In the digital era, technology is spurring innovation and creativity. This has become imperative for the companies, especially manufacturing industries, to shift towards customer-centric solutions. Organizations embracing this transformation are expanding, deploying better solutions and tackling challenges such as unplanned downtime, production and maintenance costs, depleted inventory, and unexpected equipment failures, elegantly. Unexpected downtime is one of the largest sources of production loss in any organization. Around the world, major companies experience unplanned downtime every year which results in loss of trust and productivity. However, this crucial aspect in the manufacturing companies is taken care in the condition monitoring. With the advent of Industry 4.0, operations at multiple levels of hierarchy in these companies have been changing significantly. Concepts such as predictive maintenance, digital twins, and demand forecasting introduced by the evolution of Industry 4.0 are enabling to minimize the downtime and collect real-time data thereby, enhancing the production efficiency of the companies. In condition monitoring, the evolution of Industry 4.0 is unlocking a great deal of data, classifying, and designing systems as per the industry’s requirement. Therefore, the machine condition monitoring market growth is thriving with the emergence of Industry 4.0.

The Machine Condition Monitoring Market size attained a value of $2.9 billion in 2018. Furthermore, the demand is rising at a CAGR of 7% during the forecast period 2019-2025.

IoT Crafting Intellectual Solutions in the Automotive Sector of the Machine Condition Monitoring Market

Industry 4.0 and the Industrial Internet of Things (IIoT) are creating intelligent networks and machine-to-machine interactions. Manufacturers can predict malfunctions ahead and are scheduling service maintenance.  Informative insights are generated with the help of machine-integrated-sensors and analytical tools. Furthermore, AI innovations are enhancing the predictive maintenance of machines across several industries. Types of IoT-enabled condition monitoring varies according to industry demands. For instance, in the automotive industry, where safety and updated technological solutions are required, IoT-based condition monitoring enhances safety and high-precision environment in the automotive sector. IoT enabled condition monitoring equipment and software help in avoiding engine overheating, constant monitoring of fuel and oil level, maintain brakes and engine health consistently. Fleet managers get an alert when the performance indicators go beyond the threshold point and this type of condition monitoring reduces downtime and monitors vehicle constantly. As a result, IoT enabled condition monitoring ensures safety and also contribute to less pollution thereby, maintaining a healthy environment. Governments across multiple countries of Europe and Asia are making stringent environmental regulations to mitigate carbon emission from automobiles, which is further boosting the growth of condition monitoring in this sector. Therefore, the machine condition monitoring market in the automotive sector is gaining huge attention due to innovations in IoT.

North America to be the Most Lucrative in the Global Machine Condition Monitoring Market

The U.S. is a dominant country in the aerospace and defense industries along with the oil and gas industries. With rise in geopolitical tensions, the demand for defense and military equipment has been intensified in the country. Technological advancements pertaining to cyber-security and robust monitoring of the aerospace and maritime systems are strengthened. The demand for high-precision and real-time monitoring in these sectors is thriving the machine condition monitoring market growth in the U.S. Subsequently, vibration measurement, testing, and vibration monitoring of vibration monitoring equipment in military and other defense facilities, to assess survivability of electronics, systems, and entire vehicles are increasing further. These types of machine condition monitoring techniques are significantly growing in the defense, maritime, and aerospace sectors of the U.S., since the country has continued to dominate the global aerospace and defense exports in 2016-2017, while the imports grew by 2.3%, during 2016-2017.

Furthermore, the government of the country has reinforced its developments and investments for building and maintaining robust military equipment which demands the need for constant monitoring of processes and tools. So, companies of the U.S. are experiencing strong mergers and acquisitions and huge investments in R&D of aerospace and defense industries. The top 25 U.S. defense and aerospace companies allocated funds of about $16.6m which accounts for 4.2% of the companies’ total revenue that has increased by 11% during 2012-2017. On the other hand, the U.S. government spent about $83.9 billion on R&D activities.

With all growth prospects in the aerospace and defense sectors of the U.S. combined with robust oil and gas sectors of the U.S. and Canada, North America has accounted for 31.9% of share in the global machine condition monitoring market in 2018.

Energy and Power to Dominate the Global Machine Condition Monitoring Market

According to the International Energy Agency (IEA), energy demand grew by 2.3% in 2018 rising at its fastest pace in the current decade. The demand for power generation is thriving which constitutes of about half of the global energy growth. Besides, electricity continues to flourish as the “fuel” of the future, with the demand rising by 4% in 2018.With growth in power and energy sectors, R&D and energy production is significantly rising around the world. Subsequently, monitoring of machine condition to ensure reliable power generation is rising. In the power sector, tracking and monitoring wind and gas turbines, coal-fed steam turbines, nuclear power plants, and electrical substations require constant monitoring. Thermal monitoring of machines and plants is achieved with the help of thermal imaging sensors and wireless infrared sensors to identify hot and cold spots in the operating units. Thus, the performance and reliability are ensured with the condition monitoring of machines. As a result, the machine condition monitoring market is surging in the energy and power sector with a CAGR of 8% during the forecast period.

Key Companies in the Global Machine Condition Monitoring Market

The key companies operating with major market share in the machine condition monitoring industry are ALS Limited, The Emerson Electric Co., National Instruments Corporation, Parker-Hannifin Corporation, Rockwell Automation, Schaeffler, SKF, General Electric Company, Honeywell International Inc., Meggitt, Azima DLI, Bruel & Kjaer, and Fluke.

Few of the advancements by the key players include:

·         In 2019, Mitsubishi Electric Corporation partnered with Schaeffler Technologies AG & Co. KG. The partnership is a part of the [email protected] Concept of the former company. This concept provide highly individualized products as a part of Industry 4.0 solutions. Also, the companies will provide integrated solutions that combine condition monitoring systems with mechatronic products and digital services to form application-specific Industry 4.0 packages.

·         In 2019, National Instruments, the software-defined platform developer and performance tester of automated measurement systems, released new wireless hardware for online asset condition monitoring. It delivers complete access to data and customization with the InsightCM. This wireless device automates the manual process of collecting data, and provide  time for engineers’ time to analyze data and solve real-time problems, thereby reducing the cost of installation and time taken in process of connecting more equipment.

·         In 2016, Rockwell Automation, Inc. has acquired Automation Control Products (ACP), to deliver visual display and software solutions. ACP is supply centralized remote desktop, server management, and client solutions. With ACP’s products, Rockwell Automation provide management and visualization of manufacturing operations that are digital and connected thereby expanding its portfolio and capabilities while implementing sustainable technology.

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Related Reports:

 A.    Machine Health Monitoring Market

https://www.industryarc.com/Report/17157/machine-health-monitoring-market.html

B.     Condition Monitoring and Maintenance Services Market

https://www.industryarc.com/Report/18145/condition-monitoring-maintenance-services-market.html

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