Global Machine Condition Monitoring Equipment Market to Reach US$2.4 Billion by 2017
Follow us on LinkedIn - Machine condition monitoring assumes strategic significance within the manufacturing and process industries, whereby, integrity, productivity and reliability of a plant are ensured. Also referred to as asset health management, condition monitoring involves most of the expert monitoring techniques and strategic tools that help in decision making process. Given its role in maintaining capital assets in good form, the market prospects for machine condition monitoring equipment has long been influenced by capital investments in key end-use industries such as chemicals, petrochemicals, pulp & paper, metals, and heavy equipment manufacturing, among others. Growing prominence of plant asset management and the manufacturers’ drive towards optimizing productivity and efficiency of plant assets have been driving demand for machine conditioning monitoring equipment over the years. Focus on asset utilization, and need to eliminate possible machinery breakdowns, which can potentially lead to unnecessary maintenance costs also fuelled rapid adoption of machine condition monitoring equipment.
The growing importance of Machine Condition Monitoring Equipment can be put to perspective by the fact that the market continued to register steady growth in demand even amidst the recent economic recession, which affected most of the other industrial equipment markets. Growing importance of predictive maintenance programs, especially so, against a backdrop of tight liquidity, which adds pressure on cost efficiency and justification of both fixed and variable expenses, provided much required boost to the adoption of machine conditioning monitoring equipment in a depressed economy. The need to reduce plant operating costs by reducing maintenance costs, optimizing maintenance activities during planned shutdowns and lowering the instances of unscheduled outages also provided business sense to invest in such equipment. Also, widespread postponement of new purchases of plant equipment lengthened the replacement cycle thus requiring additional maintenance of aging installed base of machines.
The market over the next few years will be driven by fast-paced technology developments and introduction of novel products. For instance, development of low-cost advanced condition monitoring equipment, integrated with quick processing functions, direct communication procedures, and improved software will attract tremendous opportunities for the market in coming years. Latest technology solutions, which help users cut costs and avoid costly downtime will also help lend traction to the market.
As stated by the new market research report on Machine Condition Monitoring Equipment, the US represents the largest regional market worldwide. Asia-Pacific represents the fastest growing regional market for machine conditioning monitoring equipment, with dollar sales from the region waxing at a CAGR of about 10.7% over the analysis period. Fast-paced infrastructure developments, and increasing manufacturing activity, which is especially fuelled by shifting of production bases from developed nations to low-cost destinations such as China and India, are primary factors driving growth in the market. Vibration Monitoring Equipment represents the largest product segment, while Thermography Equipment represents the fastest growing product segment, with annual dollar sales waxing at a CAGR of about 7.3% over the analysis period.
Major players in the marketplace include Azima DLI LLC, Brüel & Kjær Vibro, ClampOn AS, Corrpro Companies, Inc., Data Physics Corporation, DLI Engineering Corp, Emerson Process Management, FLIR Systems, Inc., GE Energy, Honeywell Process Solutions, Fluke Corporation, ITT Corporation, Kittiwake Developments Limited, LumaSense Technologies, NEC Avio Infrared Technologies Co., Ltd., PCB Piezotronics Inc., Rockwell Automation, Inc., Rohrback Cosasco Systems, Scientific Monitoring, Inc., Shinkawa Electric Co., Ltd., SKF Condition Monitoring Inc., SPM Instrument AB, The Timken Company, 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, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (in US$ Millions) for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America and Rest of World. Product segments analyzed include Vibration Monitoring Equipment, Thermography Equipment, Lubricating Oil Analysis Equipment, and Corrosion Monitoring Equipment.
About Global Industry Analysts, Inc. Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.