Key Market Dynamics in Machine Condition Monitoring
What are the opportunities and challenges for the machine condition monitoring market?
Northrook, IL -- (SBWIRE) -- 04/03/2020 -- The global size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.9 billion by 2025, at a CAGR of 7.0%. The growth of this market is expected to be driven by the advent of secure cloud platforms used in condition monitoring, increasing disposition toward predictive maintenance, and high demand from emerging applications. The report covers the machine condition monitoring industry segmented into monitoring technique, offering, deployment type, monitoring process, industry, and geography.
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Vibration monitoring segment contributed largest share to machine condition monitoring market in 2018
Vibration monitoring is the most widely used technique for machine condition monitoring. Vibration may be defined as a cyclic or periodic displacement of a machine from its static position due to the back and forth motion. 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, gears, bearing, drive motors, and other elements. Since it is not possible to shut down these systems for condition monitoring, real-time vibration monitoring is required. Easy data analysis and one-time installation are the other factors driving the growth of the vibration monitoring market.
Hardware offering segment to have largest share of machine condition monitoring market during forecast period
Hardware components offered by machine condition monitoring solution providers mainly include vibration sensors & analyzers, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, and corrosion probes. These systems are considered to be 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.
North America to dominate machine condition monitoring market during 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 majority of the leading players such as Emerson Electric (US), General Electric (US), Honeywell International (US), and National Instruments (US). Machine condition monitoring solutions have the capability to accurately forecast equipment failure that helps organizations to reduce their maintenance and operational expenses. North America accounts for the major chunk of the machine condition monitoring market, and the region is considered to be one of the most advanced regions in terms of technology adoption and infrastructure.
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Key Market Players
Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden) are the major players operating in the machine condition monitoring market.
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