Research predicts growth in machine monitoring market to 2025
A new report by Future Market Insights indicates that the global machine condition monitoring market is expected to register a favourable growth for the forecast period 2015–2025. The market growth in developed economies for these systems is expected between 7 and 10%, whereas in developing regions the growth may even exceed 12% over the next five years.
Advancement in technologies such as low-cost advanced machine condition monitoring, direct communication processes and rapid processing functions are presenting new opportunities for growth in the machine condition monitoring market. The drivers are machine reliability by effective prediction of their failures; maximising part life by proper scheduling of maintenance programs; achieving reductions in the frequency and severity of machine downtimes; and ensuring the safety of equipment and staff.
Fast growth in the Asia–Pacific region along with increasing governmental regulation are also key factors driving the growth in the global machine condition monitoring market.
In order to find a failure in a machine via techniques such as noise, vibration and temperature measurements, machine condition monitoring is required. Generally, machine condition monitoring techniques are used in various types of rotating equipment, pumps, electric motors, internal combustion engines and presses. The types of monitoring technology most commonly used for machine monitoring include vibration analysis and diagnostics; corrosion monitoring; lubricating oil analysis; motor current signature analysis (MCSA); ultrasound emission testing; and infrared thermography.
Some of the key players identified in the global machine condition monitoring market include National Instruments, Rockwell Automation, Bruel & Kjaer Vibro, Emerson Process Management, Fluke Corp and Honeywell Process Solutions, among many others.
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Annual market growth of around 10% is expected over the next five years.