The global machine condition monitoring market to grow at a CAGR of 4.02% during the period 2016-2020.
Global Machine Condition Monitoring Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
During the course of the 20th century, maintenance strategies have gone through many changes. Currently, predictive and proactive strategies present the maximum benefits at minimum expenditure. However, the preventive or scheduled maintenance approach is the most widely used strategy, particularly among the SMEs.
A trend that has helped to boost market growth is the integration of IoT machine condition monitoring. Recent advances in sensor technologies, such as wireless sensor nodes, can be integrated with wireless networking protocols like ZigBee and Wi-Fi or industry grade Bluetooth among others. When integrated with these frameworks, wireless sensing can monitor machine and equipment condition and can also decode every machine's individual pattern and behavior via software and learning mechanisms. Prototypes of monitoring systems with IoT called Machine 4.0 prototypes, developed by companies, such as Deckel Maho Pfronten and Schaeffler, have been launched at multiple global exhibitions and are in successful trials.
According to the report, a key growth driver is the shift from preventive maintenance to predictive maintenance. To increase the longevity of machines and equipment and prevent breakdown during operations, preventive/scheduled maintenance strategies were deployed earlier. Preventive strategies comprise pre-planned periodic shutdown, disassembly, thorough inspection, and replacement of damaged parts in anticipation of breakdowns.
Though this strategy is efficient, it is however expensive, as critical machines are often shut down and systems are interrupted for inspection purposes, leading to loss of production. It is difficult to determine the correct periodic interval between two inspections as long intervals between maintenance may lead to breakdowns and unnecessary short intervals are expensive.
Further, the report states that one challenge that could dampen market prospects is the lack of customization and increased costs associated with the technology.
The report considers the revenue generated from the sales of the following:
- Hardware - Software, software licenses, and renewal of software licenses - Upgrades of existing solutions - Maintenance and services
- Emerson Electric - General Electric - Honeywell - National Instruments - Rockwell Automation Other prominent vendors