Indian machine condition monitoring market size is set to grow at a CAGR of 10.95% during the forecast period 2020-2025 and projected to reach $193.3 million by 2025. Machine conditioning monitoring is a process that involves surveillance of the machines for breakdown, temperature, moisture presence, vibration analysis, pressure, leakage, lubrication, and so on. Increased industrial activities in the food & beverage, automotive, and aerospace & defense sectors are set to drive the Indian machine condition monitoring market. This is because, monitoring a mechanical process is an inevitable part of an industry. It is used to maintain the production process in a stipulated time. For this, the predictive maintenance techniques such as vibration analysis, infrared thermography play a vital role in determining the condition monitoring. Moreover, the industrial establishment in the Indian market is exuberant. The country possesses a huge ecosystem of manufacturing, agricultural, food & beverage, oil & gas, consumer electronics, and retail industries are contributing to the expansion of the Indian machine condition monitoring market size.
The original equipment manufacturers (OEMs) and maintenance, repair, and overhaul (MRO) service providers of aircraft have shifted their focus to aftermarket services and are looking forward to opportunities to reduce the aircraft downtime. Communication Addressing and Reporting Systems (ACARS) that transmits data to advanced data platforms that further analyzes the data generated and provides reliable insights to enhance the business process and save cost. Monitoring the maintenance of every aircraft before its flight is an essential task as flying a technically unfit aircraft could cost lives. Such essential factors in the aerospace industry are burgeoning the demands in the Indian machine condition monitoring market.
The “Indian Machine Condition Monitoring Market Report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Indian Machine Condition Monitoring Industry.
Application - Segment Analysis
2018, the food and beverage application occupied a major share in the Indian machine
condition monitoring market and is projected to grow at the fastest CAGR 12.82%
during the forecast period of 2020 – 2025. The food manufacturers face a
countless number of challenges and costs such as microbial testing, hygiene
consultation, and pest control. The food production processing is highly
complex and elaborate as it incorporates stages such as liquefaction,
pasteurization, cooking, mincing, emulsification, and packaging. The machines
and equipment are vulnerable to damage as the production zones in the
manufacturing facilities often deal with moisture and high levels of wet
environment that may cause problems such as rusting and jammed movements in the
machines. Manufacturing and maintaining the freshness and taste from the
factory to the time it is consumed is essential for the food companies to
compete in the market. The effective maintenance of such a machine is a real
challenge and involves a significant economic effort. Therefore, the majority
of the food manufacturing companies are adamant to monitor the conditions of
the machine in their manufacturing unit.
Drivers – Indian Machine
Condition Monitoring Industry Outlook
The Food and Beverage End-User Industrial Application Analysis is attributing the growth of the Indian machine condition monitoring market
The growing demands of customers for nutritional ready-to-eat food is increasing the prevalence of packaged food in the country. The high demands for packaged foods in the country have encouraged the food companies to utilize the advance machine condition monitoring tools for the best output of their product. Thus, the millennia’s demand for their favorite packaged food and growing disposable income in the country are tremendously benefitting the Indian machine condition monitoring market.
Challenges – Indian Machine Condition Monitoring Industry
· Plant-wide monitoring is primarily hampering the growth of the Indian machine condition monitoring market
Aging workforce and operations moving into locations that are remote to expertise. The difficulty in plant-wide monitoring which is allied with small machines and non-critical applications. Thus, the ratio of condition monitoring cost to equipment cost, in the case of electrical machinery is acting as a restraining factor of the machine condition monitoring market.
In 2018, the Indian machine condition monitoring market has been consolidated by the top ten players accounting for 30% of the share. Emerson Electric Co., General Electric Company, Honeywell International Inc., Meggitt PLC, Parker-Hannifin Corporation, Rockwell Automation, Inc., Schaeffler Technologies AG & Co. KG, AB SKF, Fluke Corporation, and National Instruments Corporation are the Indian machine condition monitoring market top 10 companies. These top active companies in the machine condition monitoring market have already started or are about to start providing their services in the form of online-systems condition monitoring, handheld tool monitoring, sensor-based condition monitoring, optical condition monitoring, and web-based monitoring. The integration of such technologies is expected to drive the machine condition market at a staggering pace in the country.
- The Indian machine condition monitoring market players are leveraging upon the growing industrial activities in the country and governmental laws that are heavily supporting the industrialization.
- With the Industry 4.0 update, the techniques and methods applied in the machine condition monitoring are witnessing astonishing technological update. Technologies such as cloud computing, machine learning, and data analysis are the biggest trend in the current machine condition monitoring market.