Machine condition monitoring is a method of monitoring the condition of a machine with the intent to foretell mechanical wear and failure. The predicted data provides health information of the machine and helps to detect machinery faults timely, which prevents unexpected failure and costly repair of the machine. The machine condition monitoring equipment tracks changes in temperature, vibration, and output of machines, in order to detect imbalance, corrosion, wear, misalignment, sediment build-up, or poorly lubricated parts.
Machine condition monitoring equipment market has gained importance over the past few years, as the focus of companies on productivity and asset utilization has significantly increased. The increasing use of remote monitoring, growth in heating, ventilating and air conditioning market, increasing demand for smart factories, in addition to growing penetration of industrial internet of things (IoT) are driving the growth of the global machine condition monitoring equipment market
The increasing usage of remote monitoring solutions with the help of internet of things (IoT) has spurred the growth of the global machine condition monitoring market. The remote monitoring solutions helps in the controlling of equipment located in the remote locations without the need of manually monitoring them. This saves man-power, times, and reduces the cost involved in the physical monitoring of machines installed in various industries. The advancement in internet of things (IoT) in machine conditioning is also driving the growth of the machine condition monitoring equipment market.
The purchase and installation of machine condition monitoring equipment, including industrial manufacturing condition monitoring and heavy equipment condition monitoring equipment require huge capital expenditure. In addition, the maintenance and output data analysis of machine condition equipment is costly, as it requires timely service and skilled and trained professionals to operate the overall monitoring system. These factors are hindering its full-fledged acceptance in cost sensitive industries in developing countries. Moreover, weaker government regulations and mandates regarding the predictive maintenance in developing countries, such as China and India are expected to hinder its growth during the forecast period.
The end user industries such as oil & gas, petrochemical, energy and power are traditionally strong market for machine condition monitoring equipment. These sectors are expected to remain the major end users of machine condition monitoring equipment during the forecast period. Significant demand of machine condition monitoring equipment is also expected from renewable energy sectors such as wind power, solar power and nuclear power. Renewable energy generation is expected to witness significant growth during the forecast period, which in turn is expected to drive the growth of the machine condition monitoring equipment market during the forecast period.
With the increasing importance of renewable energy in power generation and use; the testing and monitoring of nuclear facilities, wind and solar farms, and hydroelectric power plants are expected to drive the future revenue growth opportunities. Moreover, in order to cater the downturn in manufacturing sector, the companies are expected to optimize their asset management infrastructure during the forecast period.
North America accounted for the largest share in the global machine condition monitoring equipment market, in terms of revenue in 2015. The North American machine condition monitoring equipment market is driven largely by the growing demand of condition monitoring from oil & gas, power and energy, end user segments.
Asia-Pacific along with other emerging countries of Latin America and Middle East are expected to be the faster growing markets of machine condition monitoring equipment during the forecast period.
Some of the major companies operating in the global machine condition monitoring equipment market include General Electric Company, Corrpro Companies Inc., Emerson Electric Co., Alava Ingenieros Group, AB SKF, Honeywell International Inc., Parker Hannifin Corporation, Rockwell Automation Inc., Azima Dli Corporation, SAJ Engineering and Trading Company, The Timken Company, National Instruments Corporation, Brüel & Kjær Vibro GmbH, and Danaher Corporation.