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Revenue shifts of your clients: Digitization-owing to Industry 4.0 initiatives is one of the key drivers for the adoption of industrial condition monitoring. The rising need for energy-efficient, resource-optimized, and cost-effective solutions, increasing demand for wireless communication technologies to remove hardwired communication, and availability of secure cloud computing platforms are expected to drive growth in the market.
Unknowns: Vibration monitoring is the predominant monitoring technique used in rotational machines. The adoption of vibration monitoring will increase owing to the smaller size, lower power consumption, and higher accuracy provided by MEMS sensors. Ultrasound emission techniques, mainly used in slow machines using ultrasonic detectors, could be used in noisy and loud environments to provide real-time diagnoses. Online condition monitoring is expected to be the future of the condition monitoring industry, as it provides uninterrupted monitoring of assets along with high-accuracy information.
Interconnections: Over the last few years, there has been increasing focus on the health of machinery to reduce maintenance, service, and equipment failure-related costs. Predictive & prescriptive maintenance, digital twin, and big data analytics are some of the solutions used to monitor the health of machinery. The integration of artificial intelligence (AI), machine learning (ML), computer vision, and natural language processing (NLP) with smart manufacturing solutions will help manufacturers find anomalies that were earlier difficult to detect.