Global machine condition-monitoring market to reach US$2.1B by 2015
Global Industry Analysts (GIA) announces the release of a comprehensive global report on machine condition-monitoring equipment market. With plant assets increasingly being perceived as "working capital" of an organization, machine condition monitoring continues to assume strategic significance within the manufacturing and process industries.
Increased focus on reducing plant operating costs and growing levels of realization among end-users that machine condition monitoring can actually be a medium to long-term cost saving investment rather than an operating expense, together is forecast to help the market reach US$2.1 billion by the year 2015.
Growth in the world machine condition monitoring equipment market has long been driven by capital investments in industries such as chemicals, petrochemicals, pulp & paper, metals and heavy equipment manufacturing, among others. Condition monitoring has gained importance, over the years, as companies critically focused on asset utilization and productivity. The need for eliminating catastrophic breakdowns and unnecessary maintenance costs in production processes has and will continue to drive the adoption of condition monitoring solutions across several industries.
One of the few industries to flourish in adversity is the machine condition monitoring equipment market. A traditionally resilient vector of the industrial equipment market, machine condition monitoring equipment has recorded hardy growth against a backdrop of increased focus on reducing plant operating costs by reducing maintenance costs, optimizing maintenance activities during planned shutdowns and lowering the instances of unscheduled outages. In addition to rising competition, increasing energy costs and plant maintenance expenditures also eat into corporate bottomlines and machine condition assessment programs help optimize maintenance budgets and ease the pressure on operating expenses. While fall in the business confidence index, tighter lending standards, rising borrowing costs and the resulting shortages in credit availability to finance new plant establishments and upgradations, all resulted in sharp declines in sales of general industrial/plant machinery, demand for machine condition monitoring equipment has in contrast increased. A key reason primarily attributed, is the growing importance of predictive maintenance programs, especially so, against a backdrop of tight liquidity, which exerts added pressure on cost efficiency and justification of both fixed and variable expenses. Also, widespread postponement of new purchases of plant equipment has lengthened the replacement cycle thus requiring additional maintenance of aging installed base of machines.
The importance of condition monitoring is therefore magnified during tough economic conditions like the present, since intelligent asset management and control practices and strategies will help production plants identify inefficiencies in maintenance practices and streamline maintenance processes. And this acquires critical significance as companies struggle to reconcile the financial drain caused by current plant overcapacity and reduced market demand and still remain optimally positioned to operate on all cylinders when demand picks up post recession. Machine condition monitoring in this regard reduces the instances of unplanned maintenance, which have the potential to increase costs by disrupting production schedules and triggering collateral damage across the company’s entire production line, and time to market capabilities. Additionally, machine failure prevention products such as transmitters and vibration sensors are also seen as a measure to combat price increases, and decline in service levels.
Vibration-based condition monitoring holds the leading place amongst all condition-based maintenance technologies. On- and off-line vibration monitoring is widely used by industries that perform continuous production processes. In addition to vibration monitoring, other techniques used for machine condition monitoring include wear analysis, thermography, performance monitoring, degradation byproducts, and physical testing.
The report provides market estimates and projections (in US$ Millions) for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America and Rest of world. Product segments analyzed include Vibration Monitoring Equipment, Thermography Equipment, Lubricating Oil Analysis Equipment and Corrosion Monitoring Equipment.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Machine_Condition_Monitoring_Equipment_Market_Report.asp.