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According to a new report from Research and Markets, the global machine condition monitoring market is projected to grow from $2.6 billion in 2019 to $3.9 billion by 2025, for a compound annual growth rate (CAGR) of 7 percent.
The report also found that predictive maintenance (PdM) is gaining in popularity within the global manufacturing sector. PdM is an equipment maintenance strategy based on measuring the condition of equipment to assess whether it will fail during some future period and then taking appropriate action to avoid the consequences of that failure.
Other findings included process industries placing a greater importance on equipment maintenance, with more manpower, material resources and money being used to aid the production process, as these companies look for ways to reduce their operational costs.
Onsite condition monitoring dominated the market in 2018, with more organizations preferring this method to protect their critical information. While onsite deployment allows organizations to better control their systems and data, it limits storage capacity and involves costs related to hardware, software and maintenance.
The growing adoption of software as a service (SaaS) applications is bringing substantial growth prospects for cloud-based condition monitoring solutions. The benefits of cloud-based deployment include greater accessibility, increased scalability, speed, 24/7 service and enhanced security.
Online condition monitoring systems are currently being implemented for critical assets, such as turbines, blowers, pumps and compressors, which can have an immediate impact on machine safety, the environment and plant productivity.
Condition monitoring systems include a sequence of sensors permanently mounted on critical machines. The sensors are connected to output devices, such as monitors, analyzers and central servers. These sensors transmit data to plant operators through either a wireless network or a cabled network.
The Asia-Pacific (APAC) region, which is emerging as the world’s most powerful economy, has seen a surge in the deployment of condition monitoring solutions. As one of the top manufacturing countries, China has been adopting real-time machine monitoring systems to increase operational efficiency and production of manufacturing plants.
Due to rising maintenance costs, manufacturing companies are considering the adoption of advanced technologies such as PdM to optimize maintenance processes and improve operating costs. Condition monitoring is expected to help manufacturers optimize their operating costs by predicting the failure of critical assets to achieve greater efficiency.
The report also profiles the key players in the condition monitoring market and analyzes their market rankings. Among the prominent companies featured include Emerson Electric, General Electric, Honeywell International, National Instruments and SKF.
For more information or to view the full report, visit www.researchandmarkets.com/r/epg4t8.