Machine Condition Monitoring Market Worth $2.50 Billion by 2020
DALLAS, September 12, 2014 /PRNewswire/ --
According to a new market research report of the "Machine Condition Monitoring Market by Product (Vibration Monitoring, Thermography, Ultrasound Emission, Lubricating Oil Analysis, Corrosion Monitoring, and Motor Current Signature Analysis), Component, Application, and Geography - Global Forecast to 2013 - 2020", published by MarketsandMarkets, the machine condition monitoring market is expected to grow at a CAGR of 7.16% from 2014 to 2020, and reach $2.50 Billion in 2020.
Browse 126 market data tables, 50 figures spread through 322 Pages and in-depth TOC on "Machine Condition Monitoring Market".
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Machine condition monitoring is an uninterrupted assessment of equipment's and machinery. To reduce plant operating costs by reducing maintenance cost, optimizing maintenance activities during planned shutdowns and lowering the instances of unscheduled outages provided need to implement machine condition monitoring system. The market over next few years will be driven by fast-paced technology developments and introduction of innovative products.
Development of low-cost advanced condition monitoring equipment, integrated with quick processing functions, direct communication procedures, and improved software will attract tremendous opportunities for the market in coming years.
This report covers the Machine Condition Monitoring Market on the basis of components, products, applications, and geography. The segmentation by component includes Corrosion probes, Spectrometer, Spectrum Analyzer, Thermal Camera, Ultrasonic Detector, Vibration Sensorand their future market potential. Of all the major components, the vibration sensor is expected to have the higher adoption rates for the mass market. The segmentation by product includes corrosion monitoring equipment, lubricating oil analysis equipment, motor current signature analysis, thermography equipment, ultrasound emission equipment, vibration monitoring equipment. The segmentation by application includes industries such asaerospace & defense, automotive, chemicals, marine, mining, oil & gas, and Power. The geographical analysis covers North Americas, Europe, APAC, and ROW.
The major drivers for the machine condition monitoring market are the improvement in equipment reliability by effective prediction of their failures, achieving reduction in frequency and severity of equipment downtimes, maximizing component life by proper scheduling of maintenance programs, maximizing equipment performance and throughput, ensuring the safety of equipment and personnel and many more. There are restraints in the market such as achieving return on investment form machine condition monitoring, unpredictable maintenance periods, and requirement of asset modifications to retrofit existing systems with machine condition monitoring sensors that may inhibit the market growth. The increasing demand from emerging economies is one of the key opportunities for the process analyzer market.
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The major companies involved in machine condition monitoring are AZIMA DLI Corp. (U.S.), Bruel & Kjaer Vibro GmbH (Denmark), Emerson Process Management (U.S.), Fluke Corp.(U.S.), GE (U.S.), Honeywell Process Solution (U.S.), National Instruments (U.S.), Parker Kittiwake (U.K.), Rockwell Automation Inc. (U.S.), SKF (Sweden),and more.
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