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Machine Health Monitoring Market - New Revenue Pockets
Machine health monitoring provides detailed information about the health of plant machinery. It helps in alerting the maintenance personnel if any component is about to deteriorate so that preventative maintenance can be appropriately scheduled to avoid costly downtime and expensive emergency repairs. Machine health monitoring market is projected to cross $2.50 billion by 2020, growing at a CAGR of 7.16% from 2014 to 2020.
Due to the economic slowdown, process industries had to face severe losses. This prompted the need for process optimization with the help of intelligent technologies such as predictive maintenance. Therefore, many industries have started adopting machine health monitoring to improve the functionality of their business, avoid unplanned downtimes, and boost customer satisfaction. It helps many industries to increase their revenue, increase production reliability, less downtime, and low repair costs. Therefore, there is a high demand for this market and it is expected to increase in future.
The trend of the process industry is toward implementing online systems for monitoring the health of the equipment. This technique reduces production downtime, overall cost of maintenance, and provides increased convenience and safety, which in turn helps many industries to increase their revenue and growth. The evolution of wireless technology for communication is proving to be a big bonus for the machine health monitoring technology. Therefore, online monitoring is one of the driving factors of this industry.
Also, several factors have led to the rapid growth in the machine health monitoring market, including improved software, low-cost monitoring devices, and swift processing operations. In addition, various abilities and applications of these technologies have also led to boost in the machine health monitoring market. Devices have the ability to monitor vibration-based technologies, perform lubrication oil analysis, corrosion monitoring, thermography, motor current signature analysis, and several other processes.
Asia-Pacific (APAC) is the fastest growing region for machine health monitoring market. APAC market is expected to reach $306.87 million by 2020. Rapid growth in infrastructure developments, and increasing industrial activity, which is especially powered by shifting of production bases from industrialized nations to low-cost destinations such as China and India, are the primary factors driving growth in the market.
Machine Health Monitoring Market by Product (vibration monitoring, thermography, ultrasound emission, lubricating oil analysis, corrosion monitoring, motor current signature analysis), Component, Application and Geography – Global Forecast to 2014 - 2020
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