Machine Condition Monitoring Global Market Report 2018-2024 - Lack of Trained Technical Resources for Data Analysis Hinders Market Growth

DUBLIN, March 6, 2018 /PRNewswire/ --

The "Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, MCA), Deployment (On Premise, Cloud), Monitoring Process (Online, Portable), Offering, Industry, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The machine condition monitoring market is estimated to grow from USD 2.38 Billion in 2018 to USD 3.50 Billion by 2024, at a CAGR of 6.7% between 2018 and 2024.

The growth of the market is driven by factors such as the development of a secure cloud computing platform, increased use of wireless communication technology for condition monitoring of equipment, and inclination of end users toward predictive maintenance. However, the lack of trained technical resources for data analysis hinders market growth.

The market for cloud-based machine condition monitoring solutions is estimated to grow at a higher CAGR during the forecast period because it offers elasticity required for the data and computational resources significantly at a low cost. One of the major advantages of cloud-based solutions is that it helps enterprises to understand the real-time condition of their assets from a remote location. Further, the initial investment and the maintenance costs are reduced as nothing has to be stored on premises.

The global automotive industry is emphasizing on automating and upgrading assembly lines, which require motor monitoring. Motor current analysis helps reduce machine failures and extend the life of machines. The automotive industry is witnessing significant growth in the number of units produced per day. The machinery on the production floor is required to be maintained properly to minimize the production cycle and increase the production output, thereby resulting in high adoption of machine condition monitoring solutions in the automotive industry.

North America held the largest share of the machine condition monitoring market in 2017 owing to the presence of major machine condition monitoring vendors and high focus on optimum asset utilization; increase in stringent government regulations at workplaces with regard to personal safety; and rise in requirements to control and assure quality in oil & gas, chemicals, and food & beverages industries are driving the demand for machine condition monitoring systems in North America. Factors such as rapid industrialization, high adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are fueling the growth of the machine condition monitoring market in APAC.

The key players operating in the machine condition monitoring market include ALS Limited (Australia), Emerson Electric (US), General Electric (US), Honeywell (US), Meggitt (UK), National Instruments (US), Parker-Hannifin (US), Rockwell Automation (US), Schaeffler (Germany), SKF (Sweden), Azima DLI (US), Bruel & Kjaer (Denmark), and Fluke (US).

Market Dynamics

Drivers

• Development of a Secure Cloud Computing Platform
• Increased Use of Wireless Communication Technology for Condition Monitoring of Equipment
• Inclination of End Users Toward Predictive Maintenance
• Adoption of Automated Condition Monitoring Technologies

Restraints

• Lack of Trained Technical Resources for Data Analysis
• Lack of Trust in Prediction Capabilities of Machine Condition Monitoring Technology

Opportunities

• Advent of Big Data Analytics
• Strategic Partnership and Collaboration

Challenges

• Incurrence of Additional Expenses and Complexities in Retrofitting Existing Systems
• Availability of Expertise at Remote Locations

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 IoT in Machine Condition Monitoring Market

8 Machine Condition Monitoring Market, by Monitoring Technique

9 Machine Condition Monitoring Market, by Offering

10 Machine Condition Monitoring Market, by Deployment Type

11 Machine Condition Monitoring Market, by Monitoring Process

12 Machine Condition Monitoring Market, by Industry

13 Regional Analysis

14 Competitive Landscape

15 Company Profiles

• 3D Signals
• ALS Ltd.
• Analog Devices
• Azima Dli
• Bruel & Kjaer
• Emerson Electric
• Flir Systems
• Fluke Corporation
• General Electric
• Honeywell
• Logilube
• Machine Saver
• Meggitt
• National Instruments
• Parker Hannifin
• PCB Piezotronics
• Petasense
• Pruftechnik Dieter Busch
• Rockwell Automation
• SKF
• SPM Instrument
• Schaeffler
• Senseye
• Spacetime Insight
• Uptake Canada

For more information about this report visit https://www.researchandmarkets.com/research/7zpkq5/machine_condition?w=5

Media Contact:

Laura Wood, Senior Manager
press@researchandmarkets.com  

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets