by Brianna Crandall — July 22, 2016 — A new report from market research firm Technavio presents a breakdown and analysis of the global machine condition monitoring market by geography and by end-user (oil and gas, power, chemical and petrochemical, steel and metal, pulp and paper, cement, automotive, pharmaceutical, and food and beverage).
According to the report, the machine condition monitoring market is driven by the transition from preventive maintenance to predictive maintenance among end-users. Real-time data collection and analysis, preferably by online detection, are some of the key advantages brought about by predictive maintenance. Technavio’s research analysts predict the global market will grow at a compound annual growth rate (CAGR) of around 4% between 2016 and 2020.
Bharath Kanniappan, lead analyst, Industrial Automation, Technavio Research, pointed out:
The latest trend in the market is condition monitoring using cloud technology. The cloud-enabled software allows end-users an interactive platform with multiple options and constant real-time input of a wide range of measurements about machine and equipment condition. This information is then consolidated into meaningful information for early warnings, which facilitates better decision-making.
During 2015, the Americas accounted for over 38% of the overall market share owing to replacement in existing power plants and the increasing demand for electricity.
During 2015, the oil and gas industry dominated the global machine condition monitoring market by occupying almost 20% of the total market share. The increasing demand for heating systems in the United States, Mexico, Germany, the U.K., France, China, India, Indonesia, Malaysia, the Philippines, the Middle East, Egypt, and Nigeria is expected to drive growth in this segment of the market in the coming years.
Furthermore, factors like new power plant investments, aging power plant infrastructure requiring retrofits, legislative policies governing carbon emissions, and the shift to renewable energy are spurring investments in the machine condition monitoring market for the oil and gas industry.
The key vendors in the market include Emerson Electric, GE, Honeywell, National Instruments, and Rockwell Automation. Vendors compete on the basis of product features, price, customized solutions, and services offered. Machine condition monitoring equipment manufacturers constantly focus on geographical expansion, increasing production capacities, and upselling products by upgrading the existing ones to gain market traction.
A more detailed analysis is available in the Technavio report, Global Machine Condition Monitoring Market 2016-2020, available for purchase from the firm’s Web site. Technavio says it can customize reports by other regions and specific segments upon request.
