Machine Health Monitoring: Market Outlook
Machine health monitoring systems are used to collect data of a machine’s performance and operating conditions which are used to evaluate the condition of the machine. Machine health monitoring systems are used to assess a machine and help in predictive maintenance, rather than preventive maintenance. Due to this, machine health monitoring systems are widely preferred across industries for heavy duty machinery to help reduce operating and maintenance costs as they help in managing maintenance schedules and reduce repair downtimes as well. Machine health monitoring systems, with the help of on-board software, predict mechanical wear and failure, define the source of failure and also offers important information to avoid future failures, thereby increasing production efficiency of the operations they are installed. Increasing operational efficiency, inclination towards predictive maintenance and reduction in downturn time and costs are the main factors expected to sway the market growth in the coming years.
Machine Health Monitoring: Market Dynamics
Industrial operators are constantly trying to implement cost reduction measures and improve overall operational efficiency as maintenance and downturn costs play an important role in any industrial operation and can incur heavy costs to the operator. Machine health monitoring systems have become ideal solution for these problems as they not only help reduce maintenance costs, but also predict future repairs through diagnostics software. This helps in reducing downturn time and significantly increase operational efficiency of any industrial operation. Circuit degradation, current imbalance, rotor damage, belt defects, rotor eccentricity, rotation speed, vibration frequency and a number of other factors are recorded and provided by machine health monitoring systems. Growing level of automation in manufacturing industries and adoption of IoT are expected to play an important role in driving the online conditioning monitoring systems in the machine health monitoring market. Growing inclination towards cloud based services is expected to present huge growth opportunities for cloud-based monitoring systems in the coming years. While the automotive industry is expected to drive the demand for machine health monitoring market, other industries like oil & gas and power generation are expected to witness increased adoption over the projected period. Moving forward, machines with built-in vibration sensors and the development of smart sensors are expected to be prominent trends in the machine health monitoring market. High cost of retrofitting is expected to challenge market growth in some key industries.
Machine Health Monitoring: Market Segmentation
The overall machine health monitoring market can been segmented on the basis of type as:
The overall machine health monitoring market can been segmented on the basis of monitoring method as:
The overall machine health monitoring market can been segmented on the basis of application as:
The overall machine health monitoring market can been segmented on the basis of component as:
Machine Health Monitoring Market: Regional Outlook
North America and Europe are expected to create majority of the demand in the global machine health monitoring market given the high level of IoT adoption and the high number of industries inclining towards predictive maintenance for performance enhancement. China, along with India, is expected create a growth in demand for machine health monitoring systems in the coming years owing to the growing adoption of IoT and industrial automation across a number of manufacturing industries. The countries, being two of the fastest-growing economies in the world, are expected to witness a rapid growth in the manufacturing sector and in turn in the machine health monitoring market as well. This is expected to peg South Asia and East Asia as the fastest growing regions in the global machine health monitoring market.
Machine Health Monitoring Market: Market Participants
Some of the key market participants identified in the Machine health monitoring market across the globe are:
Brief Approach to Research
The research report presents a comprehensive assessment of the Machine health monitoring market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Machine health monitoring market segments such as geographies, application and industry.
The report covers exhaustive analysis on:
Regional analysis includes:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Machine health monitoring market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Machine health monitoring market segments and geographies.