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 ...