Machine Condition Monitoring Market Size, Business Growth, Development Strategy, Sales Revenue, Emerging Trends, Competitive Landscape and Opportunity Assessment by Forecast 2023

“Market Research Future”
Market Research Future published a research report on “Global Machine Condition Monitoring Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Scenario

During the course of the 20th century, maintenance strategies have gone through many changes. Currently, predictive and proactive strategies present the maximum benefits at minimum expenditure. However, the preventive or scheduled maintenance approach is the most widely used strategy, particularly among the SMEs. This is mainly due to their reluctance to shift from a maintenance strategy that they have adapted over the years and the misconception that predictive and proactive strategies are expensive. With increased awareness, we expect the predictive and proactive approach to gain considerable momentum in the coming years.

Machine condition monitoring is the process of monitoring the condition of a machine with the commitment to predict mechanical wear and tear. Vibration, noise, and temperature measurements are often used as key indicators of the state of the machine. Trends in the data provide health information about the machine and help to detect machine faults early, which prevents unexpected failure and costly repair. It has been observed that an increase in need for reduced maintenance cost is boosting the machine condition monitoring market.

Key Players:

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.

Market Dynamics:

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.

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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.

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.

Global Machine Condition Monitoring Market Structure

By End Users

  • Power
  • Oil and Gas
  • Chemical and Petrochemical
  • Pulp and Paper
  • Cement
  • Steel and Metal
  • Pharmaceutical
  • Automotive
  • Food and Beverage

By Region

  • North America
  • Europe
  • Asia Pacific
  • Row

Regional Analysis:

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.

Intended Audience

  • Machine Condition Monitoring Equipment Manufactures
  • Technology Providers
  • Distributors
  • Research firms
  • Consultancy firms
  • Semiconductor Manufacturers
  • Stakeholders
  • End-user sectors
  • Technology Investors

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TABLE OF CONTENTS

1 Executive Summary

1.1 Highlights 10

2 Scope of the Report

2.1 Market Overview 11

3 Market Research Methodology

3.1 Research Process 13

3.2 Primary Research 14

3.3 Secondary Research 14

3.4 Economic Indicators 15

          4 Introduction

4.1 Key Market Highlights 16

4.2 Maintenance Methodologies 16

5 Market Landscape

5.1 Market Overview 22

5.2 Five Forces Analysis 24

6 Market Drivers

6.1 Shift From Preventive Maintenance To Predictive Maintenance 29

6.2 Employee Health And Safety Standards Commonly Followed Across Industries Worldwide 31

6.3 Capital Investments By Leading Automobile Companies 32

Continued…

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