The Machine Condition Monitoring market is worth $1.775 billion for the year 2019 and is expected to grow at 7.27% CAGR to reach a market volume of US$2.901 billion by 2026.
A machine condition monitoring system is used to analyze the performance, functioning and operations of a machine and locate any technical fault or a breakdown in the system. The system assists in identifying breakdowns or faults at an initial stage and prevents complete machine failure and saves the company from extensive cost of repair. The system plays an integral role in the smooth and efficient functioning of a production line. Machine condition monitoring system assists in pinpointing signs of degradation by analyzing various parameters like temperature, vibration and RPM against the set thresholds. Machine condition monitoring system serves as a continuous improvement toolkit and renders numerous benefits in tracking real-time machine conditions. Besides, it improves operational efficiency by avoiding any unscheduled downtime and facilitating a tailor-made maintenance schedule to match the usage demand. On the whole, machine condition monitoring improves the overall equipment effectiveness (OEE) of the product line.
Machine condition monitoring is an effective technique that can be extensively used across various operational verticals. It primarily depends upon the assets deployed within the production unit and the kinds of data that will prove to be useful in the company's operations. Several manufacturers measure voltage and current in their transformers to analyze consumption efficiency among their assets. Whereas, other manufacturers might measure oil temperature to track whether the machine is cooling as expected or to track outer surface temperature to check if heat is being dissipated as expected. Furthermore, manufacturers who rely on motors, measure vibrations to study whether the components are suitably balanced and do not contribute to premature degradation. The booming automation market proves to be a huge potential for the machine condition monitoring market. Besides, the emerging IoT and data analytics sector also offers great potential for the machine condition monitoring market. However, high short-term investment cost and unpredictable maintenance periods may hamper the application of machine condition monitoring systems.
Prominent players in the Machine Condition Monitoring market are Emerson ELectronic Co., Rockwell Automation, AB SKF, National Instruments Corporation, Meggitt and Bruel, and Kjaer Vibro GmbH among others.
The Surge in Demand Due to the Growing Automotive Industry
Recent technological advancements in the automotive industry have increased the need for machine condition monitoring owing to the applicability of various complex processes in production. The automotive industry is prone to serious hazards and manufacturing complexities, thereby machine condition monitoring systems play an integral role in the smooth and efficient functioning of automotive production. Further, the automotive industry is estimated to grow at a significant rate over the forecasted period owing to the growing demand for passenger vehicles. Additionally, rising disposable income and growing expenditure for a better standard of living, especially in the emerging economies are expected to propel demand in the market. Moreover, rising demand for rental vehicles is anticipated to further augment market growth. As condition monitors are employed extensively for safety and security purposes in the automotive industry, surging demand in the automotive industry will create a significant impact on the growth of the machine condition monitoring market.
Trends in Data Centre Security Market by Region:
Key market players around the world have adopted various business strategies to sustain, grow and develop in the video streaming market. Various business strategies that have been employed by organizations around the world are partnerships, acquisitions, mergers and other related commercial agreements which have assisted conglomerates to develop and provide services to a large group of people worldwide.
Through such collaborative agreements between market players and governments and other allied government agencies in the North American region have resulted in significant development of the market on the whole. The North American region holds a significant market share and is projected to grow at a decent CAGR over the forecasted period. The growth in the North American region is majorly driven by growing demand in the automotive, oil and gas sector. Besides, rapid technological advancements coupled with the availability of state of art infrastructure is estimated to further augment the demand in the market. Furthermore, the discovery of new reserves along with the presence of prominent players is projected to boost the demand in the market. For instance, Rockwell Automation, American automation and industrial solutions provider replaced an outdated wastewater treatment facility system at the campus of Texas A&M University with their modern PlantPAx process automation system. The innovative system increased production from 8.1 million gallons per day to 11.8 million gallons and also brought down energy cost by $65,000 annually.
However, the APAC region is estimated to grow at the fastest rate over the forecasted period. The major driving factor is the rapid expansion of manufacturing industries in the region. Moreover rising disposable income and population are further expected to complement growth in automotive and construction industries, thereby boosting market demand. For instance, leading industrial and automotive supplier Schaeffler India recently announced the launch of its new product line OpTime. The system aims at monitoring the condition of all crucial assets across the entire production line and equipment. Similarly, ABB recently commissioned its asset condition monitoring software at China's Shanyang Coal mine.
The outbreak of the novel coronavirus disease negatively impacted the machine condition monitoring market. The market was expanding at a notable rate before the market downturn but is likely to grow once the pandemic passes. The decline in the market can be attributed to supply chain disruptions in production and distribution globally. Moreover growing adoption of hardware components such as sensors in various applications is expected to hinder growth in the market. However, the market is projected to recover post-pandemic in 2021 owing to normalcy in operations.