24-Mar-2020 | Zion Market Research
Zion Market Research has published a new report titled “Machine Health Monitoring Market, by Type (Lubricant Oil Analysis, Ultrasonic Inspection, MSCA, Vibration Monitoring, and Infrared Thermography), by Application (Oil and Gas, Marine, Automotive, Energy and Power, Metals and Mining, and Others), By Monitoring Process (Online Condition Monitoring, and Portable Condition Monitoring), by Component (Corrosion Probes, IR Sensors, Spectrometers, Ultrasonic Detectors, Vibration Sensors and Others), by Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026”. According to the report, the global machine health monitoring market was valued at USD 2,162.0 Million in 2019 and is expected to reach over USD 3,109.8 Million by 2026, growing at a CAGR of around 5.33% during the forecast period from 2020 to 2026.
Browse the full “Machine Health Monitoring Market, by Type (Lubricant Oil Analysis, Ultrasonic Inspection, MSCA, Vibration Monitoring, and Infrared Thermography), by Application (Oil and Gas, Marine, Automotive, Energy and Power, Metals and Mining, and Others), By Monitoring Process (Online Condition Monitoring, and Portable Condition Monitoring), by Component (Corrosion Probes, IR Sensors, Spectrometers, Ultrasonic Detectors, Vibration Sensors and Others), by Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/machine-health-monitoring-market
Machine health monitoring is the method of identifying the failure in the machine. The main purpose of this process is to meet the production needs in timely and suitable manner. The technique used in the process helps in predicting the condition of the equipment, to ensure that the maintenance strategies are adopted in the right time .This health monitoring helps in reducing repair time and stimulate decision making process.
The market for machine health monitoring market is expected to grow moderately in the forecast period. The growth is subjected to switch to predictive maintenance from preventive maintenance along with the reduction in the risk of unanticipated machine breakdowns. These wireless technologies enabled system along with the inclination towards smart factories are the factors that will drive market growth in the estimated period. Growing usage of wind energy might provide substantial growth opportunity for the machine health monitoring market, as wind turbines are installed in inaccessible locations and their maintenance and monitoring is vital for smooth and continuous operation.
Additionally, some of the recent trends that are seen include rising software functionalities, machines with built-in vibration sensors, development in smart sensors, rising implementation of internet of things for machine health monitors along with diminish cost of implementation and the use of cloud technology for the storage of data is anticipated to drive market growth in the long run. Furthermore, rising penetration of preventive maintenance in industries such as oil and gas and chemical are expected to boost the market growth in the long run. However, the cost of retrofitting existing systems and unpredictable maintenance periods may pose a restraint for the market’s growth.
The machine health monitoring market is segmented on the basis of Type, application, monitoring process and components. The type segments include corrosion probes, IR sensors, spectrometers, ultrasonic detectors, vibration sensors and others. The vibration sensor is anticipated to have held a noteworthy share in the machine health monitoring market .These sensors measure the vibrations; this is critical component to identify machine’s health. Machine health monitors are used in numerous sectors such as aerospace marine, defense, mining, chemicals, oil & gas, power and automotive.
North Americas is anticipated to have a substantial share during the forecast period. Owing to the high scale development and upgraded technology for machine health monitoring in numerous application is expected to drive the market in the U.S. Furthermore, the region has always been a forerunner when it comes to technology along with the robust growth of this region in relation to the healthcare sector is expected to accelerate growth in the region.
Major market players in the machine health monitoring market are Parker Kittiwake, Bruel & Kjaer Vibro, Rockwell Automation, SKF, General, Honeywell, Emerson, and Fluke, among others.
The report segments global machine health monitoring market:
Global Machine Health Monitoring Market: Type Segment Analysis
Global Machine Health Monitoring Market: Application Segment Analysis
Global Machine Health Monitoring Market: Monitoring Process Segment Analysis
Global Machine Health Monitoring Market: Component Segment Analysis
Global Machine Health Monitoring Market: Regional Segment Analysis
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