Machine Condition Monitoring Market to Hit 5.1% CAGR to 2023 – Players Like (EMERSON PROCESS MANAGEMENT, GENERAL ELECTRIC, HONEYWELL INTERNATIONAL NATIONAL INSTRUMENTS CORPORATION, FLUKE CORPORATION)

The global machine condition monitoring market was valued at USD 1872.2 million in 2017 and is expected to reach a market value of USD 2529.7 million by 2023, registering a CAGR of 5.1% during the forecast period (2018-2023). Machines tend to degrade over time due to wear & tear or rust. Machine condition monitoring has recently gained increased significance as companies are focusing more on asset utilization and increasing productivity. Increasing equipment performance and productivity through predictive maintenance, enhancement in equipment reliability by the effective projection of their failures, and inclination of growth towards HVAC market are the factors that are boosting the growth of the machine condition monitoring market.

Detailed Sample Copy of Updated Analysis @ https://marketprognosis.com/sample-request/17406
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

The report studies vibration monitoring, ultrasound emission, thermography, and lubricating-oil analysis of machine condition monitoring methods. The market report is segmented into vibration sensors, ultrasound detector, infrared sensors, spectrometer, and tachometer on the basis of components, and into online machine monitoring and portable machine monitoring on the basis of the monitoring process.
Operational equipment is responsive to many types of errors and faults. Hence, the importance of monitoring minor or major changes in equipment with parameters like vibration, temperature, voltage, current, pressure, flow, and several others parameters has pushed various industries to take an extra effort in protecting their machines. The benefit of fault identification using machine condition monitoring is quite advantageous as it allows maintenance personnel to take remedial action to avoid or reduce repair costs and it increases the safety of machinery and people. The process enables to foresee problems that can be corrected at early stages before they result in major damage or even total failure of the equipment.

Key Developments in the Market
October 2017: Emerson announced agreement to acquire UK-based Permasense Limited, provider of non-intrusive corrosion monitoring technologies for the offshore and onshore oil production, refining, chemical, power, pipelines, metals & mining, and other industries. The Permasense monitoring systems use sensor technology, wireless data delivery, and advanced analytics to continuously monitor for metal loss from corrosion or erosion in pipes, pipelines or vessels, and reliably deliver data from harsh environments. This acquisition is aimed towards broadening the portfolio, and long term growth strategy

Major Players:
EMERSON PROCESS MANAGEMENT, GENERAL ELECTRIC, HONEYWELL INTERNATIONAL INC., NATIONAL INSTRUMENTS CORPORATION, BRUEL & KJAER VIBRO GMBH, FLUKE CORPORATION, ROCKWELL AUTOMATION INC., CTRL SYSTEMS INC., and AZIMA DLI LLC, amongst others.

Request Discount on this report @ https://marketprognosis.com/discount-request/17406
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

Increasing Equipment Performance and Productivity through Predictive Maintenance is the Major Driver for the Market
Maintenance productivity deals with the measurement of overall maintenance. It aims at minimizing the maintenance cost and results in maximized performance. Predictive maintenance techniques are designed for various industries to determine the condition of equipment in order to predict when and where maintenance should be performed. This technique promises cost savings or time-based maintenance when tasks are performed. Vibration monitoring is the most effective and efficient technique for checking high-speed rotating equipment. Recent advances in vibration monitoring technology have assisted engineers in minimizing age-old engineering problems. Implementing vibration monitoring across manufacturing operations has further strengthened performance, which can provide assistance in reducing energy consumption. For manufacturing companies, OSHA metrics, that are recorded in a particular time frame for monitoring machine continuously, help engineers by providing real-time process information and unlocks changes in operating conditions. New advances in technology have opened new and refined methods for tracking conditions of machinery, which has undoubtedly created an impact on the safety of people and machines. There are countries, like the US, where government spending has changed with 4% in the defense sector and is focused on providing effective techniques for ensuring safety.

Increased Adoption of Vibration Sensors in Industries Increasing Demand for Preventive and Predictive Maintenance
Vibration monitoring involves the sensing and analysis of the overall vibrations of machinery/components over time to observe deviations that may indicate defects. Measuring vibrations are the most common method of assessing the mechanical status of machinery and equipment for condition monitoring. The large market share of vibration monitoring can be attributed to the successful prediction of equipment errors through the method. It is one of the most reliable techniques for machine condition monitoring, especially with respect to rotating equipment.
A recent study estimates that an approximately 225,000 barrel per day (bpd) refinery that shifts from time-based to condition-based maintenance can reduce maintenance expenses by 15%. That 15% may translate to over USD 8 million per year in maintenance savings or more. For example, refineries employ complex and diverse critical support equipment like centrifugal compressors, pumps, turbines, cooling towers, and generators. Fans and blades used in cooling towers of a refinery often go unmonitored, which may cause serious damage to the plant. In such a scenario, oil and vibration analysis can be implemented for early detection of fan-blade fatigue. In oil-lubricated mechanisms, it becomes easy to detect potential errors by analyzing oil characteristics. Turbo expanders used in refineries contain hot gases through which power is recovered from process pressure. The expander may burn due to a fault in the process and this may prove to be expensive, hence, it is a condition that needs to be monitored consistently.
With the increase in adoption of online monitoring, the market for vibration monitoring is also expanding as heavy machinery can be consistently monitored with negligible human contact and without the persistent requirement of skilled technicians at the site of installation.

Online Machine Monitoring Expected to Grow with the Fastest CAGR
Manual collection of data can be performed only a limited number of times, however, online monitoring makes it possible to collect large amounts of data at numerous points in addition to avoiding chances of human error in data collection. Typically, a power generation utility takes over 60,000 measurements per month. Manual observations are often time-consuming and need skilled workers for efficient execution, however, online condition monitoring reduces this dependency on workers. The cost of implementing an online machine monitoring system by small business units is high, which acts as an impediment to widespread adoption and restricts its growth. However, as the concept of predictive maintenance is catching up businesses are moving to reliable online machine condition monitoring, which warns them of potential risks well in advance to plan the maintenance processes, and therefore, enables them in avoiding hazardous situations with accurate and reliable analyses of data.

North America Expected to Dominate the Market
Tremendous growth in the energy sector and rapid technological advancement has spurred the demand for components and monitoring types in North America. The rising need for a mechanism to speculate equipment failure by achieving depletion in frequency and intensity of disruption and maximizing component life, along with an effective scheduling of maintenance with equipment performance are the factors that are boosting the North American machine condition monitoring market. One of the factors hampering the growth of the North American market is that the nature of maintenance schedules is creating a stir in this region. In an increasingly competitive market, organizations are challenged to run their plants more profitably and with greater efficiency. Companies, like Emerson, have developed reliable solutions for monitoring machine condition with growing demands in domains like defense, energy & power, and others. The US has one of the world’s biggest coal mines with a significant quantity of reserves, and the amount used by the power industry corresponds to approximately 37% of electricity production in this region. The US is a major contributor to the growth of the North American market, with production & supply of energy estimated as the most preferred segment in terms of performance. The US companies have developed techniques for maintaining a strong machine performance with significant evolutions in oil & gas.

Enquiry Before Buying@ https://marketprognosis.com/enquiry/17406
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
ProgMarkPvt Ltd,
Thane - 421501
India.
Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

This release was published on openPR.