Machine Condition Monitoring Equipment – Global Strategic Business Report 2018
02/10/2018
The global market for machine condition monitoring equipment is forecast to reach US$2.8 billion (approximately £2.13 billion) by 2024, driven by the evolution of prescriptive technologies that take condition-based maintenance a step further in efficiency, performance and cost savings, according to a new report from Research and Markets. While conventional machine condition monitoring technologies only predict impending failure, prescriptive condition monitoring provides information on the environmental and operating conditions preceding equipment failure, so much so that equipment failure can be prevented or maintenance scheduled before conventional condition monitoring has even identified early signs of a possible failure.Prescriptive condition monitoring provides outcome-focused recommendations that enable corrective actions to be taken in a manner hitherto unimagined. Development of smart sensors and algorithms, data analytics and technologies such as artificial intelligence (AI), machine learning and advanced pattern recognition (APR) is enabling machines to take greater ownership of their actions, self-troubleshoot problems and share and communicate valuable information about the environment before a problem actually develops. AI is a key technology that is making waves in the market. Such technology is increasingly being used in fault diagnosis. Interest in AI-based condition monitoring is increasing in industries such as oil & gas, aviation, nuclear energy and petrochemicals, where machine condition monitoring is not only guided by production cost reduction goals but also by environmental safety mandates, since failure of equipment and process disruptions in these industries carry severe environmental consequences. A few of the AI technologies being researched and developed for application in this area include genetic algorithms (GAs), support vector machines (SVMs), fuzzy logic systems (FLSs) and artificial neural networks (ANNs).
The USA represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a compound annual growth rate (CAGR) of 8.7% over the analysis period. This is led by an expanding manufacturing sector, a growing governmental focus, especially in export-oriented economies, on enhancing the competitiveness and productivity of domestic manufacturing plants, increased investments in plant automation and a strong adoption of Industry 4.0 and Industrial Internet of Things (IIoT) technologies.
The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America and the Rest of the World (RoW). Annual estimates and forecasts are provided for the period from 2016 to 2024. Also, a five-year historic analysis is provided for these markets. Market data and analytics are derived from primary and secondary research.
The report analyses the worldwide markets for machine condition monitoring equipment in US$ based on the following product segments:
- Vibration monitoring equipment
- Thermography equipment
- Lubricating oil analysis equipment
- Other.
Company profiles are primarily based on public domain information, including company URLs.
The report profiles 106 companies, including many key and niche players such as: ALS Limited (Australia), Azima DLI LLC (USA), Brüel & Kjær Vibro GmbH (Denmark), ClampOn AS (Norway), Cosasco (USA), Crystal Instruments (USA), CTRL Systems Inc (USA), Data Physics Corporation (USA), Emerson Electric Co (USA), FLIR Systems Inc (USA), Fluke Corporation (USA), General Electric (USA), Honeywell Process Solutions (USA), ITT Corporation (USA), Meggitt PLC (UK), National Instruments Corporation (USA), Parker Hannifin Corp (USA), Parker Kittiwake (UK), PCB Piezotronics Inc (USA), Rockwell Automation Inc (USA), Schaeffler Technologies AG & Co KG (Germany), Shinkawa Electric Co Ltd (Japan), SKF (Sweden), SPM Instrument AB (Sweden).
