Machine Health Monitoring Market worth $2.50 Billion by 2020, According to a New Study on ASDReports

Friday 29 August 2014, Amsterdam

According to a new market research report "Machine Health Monitoring Market by product(vibration monitoring, thermography, ultrasound emission, lubricating oil analysis, corrosion monitoring, motor current signature analysis), Component, Application and Geography – Global Forecast to 2014 - 2020" now available on ASDReports, the market is expected to reach $2.50 Billion at a CAGR of 7.16% from 2014 to 2020.

Machine health monitoring is an uninterrupted assessment of the equipment and machinery. Machine health monitoring system can be implemented to reduce plant operating costs by optimizing maintenance activities and lowering the instances of unscheduled outages. Thus it helps in reducing the overall maintenance costs and improving the lifetime of equipment. The market over the next few years will be driven by fast-paced technology developments and introduction of innovative products. Development of low-cost and advanced health monitoring equipment, integrated with quick processing functions, direct communication procedures, and improved software will attract tremendous opportunities for the market in the coming years.

This report covers the machine health monitoring market based on components, products, applications, and geography. The segmentation by component includes Corrosion probes, Spectrometer, Spectrum Analyzer, Thermal Camera, Ultrasonic Detector, Vibration Sensor and their future market potential. Of all the major components, the vibration sensor is expected to have higher adoption rates for the mass market. The segmentation by product includes corrosion monitoring equipment, lubricating oil analysis equipment, motor current signature analysis, thermography equipment, ultrasound emission equipment, and vibration monitoring equipment. The segmentation by application includes industries such as aerospace and defense, automotive, chemicals, marine, mining, oil and gas, and power. The geographic analysis covers North America, Europe, APAC, and ROW.

The major drivers for the machine health monitoring market are the improvement in equipment reliability by effective projection of their failures, achieving reduction in frequency and severity of equipment downtimes, maximizing component life by proper scheduling of maintenance programs, maximizing equipment performance and throughput, ensuring the safety of equipment and personnel, and many more. There are restraints in the market such as achieving return on investment from machine health monitoring, unpredictable maintenance periods, and requirement of asset modifications to retrofit existing systems with machine health monitoring sensors that may inhibit the market growth. The increasing demand from emerging economies is one of the key opportunities for the process analyzer market.

The major companies involved in machine health monitoring are AZIMA DLI Corp. (U.S.), Bruel & Kjaer Vibro GmbH (Denmark), Emerson Process Management (U.S.), Fluke Corp. (U.S.), GE (U.S.), Honeywell Process Solution (U.S.), National Instruments (U.S.), Parker Kittiwake (U.K.), Rockwell Automation Inc. (U.S.), SKF (Sweden), and more.