The global machine condition monitoring market is expected witness a CAGR of 5% between the forecast period of 2020-2030. Growing need to reduce the maintenance cost and unexpected downtime have fuelled the growth of global machine condition monitoring market.
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Demand for Longer Life of Machine Parts to Sustain Growth for Market
Machine conditioning essentially determines the health of a machinery, monitors, and offers predictive maintenance ideas to avert failures. It plays a crucial role in diagnosing a troubling noise, vibration, and temperature measurements in a machine that have the potential of wreaking havoc. Machine conditioning is predominantly used in industries such as oil and gas, manufacturing, petroleum, aerospace and defense, automotive, and marine amongst others. The crucial nature of these industries is expected to ensure that the market for machine condition monitoring has a healthy growth rate.
Machine condition monitoring techniques are used in rotating equipment, pumps, electric motors, internal combustion engines, and presses to garner predictive maintenance insights. Development for advanced machine condition monitoring solutions that facilitate scheduled maintenance are expected to create viable opportunities. Low-cost advanced machine condition monitoring, direct communication processes, and rapid processing functions are opening new doors to the growth of machine condition monitoring market. Machine reliability by effective prediction of their failures, maximizing part life by proper scheduling of maintenance programs, achieving reduction in frequency of failures, reducing severity of machine downtime, and ensuring safety of equipment and staff will also prove to be solid foundations for the players in the market.
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Oil and Gas Industry to Remain Key Consumer to Keep Operations Uninterrupted
The oil and gas industry is expected to be the key user of machine conditioning monitoring solutions in the coming years. Growing pressure on onshore and offshore oil exploration and shale gas activities are expected to keep this segment in the lead. The petroleum segment too is projected to have a positive impact on the overall market. However, fluctuations in oil prices due to political instability and pandemic are expected to create a negative impact. The other end-use industries of machine condition monitoring are marine, aerospace, defense, mining and metal, power generation, and automotive.
Manufacturing Industry in Asia Pacific to Give Machine Condition Monitoring Market New Opportunities
The report states that the market growth in developed economies for these systems is expected between 7%-10% whereas in developing regions the growth may even exceed 12% during coming decade. On the basis of region, North America is estimated to be the fastest-growing market for machine condition monitoring due to higher expenditure made by existing companies on efficient maintenance. On the other hand, Asia Pacific and Latin America are expected to be the growth engines of machine condition market in the near future with each region upping the production and manufacturing capacities. The remaining regions are expected to grow at a steady rate over the forecast period.
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Global Machine Condition Monitoring Market: Key Players
Some of the key players operating in the global machine condition monitoring market are National Instruments, Parker Kittiwake, Rockwell Automation, Bruel & Kjaer Vibro GmbH, Emerson Process Management, Fluke Corp, Honeywell Process Solution, among many others.