Global Machine Condition Monitoring Sensors Market 2017-2021
About Machine Condition Monitoring Sensors
Machine condition monitoring sensors are devices that are used for condition-based maintenance and monitoring of machines and industrial assets. They help in timely detection of machine damage, thereby reducing the operational expense for an organization. The global machine condition monitoring sensors market is segmented based on type, namely vibration, infrared, oil analysis, and other sensors. End-users of this market are oil and gas, power generation, aerospace and defense, chemical and petrochemical, and others.
Technavio’s analysts forecast the global machine condition monitoring sensors market to grow at a CAGR of 6.52% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global machine condition monitoring sensors market for 2017-2021. To calculate the market size, the report considers the sales and replacement market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Machine Condition Monitoring Sensors Market 2017-2021
Technavio recognizes the following companies as the key players in the global machine condition monitoring sensors market: Connection Technology Center, Emerson, Parker Hannifin, Rockwell Automation, and SKF
Other Prominent Vendors in the market are: CM Technologies, Fluke, HBM, ifm electronic, Ludeca, Meggitt, Mitsubishi Electric, National Instruments, NVMS Measurements Systems, PCB Piezotronics (MTS Systems), PRÜFTECHNIK Dieter Busch, SDT Ultrasound Solutions, Valmet, and Xi'an Kacise Optronics.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Adoption of real-time monitoring. The machine condition monitoring sensors help in tracking machines or assets in industrial plants. They also help in predicting the mechanical wear and tear and failure of operations due to machines breakdown, which directly affects the productivity and will lead to decrease in cost savings. The sensors used in machine condition monitoring helps in identifying vibration, noise, temperature, contamination, and others. The sensors help in providing real-time monitoring of machines, thereby preventing unexpected failures that can lead to costly repair of critical machines. ”
According to the report, one of the major drivers for this market is Rise in demand for wireless vibration sensors. Wireless sensor technology provides substantial growth and advantages over wired sensors used for machine condition monitoring. The process industries, such as oil and gas, power generation, and chemical and petrochemical, are leading the market and will gain further market growth during the forecast period. The wireless vibration sensors are used for transferring rotational speed data in the industrial applications such as process piping and hydraulic systems.
Further, the report states that one of the major factors hindering the growth of this market is High maintenance and replacement costs. The market for machine condition monitoring sensors is dependent on the sales and deployment of hardware products and other critical assets in the machinery that ensure continuous monitoring. The need for continuous monitoring and remote-control operations have influenced the market growth among end-user industries, such as oil and gas, chemical and petrochemical, power generation, marine, and mining. However, the major challenge for these end-users is the maintenance and replacement of sensors and their associated costs. The installation of sensors is made easy with small devices being developed by the OEMs and other key manufacturers globally. However, the lack of periodic inspection adds costs in terms of maintenance and related services, which is hampering the market growth in the developing economies.
Connection Technology Center, Emerson, Parker Hannifin, Rockwell Automation, SKF, CM Technologies, Fluke, HBM, ifm electronic, Ludeca, Meggitt, Mitsubishi Electric, National Instruments, NVMS Measurements Systems, PCB Piezotronics (MTS Systems), PRÜFTECHNIK Dieter Busch, SDT Ultrasound Solutions, Valmet, and Xi'an Kacise Optronics.