Machine condition monitoring (CM) involves detecting a significant change in the machinery parameter such as vibration, temperature, and others, by using informative systems. Machine condition monitoring is a significant component of predictive maintenance to avoid disruption. The global Machine Condition Monitoring Market is projected to grow at a 5.55 % CAGR during the forecast period of 2017 to 2023.
Growing Power Of Machine Learning, Compounded By Limitations Of Human Inspection Is The Prime Driver Of The Market
Limitations of human inspection, such as lower efficiency, fatigue, high error rates, inconsistency, and individual variation are driving the market. The drive has been speeded by the technological advances such as cost-effective, speedy, accurate inspection procedure afforded by machine conditioning monitoring technology. The development of sensors, internet of things, electronics, analytics, software, and machine-to-machine (M2M) communication is another driver of the market. The attractive advantages of scalability, real-time data, remote operability, automation, results in improved efficiency, accuracy, and reduced human intervention.
High Application Potential Is Expected To Result In Large Market Enthusiasm
High potential applications such as self-sensing and artificial intelligent systems, predictive analytics and deep learning, coupled with increasing stringency of quality assurance and inspection standards and rising cost of non-compliance is expected to drive faster adoption. Growing manufacturing capacity and prosperity of industries needing critical process and machinery such as information technology, fine chemicals, and others are other drivers of the market. The advantage of non-destructive testing and the benefits of predictive and proactive testing such as inventory management and optimization, scheduled maintenance and others are the other drivers of the market. The developments in complementary technologies such as acoustic emission, infrared thermography, and motor current signature analysis (MCSA) is expected to drive faster adoption.
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Shortage Of Skilled Labor, Lack Of Awareness And High-Cost May Hamper The Market
An acute shortage of skilled workforce coupled with the nascent stage of technology, which is hampering the market. However, the advantages of automation are expected to overcome the market barriers. The need for strong in-house skills and the high cost of installation and maintenance is another restraint on the market. Integration and compatibility issues especially with IoT standards, multiple protocols are technical restraints on the market.
The prominent players in the market of Machine Condition Monitoring market are – Emerson Electric (U.S.), General Electric (U.S.), Rockwell Automation (U.S.), Timken (U.S.), FLIR Systems (U.S.), SKF (Swedan), NSK (Japan), Parker-Hannifin (U.S.), PCB Piezotronics (U.S.) among others.
North America holds the most significant market is owing to factors such as developed economies, substantial investments and rapid uptake of technology, high adoption of the internet of things (IoT), and excellent research ecology.
Europe accounts for the second largest market, which is expected to be led by Germany, France, and others. However, the Scandinavian regions of Norway, Finland and others are expected to demonstrate faster growth. Asia Pacific region is supposed to be led by Japan, South Korea, Australia, China, and India.
The Middle East and Africa market are expected to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Global Machine Condition Monitoring Market Structure
By End Users
- Oil and Gas
- Chemical and Petrochemical
- Pulp and Paper
- Steel and Metal
- Food and Beverage
- North America
- Asia Pacific
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- Machine Condition Monitoring Equipment Manufactures
- Technology Providers
- Research firms
- Consultancy firms
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
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