India machine CM growth
20/10/2023
According to a research report: ‘India machine condition monitoring market by monitoring technique (vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission), monitoring process (online, portable), deployment, offering – Global forecast to 2027’, published by MarketsandMarkets, India’s machine condition monitoring (CM) industry is set to grow at a compound annual growth rate (CAGR) of 10% from 2022 to 2027.
Machine CM evaluates the machine health of pumps, motors, generators, engines, boilers and other machines. Machine health status is identified with the help of machine CM systems, by systematically analysing several parameters, including temperature, vibration, corrosion, torque, alignment and oil and wear debris. Thus, these factors help predetermine the machine’s faults, defects and sudden failures. The rising adoption of smart factories, implementation of Industrial Internet of Things (IIoT) and increasing demand for predictive maintenance (PM) are some of the key factors propelling the growth of the machine CM industry.
In the report by MarketsandMarkets, the machine CM market size is projected to value $4 billion (approximately £3.27 billion) by 2027 at a CAGR of 7.8% during 2022-2027. The key players offering machine CM solutions include Emerson Electric, USA, General Electric, USA, Honeywell International, USA, National Instruments, USA and SKF, Sweden.
The Asia-Pacific region is expected to have lucrative growth prospects in the coming years. The growth of the machine CM market is attributed to the substantially growing manufacturing sector in major countries such as China, India, Japan and South Korea and the growing adoption of PM techniques in manufacturing plants. Furthermore, India is anticipated to grow at the highest growth rate for the machine CM market during the forecast period.
India has emerged as one of the leading hubs for the manufacturing sector, so several global automotive players are investing in the country. For instance, in 2021, German automotive player Webasto invested $34 million (approximately £27.8 million) to build a sunroof manufacturing facility in Pune, India. German auto component manufacturer ZF Friedrichshafen AG invested $220 million (approximately £179 million) in India. One-fifth of this investment volume will be allotted for a technology centre in Hyderabad, India, for the research and development work of the company.
Moreover, the ‘Make in India’ initiative has attracted several global automotive companies, including General Motors Company, USA, Hyundai Motor Company, South Korea, and others, to manufacture their vehicles in India. Furthermore, the sector is attracting considerable investments to expand its production due to the rising demand in the country. For instance, a global alliance of Nissan Motor Corporation, Japan, and Groupe Renault, France, has planned to invest $600 million (approximately £490 million) over the next three to five years to expand their production and market share in the country. Thus, the drive towards the growth of India’s automotive manufacturing industry generates a corresponding need for machine CM solutions at different stages of the manufacturing process to improve productivity and minimise unexpected shutdowns.
The growing industrial sector has escalated the demand for power in the country. India is the third largest power producer and plans to increase its power capacity in the coming years. New renewable energy plants are being set up around the country. The need to ensure continuous power supply, enhance equipment performance, comply with regulatory standards and minimise maintenance expenses are the factors behind adopting machine CM systems in the country’s power generation sector.
