. Use of this technique provides an assessment of the health of machines with an intention of predicting both mechanical wear and tear as well as failure. These are some of the factors that contribute to the growing demand of this market. Moreover, the condition of machinery provides the right maintenance to the machines at the right time saving costs for the company. In addition to this, use of this technique also provides sensory indication to show the proper functioning of components further providing a suitable warning as and when the standard conditions and indices are exceeded. The easy planning of maintenance of machines along with all these factors act as some of the major drivers that boosts the demand for this market globally. Considering all these factors, there are certain restraints that negatively impacts the demand for this market. One such factor that forms a major restraint is the errors in scheduling of machines like the alignment and mounting conditions that causes problems in machines.Furthermore, it is seen that dependence on installation makes planning less easy for monitoring machines forming another restraint that negatively affects the demand for this market globally. Technological advancement along with application of improved software is expected to provide huge growth opportunities for the machine condition monitoring market.
Rising demand for well scheduled monitoring system in plants has formed a crucial reason for the growth of this market globally. It is the also the application of condition monitoring across different industry verticals such as defense, oil & gas and automotive among others has further contributed to the growth of this market.
Due to technological advancement, it is expected that Asia Pacific region will show positive growth during the forecast period.
There are a large number of manufacturers for condition monitoring system that makes North America a strong base for production of these systems. In the coming years, it is expected that Asia Pacific region will experience positive growth in demand and is expected to remain the fastest growing segment during the forecast period because of higher technological advancement of software for monitoring machineries thereby increasing the performance. The presence of numerous players makes the market fragmented for machine condition monitoring globally.
The global market for machine condition monitoring equipment on the basis of type has been segmented into ultrasound emission, thermograph, vibration monitoring and corrosion monitoring among others.
In 2016, infrared sensors, spectrometers were some of the segments for this market having growing applications across industries such as automotive and energy & power.
By components, the global market is divided into accelerometers, infrared sensors, ultrasound detectors and spectrometers among others. The various application areas, on the basis of which the market is segmented, includes automotive, oil & gas, chemicals, aerospace & defense, food & beverages and metals & mining among others. In 2016, infrared sensors and spectrometers form some of the major segments for this market having growing applications across industries such as automotive and energy & power among others. By geography, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America. In terms of revenue, North America held the largest market share followed by Europe with Asia Pacific being the fastest growing segment for this market during the coming years. Growth of wearable technologies contributes to the rise in demand for this market in North America and Europe whereas the growth of Asia Pacific machine condition monitoring market is driven by presence of a numerous number of manufacturing facilities for semiconductors and electronic products.
|By Type||Ultrasound emission, thermograph, vibration monitoring and corrosion monitoring among others|
|By Application||Automotive, oil & gas, chemicals, aerospace & defense, food & beverages and metals & mining among others|
|By Component||Accelerometers, infrared sensors, ultrasound detectors and spectrometers among others|
|By Region||North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America|
Leading players operating in the Machine Condition Monitoring market are Emerson Electric Co. (The U.S.), Honeywell International Inc. (The U.S.), SKF (Sweden), Meggitt PLC (UK), Parker Hannifin Corp (The U.S.), General Electric (The U.S.) andRockwell Automation, Inc.(The U.S.). In North America there are many companies that produce machine condition monitoring and have the major significant share in 2016. As compared to North America, Europe and Asia Pacific, concentration of Machine Condition Monitoring is low in Middle East and Africa and Latin America.
Maintenance strategies depending on predictive approaches have provided asset production in growing number across a wider portfolio of industries. Condition monitoring forms the core of these strategies and is used with the help of accurate sensors allowing plant operatives the knowledge to plan production during unplanned outages. It also gives management of the company the time to take care of critical machines at the correct time saving cost and time for the company.All these drivers are expected to boost the demand for machine condition monitoring market during the coming years.
|KEY QUESTIONS ANSWERED BY THE REPORT|
|What will be the nature of growth of the market till 2025?|
|What are the major push factors that will affect the growth of the market?|
|What are the growth possibilities in different segments of the market?|
|Who are the leading market players?|
|What are the key strategies implemented by the market leaders to sustain growth in the market?|
|What are the major restraining factors for the market?|
|What are the ways to generate new revenue streams?|
|In-depth analysis of the competitive landscape and competitor behavior in the market|
ASK FOR CUSTOMISED REPORTS
In case the report listed above does not meet your requirements, we will customize the report for you. Our custom research will comprehensively cover the insights you require. Please contact us for report customization
Related Upcoming Reports
Building automation market is growing due to increasing demand for the personalized room climate system, lower utility costs, reduced maintenance costs, simplified operations along with high security living. The growing level of monitoring for providing more access control is further expected to be another major factor for the growth of the building automation market during the research period from 2017 to 2025.… Read More
Diamond semiconductor substrates market study outlines the analysis of the size, latest trends, leading competitors, technological benchmarks, and growth prospects for the said market during the period 2017 to 2025. Increasing use of diamond semiconductor substrates in electronic devices can be attributed as one of the major determining factors for the said market. … Read More
Polysilicon production equipment market research includes the exclusive study of the market size and growth opportunities during the period from 2017 to 2025. Rising demand for polysilicon production equipment has been influenced by factors such as product innovation, growth in export of polysilicon production equipment and due to the increase in the usage of renewable sources. It is expected that the market will grow significantly during the forecast period 2017 to 2025.… Read More
Application-to-Person (A2P) Short Message Service (SMS) Market or A2P SMS Market: This study comprises of the exclusive analysis of market size, growth possibilities during the period from 2017 to 2025. The growth in this market can be attributed to the rise in the use of applications in retail and healthcare sector. The increase in the demand for maintaining a good relationship with customers is another crucial factor to enhance the growth of this market globally.… Read More
Flexible electronics market research elaborates comprehensive study of market size, growth and focuses on future possibilities during the analysis period from 2017 to 2025. The reduced price structure along with rising applications across all these industries will act as the primary catalyst that will boost the growth of this industry.… Read More
Power over Ethernet (POE) chipsets market: This market research summarizes the analysis of the size, latest trends, leading competitors, technological benchmarks, and growth prospects for the said market during the period 2017 to 2025. Increasing amount of transferred data, growing number of applications across different industries, a rise in internet penetration has been crucial factors that have boost up the growth of Power over Ethernet chipsets market.… Read More