Machine Condition Monitoring Market: Global Industry Insights, Market Size Estimationand Growth Forecast, 2017 – 2025

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.

Report Overview
Aspect Details
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

 

Technology Analysis

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.

 

Market Dynamics

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.

 

Market Trends

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.

 

Segmentation Overview

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.

Market Segmentation Overview
By Term Segments
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

 

Competitive Landscape

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.

 

Conclusion

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

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