Machine condition monitoring market capitalisation

30/07/2019

A new research report, titled: ‘Global Machine Condition Monitoring Market Report 2018’, provides actionable intelligence on factors that have been driving demand, key trends that are impacting the machine condition monitoring market, challenges that affect the market dynamics, along with the market size, and a strengths, weaknesses, opportunities and threats (SWOT) analysis of the key vendors and various segments.

The machine condition monitoring market was valued at US$1883.6 million (approximately £1505 million) in 2017 and is expected to reach a value of US$2551.9 million (approximately £2039 million) by 2023, at a compound annual growth rate (CAGR) of 5.22% over the forecast period (2018-2023).

Operational equipment is responsive to many types of error and fault. Hence, it is crucial to monitor minor or significant changes in equipment, measuring parameters such as vibration, temperature, voltage, current, pressure, flow and several others. This significance has pushed various verticals to take extra efforts to protect their machinery. The main benefits of fault identification using machine condition monitoring include allowing personnel to take remedial action to avoid or reduce repair costs and increasing machinery safety, thus improving human safety.

Factories are growing smarter every year. New analytics and big data techniques can forecast the demand for a product based on historical data. Depending on these conclusions, the decision-makers need to speed up or slow down the production daily. To make such changes to the entire mechanical system of a factory, all of the equipment involved in production should be healthy enough to accept the change. Hence, machine health is a critical factor in day-to-day industrial activities.

With the advent of monitoring technologies, users are now able to predict the lifetime of a machine or piece of equipment. These lifecycles provide a method to predict when maintenance operation should take place, ensuring that a machine has served the full length of its service period. Predictive maintenance techniques are designed for various verticals to determine the condition of equipment and predict when and where maintenance operations should be performed. These techniques promise cost savings to the operator when time-based maintenance operations are performed.

North America is the most significant market for machine condition monitoring equipment. Stringent government regulations regarding safety, new power generation projects in the USA and significantly growing automotive and aerospace industries are driving the market for machine condition monitoring in this region. With the boom of the shale gas industry in the USA and despite low crude oil prices, the region has shown considerable growth in the industrial sector. The increasing number of drilling activities for shale gas resources due to the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2018-2023  has created massive demand for machine condition monitoring equipment and services in the oil & gas sector.

Growing investment in the energy sector of North America is expected to drive the demand for machine condition monitoring equipment in the region over the next four years. In fact, the energy industry is the third largest industry in the region and is attracting a considerable level of investment in stabilising oil prices. For instance, according to Bloomberg New Energy Finance (BNEF), the USA alone is expected to invest nearly US$700 billion (approximately £557 billion) in the next 20 years in the energy sector to expand its renewable energy capacity, which opens up a colossal market for machine condition monitoring equipment.

Structure-borne and airborne ultrasound have become essential players in condition monitoring. Maintenance and reliability professionals are recognising the various applications associated with using ultrasound detectors for condition monitoring. They are applying the concept of condition monitoring to more than just the necessary mechanical fault inspections.

Ultrasonic detectors are predictive and non-destructive maintenance tools. The US Department of Energy recommended ultrasonic conditioning as the best method for detecting the location of leaks, to improve plant efficiency and minimise energy waste. Factors such as improved quality control and safety, decreased working hours and the minimisation of production downtime through enhanced troubleshooting capabilities are boosting the market for the ultrasonic detection method in the machine condition monitoring market.

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