Machine Condition Monitoring Detects Changes Or Faults In Any Machine Before It Goes Down
The
transition from preventive to predictive maintenance in the process
industry has proven extremely crucial to the growth witnessed by the
global machine condition monitoring market. A new analysis by
Transparency Market Research, titled “Machine Condition Monitoring
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2016 – 2024” is aimed at studying the various factors
influencing the market’s growth trajectory. The report is intended
to update the market stakeholders about the prevailing dynamics. It
also presents insights into the growth drivers and restraints that
the global machine condition monitoring market could witness during
the forecast period from 2016 to 2024.
Machine
condition monitoring, also called machine health monitoring, is the
process of monitoring parameters such as humidity, pressure,
temperature, and others that determine an equipment’s performance.
Functions of machine condition monitoring are considered
indispensable for detecting changes or faults in any machine.
Vibration, temperature, and noise measurements are the key indicators
of the state of an equipment.
Machine
conditioning is therefore considered imperative for industries
interested in evading loss incurred on capital invested on purchase
of machines. It allows companies to enjoy the benefits of predictive
maintenance.
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In
the last couple of years, the global machine monitoring market has
been witnessing robust growth in demand from industries such as
aerospace, automotive, defense, chemicals, automotive, oil and gas,
energy and power, metal and mining, and others. Of these, the energy
and power industry has been exhibiting the highest demand for machine
condition monitoring, followed by the oil and gas segment.
The
most common services covered by machine condition monitoring include
vibration monitoring, thermography, corrosion monitoring, ultrasound
emission, motor current signature analysis, and lubricating oil
analysis. Various components included in machine condition monitoring
are vibration sensors, infrared sensors, spectrometers, corrosion
probes, spectrum analyzers, and others.
The
report will present an in-depth analysis of the market, identifying
the most lucrative opportunities for the aforementioned service
segments. It will also provide detailed insights into the components
that are in high demand in the market.
The
demand for machine condition monitoring has been gaining
significantly from the increase use of wireless technology and remote
monitoring. The rising demand for heating, ventilation, and air
conditioning across smaller factories will also bolster demand from
the global machine condition monitoring market.
Despite
witnessing growth at an impressive rate, the unpredictability of
maintenance periods may restrain the market to an extent.
Nevertheless, with the introduction of cloud technology across
industries, the global machine condition monitoring market is
expected to gain significant impetus in the near future.
Regionally,
North America, Asia Pacific, Europe, and Rest of the World constitute
the major segments of the global machine condition monitoring market.
Among these regions, Europe and North America are expected to exhibit
considerably rising demand for machine condition monitoring services
during the forecast period. The factors influencing the market’s
growth across these regional segments have been evaluated in the
report in detail.
It
also presents a holistic analysis on the prevailing competitive
landscape. Some of the leading companies operating in the market
include Azima DLI Corp. (U.S.), Parker Hannifin (U.S.), General
Electric Company (U.S.), Rockwell Automation, Inc. (U.S.), and
others.
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