Growing Focus on Predictive Maintenance Drives Demand for Machine Condition Monitoring Equipment
For companies to survive in the modern competitive world, implementation of right strategies remain critical for ensuring efficient management of day to day operations. Given that timely delivery of products and services is a key competitive variable dictating the success or failure of a company, the importance of uninterrupted, efficiently managed, and clutter-free production operations comes to fore. As a key strategy that helps organizations improve their operational efficiency, asset management is increasingly gaining prominence in the modern business world. Efficient management of company assets such as people and capital equipment ensures that businesses are always up and ready for routine operational challenges. Poor handling of the same can temporarily or permanently disrupt business operations. As a major step towards ensuring better asset management and utilization, identifying vulnerabilities of assets assumes profound importance. Machine condition monitoring against this backdrop is growing in popularity.
With industrial consumers becoming increasingly concerned about rising maintenance costs and production downtime due to unscheduled breakdown of machinery, predictive maintenance solutions such as machine condition monitoring is gaining traction. Traditional asset management strategy is primarily focused on reactive maintenance management, where machinery owners only respond to failures. Predictive maintenance, in comparison, takes asset management a step further by helping users to monitor machine condition and identify equipment/machine vulnerabilities before equipment failure. By predicting equipment failure, machine condition monitoring helps reduce instances of equipment downtime and unplanned maintenance, which have the potential to increase costs by disrupting production schedules and triggering collateral damage across the company’s entire production line, and time to market capabilities. Other advantages of machine condition monitoring include increased asset utilization and enhanced productivity, both of which result in tangible benefits and accelerated ROI.
Also driving growth in the market is the healthy demand from major end-use markets such as Chemicals, Petrochemicals & Oil & Gas, Power, Aerospace & Defense, and Process Industry & Manufacturing. Stringent product usage specifications, strong government workplace and personnel safety regulations, and tight quality control are primary factors influencing demand for machine condition monitoring equipment in these end-use markets. Growing importance of lean manufacturing, just-in-time inventory practices and increasing focus on product quality, particularly in processing industry have also been benefiting market demand for machine condition monitoring equipment. Condition of production machinery primarily dictates timely use of raw material, the cost and quality of products produced. Furthermore, increasing complexity of modern machinery requires continuous monitoring and testing thus making machine condition monitoring equipment a key investment in major end-use industries.
As stated by the new market research report on Machine Condition Monitoring Equipment, Vibration Monitoring Equipment represents the largest product market. Thermography equipment constitutes the fastest growing segment, expanding at a CAGR of 5.6% over the analysis period. The United States represents the largest regional market, while Asia-Pacific represents the fastest growing market. Growth in Asia is led by rapid industrialization, competitive pressure to achieve operational efficiency, and expansion of the manufacturing base as a result of migration of production activities to low cost Asian countries like China, India, Korea, and Vietnam.
Major players in the market include Azima DLI LLC, Brüel & Kjær Vibro, ClampOn AS, Corrpro Companies Inc., Data Physics Corporation, Emerson Process Management, Roxar ASA, FLIR Systems Inc., GE Energy, Honeywell Process Solutions, Fluke Corporation, IMI Sensors, ITT Monitoring and Control Inc., LumaSense Technologies, Nippon Avionics Co. Ltd., Parker Kittiwake, Rockwell Automation Inc., Rohrback Cosasco Systems, Shinkawa Electric Co. Ltd., SKF Condition Monitoring Inc., SPM Instrument AB and 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, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets including the United States, 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 include Vibration Monitoring Equipment, Thermography Equipment, Lubricating Oil Analysis Equipment and Corrosion Monitoring Equipment.