Global Machine Condition Monitoring Market - Segmented by Type (Vibration Monitoring, Thermography Monitoring and Lubricating Oil Analysis), Monitoring Process (Online and Portable), Components (vibration Sensors, Ultrasound Detectors, Infrared Sensors and Spectrometer), Application (Oil and Gas, Power Generation, Aerospace and Defense and Automotive), and Region - Growth, Trends and Forecasts (2018 - 2023)
The machine condition monitoring market was valued at USD 1883.6 million in 2017 and is expected to reach a value of USD 2551.9 million by 2023 at a CAGR of 5.22%, over the forecast period (2018 - 2023).
Operational equipment is responsive to many types of errors and faults. Hence, it is crucial to monitor minor or significant changes in equipment, measuring parameters like vibration, temperature, voltage, current, pressure, flow, and several others. This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using machine condition monitoring, include; allowing personnel to take remedial action to avoid or reduce repair costs and increasing machinery safety, thus improving human safety.
Predictive Maintenance to Spearhead the Growth
Factories are growing smart every year. The new analytics and big data techniques can forecast the demand for a particular product based on historical data. Depending on these conclusions the decision makers need to speed up or slow down the production on a daily basis. To make such changes in the entire mechanical system of a factory, all the equipment involved in production activity should be healthy enough to accept the change. Hence machine health is a critical factor in day to day industrial activity.
With the advent of monitoring technologies, users are now able to predict the lifetime of a machine or equipment. These life cycles provide a method to predict when a maintenance operation should take place to ensure that a machine has served its full length of the service period. Predictive maintenance techniques are designed for various verticals to determine the condition of equipment to predict when and where maintenance operations should be performed. These techniques promise cost savings to the operator when time-based maintenance operations are performed.
North America Holds the Largest Share
North America is the most significant market for machine condition monitoring equipment. Stringent government regulations regarding safety, new power generation projects in the United States, and significantly growing automotive and aerospace industries are driving the market for machine condition monitoring in this region. With the boom of shale gas industry in the United States, despite low crude oil prices, the region has shown considerable growth in the industrial sector. The increasing number of drilling activities for the shale gas resources due to National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, has created massive demand for machine condition monitoring equipment and services in the oil and gas sector.
Growing investments in the energy sector of North America is expected to drive the demand for machine condition monitoring equipment in the region over the next four years. In fact, the energy industry is the third largest industry in the region and is attracting a considerable amount of investments in stabilizing oil prices. For instance, according to Bloomberg New Energy Finance (BNEF), the US alone is expected to invest nearly USD 700 billion in the next 20 years in the energy sector to expand their renewable energy capacity which opens up the colossal market for machine condition monitoring equipment.
Ultrasound Detectors are Increasingly Becoming Popular
Structure-borne and airborne ultrasound become an essential player in condition monitoring. Maintenance and reliability professionals are recognizing the various applications associated with using ultrasound detectors for condition monitoring. They are applying the concept of condition monitoring to more than necessary mechanical fault inspections.
Ultrasonic detectors are predictive and non-destructive maintenance methods. The US Department of Energy recommended ultrasonic conditioning as the best method for detecting the location of leaks to improve plant efficiency and minimize energy waste. Factors such as improved quality control and safety, decrease working hours, minimization of production downtime by enhancing troubleshooting capabilities are boosting the market for the ultrasonic detection method in machine condition monitoring market.
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