The Global Market for Machine Condition Monitoring Equipment is Forecast to Reach US$2.8 Billion by 2022

Growing Prominence of Condition Based Maintenance as a Vital Part of Smart Asset Management Drives the Machine Condition Monitoring Equipment Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Machine Condition Monitoring Equipment market. The global market for Machine Condition Monitoring Equipment is forecast to reach US$2.8 billion by 2022, driven by the growing manufacturer investments in asset management systems and corporate wide implementation of asset management regimes.

Over the years, the rapid proliferation of machine automation and breakthrough technology improvements in machine capabilities, have created the need for monitoring systems.   Avoiding unplanned outages is the first step towards ensuring process optimization for manufacturing plants and facilities. The practice of asset management is undergoing a sea change against the backdrop of shifting macro-economic climate. The world economic scenario continues to remain volatile with slow recovery alternating between periods of growth and crisis. The amplitude of volatility is now more intense than ever, given the complex forces and uncertainties that plague advanced, emerging and developing economies. The moderate and uneven growth and the considerable differences in outlook in different regions, countries and also among industries, is leading to the death of static maintenance plans. Demand-driven manufacturing is the need of the hour. The ups and downs in manufacturing capacity utilization rates in response to volatile economic growth are therefore creating the need for smart maintenance management. Pushed against the wall by the necessity to survive in an increasingly complex market environment, companies are migrating to Preventive Maintenance Optimization (PMO) plans and programs.

As a subset of asset management, machine condition monitoring solutions are forecast to benefit from the growing manufacturer investments in asset management systems and corporate wide implementation of asset management regimes. The rising popularity of condition based maintenance (CBM) is helping boost market prospects for machine condition monitoring equipment. Defined as a maintenance strategy wherein corrective actions are taken based on continuous monitoring of the actual condition of the asset, condition based monitoring allows companies monitor key parameters of machine condition so that any vulnerability or changes from reference value which can lead to equipment failure, can be identified well ahead of actual machine failure. Few of the benefits of CBM driving its adoption include higher production reliability, reduced unplanned downtime and increased availability of plant assets, higher equipment ROI and higher revenues and profits associated with improved product quality and reduced risk of manufacturing faults which pushes up the cost of reprocessing.  Diligent tracking of the progress of equipment deterioration also aids in more effective equipment maintenance, repair, and replacement strategies, while simultaneously reducing operational damage, outages, lost capacity, and maximizing plant value.

As stated by the new market research report on Machine Condition Monitoring Equipment, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 7.0% over the analysis period, led by factors such as expanding manufacturing sector; growing government focus especially in export-oriented economies on enhancing the competitiveness and productivity of domestic manufacturing plants; increased investments in plant automation and strong adoption of Industry 4.0 and IIoT technologies; and strong infrastructure investments in the energy and oil and gas end-use sectors.    

Major players in the market include Azima DLI LLC, Brüel & Kjær Vibro, ClampOn AS, Cosasco, Data Physics Corporation, Emerson Electric Co., FLIR Systems, Inc., Fluke Corporation, GE Oil & Gas, Honeywell Process Solutions, IMI Sensors, ITT Corporation, LumaSense Technologies, Meggitt PLC, National Instruments, Parker Hannifin Corp., Parker Kittiwake, Rockwell Automation, Inc., Shinkawa Electric Co., Ltd., SKF Condition Monitoring Inc., and SPM Instrument AB, among others.

The research report titled “Machine Condition Monitoring Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the U.S., Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, Taiwan and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Product segments analyzed in the report include Vibration Monitoring Equipment, Thermography Equipment, Lubricating Oil Analysis Equipment, and Corrosion Monitoring Equipment.

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