Machine Health Monitoring Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2014 To 2020

Report Code: 537 | Report Format: PDF

Machine health monitoring systems provide data about the machine’s health and operating conditions. They assist service technicians to maintain the machines, provide tools that help operators to manage machines better and help managers to schedule the service and maintenance of the machine. These systems are particularly used in manufacturing industries to improve the production efficiency. Machine health monitoring systems are equipped with software for data analysis that helps to predict failures, determine source of failure and provides useful information for future developments.

The global machine health monitoring market is expected to grow moderately over the next six years. The transition from preventive maintenance to predictive maintenance is one of the key drivers for the market’s growth. Predictive maintenance reduces the risk of unexpected machine breakdowns. Wireless technology enabled systems and development of smart factories are some other drivers for the market’s growth over the coming years. However, the cost of retrofitting existing systems and unpredictable maintenance periods may pose a restraint for the market’s growth. Increasing usage of wind energy may provide a substantial growth opportunity for the market as wind turbines operate in remote locations and their monitoring and maintenance is imperative for continuous and smooth operation. Development of smart sensors, increasing software functionalities, machines with built-in vibration sensors, internet of things for machine health monitors and reducing cost of implementation are some recent trends observed in the market. Use of cloud technology for data storage could positively boost market growth. However, the trade-off between online and offline systems is a burning issue for the market players. The machine health monitoring market can be segmented on the basis of product, components, application and geography. The product segments include corrosion monitoring, lubricating oil analysis, motor current signature analysis, thermography, ultrasound emission and vibration monitoring. The components used in such systems include spectrometer, thermal camera, corrosion probes, vibration sensors, spectrum analyzer, ultrasonic detector and others. Out of these, vibration sensors are expected to have higher adoption rates as they measure vibrations, which are vital indicators of the machine’s health. Applications of machine health monitors are in marine, aerospace and defence, mining, oil & gas, chemicals, power and automotive industries.

Currently, North America hold the largest share in the market owing to higher adoption rates of machine health monitoring systems. Asia Pacific is expected to account for the highest growth rate over the forecast period due to the expected increase in automation activities in the region. Some of the major players in this market are Honeywell Process Solution, Emerson Process Management, Bruel & Kjaer Vibro GmbH, Fluke Corp., GE, National Instruments, AZIMA DLI Corp, Parker Kittiwake SKF and Rockwell Automation Inc. among others.

Key question answered by the report
  • What was the market size from 2013 to 2015?
  • What will be the market growth till 2024 and what will be the resultant market forecast in the year?
  • How will the market drivers, retraints and future opportunieties affect the market dynamics and a subsequent analysis of the associated trends?
  • What segment and region will drive or lead market growth and why?
  • A comprehensive mapping of the competitive landscape and the market participants behavior.
  • What are the key sustainability strategies adopted by market players? An in-depth analysis of these strategies and their impact on competition and growth.
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