Machine Condition Monitoring Market is projected to grow at a CAGR 7.43%
Knowledge Sourcing Intelligence announces the publication of a new report on “Machine Condition Monitoring Market – Forecasts from 2020 to 2025” to their offering.
The cognizance of predictive maintenance by the manufacturing and process industry resultantly enabling downtime scheduling for repairs as per operational convenience, averting any imminent losses are anticipated to drive the growth of the market.
According to the report, the Machine Condition Monitoring Market is expected to reach US$2.728 billion by 2025, from US$1.775 billion in 2019.
What all is entailed in machine condition monitoring?
It is a technological means to ensure that the ecosystem of installed machines and other aspects are running in pristine operational conditions. It is a system that provides early warning systems alerting the concerned department or personnel towards an imminent failure that can be averted promptly without compromising on the industrial process thus upholding the revenue stream of the business without the addition of any further loss. The function of monitoring of conditions is executed by measuring various parameters like that of temperature, humidity, pressure delineating any contingent failure that has the potential to jeopardize operations. It finds its applications in a wide variety of industries like aerospace and defense, automotive, chemicals, construction, energy and power, metals & mining, and oil and gas, among others. There are mainly two kinds which are on-premises deployments that gives complete autonomy over data and systems concomitantly necessitating high investments on hardware, software, and maintenance as well as limits the storage capacity and the other one is the online or cloud-based deployment that provides business with advantages like exceptional accessibility, hyper-scalability, enhanced speed, robust IT security, and 24/7 service.
The growth of machine condition monitoring market is dependent on several factors as mentioned below:-
The growth of the market pertaining to machine condition monitoring is anticipated to be driven primarily since the proliferation of infrastructure and industries has necessitated an ever increase in maintenance cost that has led to an upswing in the adoption of predictive maintenance systems by the players in manufacturing and process industries to achieve maintenance process optimization, to avert any imminent failures and to secure the revenue stream and safeguard the business interest. This is a marked transition from preventive to predictive maintenance practices. To this extent, it is essential to note that, the online deployment segment is poised to hold a significant market share of the market because it provides the benefit of remote monitoring which is best suited for operations that take place in hazardous environments and for assets like blowers, compressors, pumps, and turbines that are critical to machine safety and operational stability. Data is collected through sensors that are transmitted either via cables or wireless means to the concerned department who gets to see the data in real-time on their terminals. The other factors that are expected to aid in the expansion of the market share of this segment are increasing research and development of remote monitoring as well as in wireless technologies. Further, the ubiquitous adoption of software-as-a-service (SaaS) application and the emergence of the Industrial Internet of Things (IIoT) and its consequent adoption to facilitate smart manufacturing is also expected to be the factors responsible for the growth of the market.
Updates on machine condition monitoring market:-
June – Product Launch – Addressing the growing requirement for efficacious equipment data collection across industrial facilities via wireless sensors for early equipment anomaly detection, it was reportedly announced that Yokogawa Electric Corporation (TYO: 6841) has launched Sushi Sensor, which is an OpreX™ Asset Management and Integrity wireless solution in North America. It comes with advanced AI analytics availed through the GA10 software makes it ideal for applications pertaining to IIoT plant asset management (PAM)
July – Product Integration – It was reportedly announced by Emerson Electric Co. (NYSE: EMR) that Jaguar Exploración y Producción a company that is based in Mexico and engages in oil and gas operations will be employing the former’s exploration and production (E&P) software and services to carry out multi-survey seismic and geologic interpretation, petrophysical analysis, seismic and well data analysis and subsurface modeling as well as avail the former’s hosting services so that later can access the portfolio of Emerson applications from multiple geographical locations via the internet. This decision by Jaguar was made to protect its investment and minimize any unpredictability, maximizing the potential of the company’s onshore assets and projects.
As a part of the report,the major players operating in the machine condition monitoring market which have been covered are Emerson Electric Co., General Electric, Honeywell International, Rockwell Automation, AB SKF, National Instruments Corporation, Meggitt PLC, Bruel and Kjaer Vibro GmBH, ALS Ltd, Schaeffler Technologies AG & Co., and PCB Piezotronics.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-machine-condition-monitoring-market
This report segmented the machine condition monitoring market on the basis following terms
- Ultrasound Detector
- Vibration Detector
- Infrared Sensor
- Corrosion Probes
- Spectral Analyser
- Construction and Mining
- Oil and Gas
- Energy and Power
- Aerospace and Defense
- By Geography
- United Kingdom
Middle East and Africa
- Saudi Arabia
- South Korea
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