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.
This report by Grand View Research provides complete market estimates and forecasts up to 2020. The study also explains in detail various market dynamics including key drivers, restraints, growth opportunities and competitive landscape. Key questions answered by the report include:
- What is the current market size and what are the future growth prospects of the market
- What are the key applications in the market and what is their future potential
- What are the factors driving market growth and what are the key challenges for participants in this industry
- How will key regional markets perform up to 2020
- What is the competitive scenario in the market, which companies are expected to lead the market over the next six years