Healthy demand drives growth in condition monitoring equipment market

18/06/2014

For companies to survive in the modern competitive world, implementation of the right strategies remains critical for ensuring efficient management of day-to-day operations. Given that timely delivery of products and services is a key competitive variable dictating the success or failure of a company, the importance of uninterrupted, efficiently managed and clutter-free production operations comes to fore. As a key strategy that helps organisations improve their operational efficiency, asset management is increasingly gaining prominence in the modern business world. Efficient management of company assets, such as people and capital equipment, ensures that businesses are always up and ready for routine operational challenges. Poor handling of the same can temporarily or permanently disrupt business operations. As a major step towards ensuring better asset management and utilisation, identifying vulnerabilities of assets assumes profound importance. Against this backdrop, machine condition monitoring is growing in popularity, according to a report by Research & Markets.

With industrial consumers becoming increasingly concerned about rising maintenance costs and production downtime due to the unscheduled breakdown of machinery, predictive maintenance solutions such as machine condition monitoring is gaining traction. Traditional asset management strategy is primarily focused on reactive maintenance management, where machinery owners only respond to failures. Predictive maintenance, in comparison, takes asset management a step further by helping users to monitor machine condition and identify equipment/machine vulnerabilities before equipment failure. By predicting equipment failure, machine condition monitoring helps to reduce instances of equipment downtime and unplanned maintenance, which have the potential to increase costs by disrupting production schedules and triggering collateral damage across the company’s entire production line and time-to-market capabilities. Other advantages of machine condition monitoring include increased asset utilisation and enhanced productivity, both of which result in tangible benefits and accelerated ROI.

Also driving growth in the market is the healthy demand from major end-use markets, such as chemicals, petrochemicals and oil & gas, power, aerospace and defence and process industry and manufacturing. Stringent product usage specifications, strong government workplace and personnel safety regulations and tight quality control are primary factors influencing demand for machine condition monitoring equipment in these end-use markets. The growing importance of lean manufacturing, just-in-time inventory practices and the increasing focus on product quality, particularly in the processing industry, have also been benefiting market demand for machine condition monitoring equipment. Condition of production machinery primarily dictates timely use of raw material, the cost and quality of products produced. Furthermore, the increasing complexity of modern machinery requires continuous monitoring and testing, thus making machine condition monitoring equipment a key investment in major end-use industries.

The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America and the Rest of the World. Annual estimates and forecasts are provided for the period from 2010 through to 2018. Also, a six-year historic analysis is provided for these markets.

This report analyses the worldwide markets for machine condition monitoring equipment in US$ thousands by the following product segments:

Vibration monitoring equipment
Thermography equipment
Lubricating oil analysis equipment
Corrosion monitoring equipment.

According to the report, vibration monitoring equipment represents the largest product market. Thermography equipment constitutes the fastest growing segment, expanding at a CAGR of 5.6% over the analysis period. The United States represents the largest regional market, while Asia-Pacific represents the fastest growing market. Growth in Asia is led by rapid industrialisation, competitive pressure to achieve operational efficiency and expansion of the manufacturing base as a result of migration of production activities to low-cost Asian countries such as China, India, Korea and Vietnam.

http://www.researchandmarkets.com/publication/mbg3llq/machine_condition_monitoring

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