The global machine condition monitoring market is expected to be valued at USD 1.56 Billion in 2016 and it is anticipated to grow at an approximate CAGR of over 8% over the forecast period 2016 to 2024.
Growing demand for use of wireless technology is expected to remain a key driver for the growth of the market. Advancement in technology is anticipated to spur the market growth over the forecast period.
Increasing growth in the heating ventilation and air conditioning (HVAC) is expected to have a positive impact on the market growth. The surging demand for smart factories and transition from preventive to predictive maintenance in diverse process industries is anticipated to boost the demand over the next eight years.
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Remote monitoring and growing penetration of industrial internet of things (IoT) is expected to fuel the market growth over the forecast period. These devices are used for health monitoring and to reduce the unexpected failure such as temperature, measurements, humidity, pressure, noise and vibration.
Unpredictable maintenance period and modification in existing or old devices are expected to be a restraint in the machine condition monitoring market. Higher cost of the machine decreases the adoption rate and it is anticipated to be a hindrance in the market growth
Growth in the wind energy market and condition monitoring using cloud technology is expected to offer lucrative growth opportunities to the key industry player. Coupling integrated condition monitoring technique with management systems such as plant asset management and computerized maintenance management system is expected to be a major challenge in the machine condition monitoring market.
Machine condition monitoring market is expected to have significant demand from renewable power sectors include solar power, wind power, and nuclear power over the forecast period. It is used for testing and monitoring purpose in the renewable energy sector.
The machine condition monitoring market has been segmented on the basis of types such as ultrasound emission, vibration monitoring, thermography, lubricant oil analysis, corrosion monitoring and motor current signature analysis.
Vibration condition monitoring (VCM) is the process of collecting periodical vibration data for the purpose of predictive maintenance. It also provides solutions to a diverse range of machine across all segments such as petrochemical, mining, mineral processing and power industries.
Ultrasound emission condition monitoring can detect incipient faults in bearings and adequacy of lubricants. Infrared thermography condition monitoring is the process of using a thermal imager to detect the infrared radiation which is emitted during the mechanical operations.
The machine condition monitoring market has been segmented on the basis of the component include the vibration sensor, ultrasound detector, infrared sensor, spectrometer, corrosion probes and spectrum analyzer.
The spectrometer is a device used for measuring wavelength of light for a wide range of the electromagnetic spectrum. It has wide application scope such as space exploration, a respiratory gas analysis in the hospital, monitoring dissolved oxygen content in marine and freshwater ecosystems and characterization of proteins.
The machine condition monitoring can be segmented on the basis of process include portable condition monitoring and online condition monitoring
The machine condition monitoring systems have wide application scope in end-use industries include aerospace and defense, chemicals, automotive, oil & gas, marine, energy & power, and metal & mining.
North America is expected to be a dominant player in the machine condition monitoring market owing to surging demand for monitoring systems in oil & gas, energy, mining and chemical industries.
Asia Pacific is anticipated to witness exponential growth over the forecast period owing to emerging economies and high FDI investment for the manufacturing sector is driving the demand in this region.
Europe is also expected to witness steady growth owing to surging aerospace & defense sector and a new change in trend towards renewable energy sector have a positive impact over the next eight years.
The machine condition monitoring market is highly fragmented with the presence of a huge number of small and large scale companies. Some of the industry participants in the market include FlIR Systems, Bruel & Kjaer Sound & Vibration Measurement A/S, General Electric Company, Azima DLI Corp., Emerson Process Management, Parker Hannifin, Rockwell Automation, Inc., Honeywell International Inc., National Instruments Corp., and SKF.
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