From Corrective to Prescriptive, Machine Condition Monitoring Makes Its Evolutionary Turn Towards Smart Asset Management

Evolution of prescriptive technologies that take condition-based maintenance a step further in efficiency, performance and cost savings is poised to drive the global market for Machine Condition Monitoring Equipment to reach US$3.0 billion by 2024. The market also stands to benefit from 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. 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. 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. 

New developments continue to break new grounds in the machine condition monitoring market. The technology is well on its way towards a critical inflection point in its evolution, from corrective to prescriptive. While conventional machine condition monitoring technologies only predict impending failure, prescriptive condition monitoring provides information on the environmental and operating conditions preceding equipment failure so much so that equipment failure can be prevented or maintenance can be scheduled even before conventional condition monitoring identifies early signs of a possible failure. Prescriptive condition monitoring provides “outcome-focused” recommendations that enable corrective actions to be taken in a manner hitherto unimagined. Although currently in its early stages of development, the technology nevertheless flaunts the potential to emerge into a maintenance best practice in the coming years. Development of smart sensors and algorithms, data analytics and technologies like artificial intelligence (AI), machine learning, advanced pattern recognition (APR) are enabling machines to take greater ownership of their actions, self-troubleshoot problems and share and communicate valuable information about the environment before a problem actually develops. Prescriptive condition monitoring provides powerful information and insights on what to do, when to do it, how to do it and mostly importantly how to avoid it.

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 8.7% 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 ALS Limited, Azima DLI LLC, Brüel & Kjær Vibro, ClampOn AS, Cosasco, Crystal Instruments, CTRL Systems, Inc., Data Physics Corporation, Emerson Electric Co., FLIR Systems, Inc., Fluke Corporation, General Electric, Honeywell Process Solutions, ITT Corporation, Meggitt PLC, National Instruments Corporation, Parker Hannifin Corp., Parker Kittiwake, PCB Piezotronics, Inc., Rockwell Automation, Inc., Schaeffler Technologies AG & Co. KG, Shinkawa Electric Co., Ltd., SKF, 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 Others.

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