MRO Magazine

Stringent Regulations for Employee Safety to Create Opportunities for the Global Machine Condition Monitoring Market Through 2020, Reports Technavio

June 27, 2016 | By Business Wire News

LONDON

Technavio analysts forecast the global machine condition monitoring marketto reach USD 1.8 billion by 2020, according to their latest report.

The research study covers the present scenario and growth prospects of the global machine condition monitoring marketfor 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market.

Technavio industrial automation analysts highlight the following three factors that are contributing to the growth of the global machine condition monitoring market:

  • Shift from preventive maintenance to predictive maintenance
  • Stringent regulations for employee safety
  • Increased use of wireless technology for machine condition monitoring

Shift from preventive maintenance to predictive maintenance

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.

“Therefore, in order to increase the longevity of machines and equipment and prevent breakdown during operations, end-users are increasingly favoring predictive maintenance. Real-time data collection and analysis, preferably by online detection, is the most favorable modality of predictive maintenance,” says Bharath Kanniappan, a lead analyst at Technavio for automation research.

Stringent regulations for employee safety

Industries such as oil and gas, power, chemical and petrochemical, cement, and pharmaceutical, among others have to abide by stringent international policies that dictate process efficiency, ergonomics, and employee safety.

A large volume of toxic gases and chemicals are generated as by-products during manufacturing processes and these get accumulated, if not regulated by regular machine condition monitoring. This can have a negative impact on health and environment. These hazards are most commonly encountered by personnel during unscheduled maintenance operations and machinery breakdowns. Hence, machine condition monitoring is gaining momentum as employment safety has become paramount.

Vendors of machine condition monitoring systems are vying for approval and certification from regulatory bodies to attract more end-users. “Thus, end-users can control the plant environment by effective monitoring and can uphold safety standards and guidelines by incorporating these systems,” says Bharath.

Increased use of wireless technology for machine condition monitoring

The machine condition monitoring system is an essential component for many industries to increase productivity and decrease downtime. It involves diagnosis and change in parameters, such as vibration, heat, and oil analysis, to detect early problems. Data collection instruments are of two types: permanent online systems that can collect and store data automatically and portable data collector for manual programs. Online permanent systems are more beneficial as they provide continuous coverage and data of machines that may be vital for production processes and make it more accessible to personnel. However, the online permanent systems have a few disadvantages such as high cost of installation, may be difficult to use in hazardous areas and may not even be required by some balance-of-plant-machines.

Such drawbacks have prompted vendors like SFK and GE to develop and incorporate wireless device technology into their condition monitoring systems, which obviates the need for hard wiring, increases the speed of data transmission, allows untethered operations, enables easy monitoring of mobile machinery, allows access to hazardous areas and is cost effective as it lowers costs by eliminating wiring expenditure.

Browse Related Reports:

Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact enquiry@technavio.com with your requirements and our analysts will be happy to create a customized report just for you.

About Technavio

Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Stories continue below
Print this page