How are Innovations in Industrial Processes Driving Machine Condition Monitoring Equipment Market?

Now that industries have been established in almost every corner of the world for manufacturing numerous different types of products, innovation and advancements are bound to happen for making industrial processes more efficient. Some of the challenges which are being faced by firms at the present time include high labor cost, demographic change, resource & energy inefficiency, rising operational cost, and surging capital. 

For chemical factories, stringent regulations are being imposed by regulatory bodies for minimizing chemical contamination and ensuring the safety of workers through legislations including OHSAS 29 CFR 1910.107 and OHSAS 18001, which are imposing heavy penalties for the violation of the prescribed norms.

The equipment collects and analyses certain signals from motor in order to identify developing faults and inefficiencies. The process helps in avoiding unplanned downtime. According to a P&S Intelligence report, the global machine condition monitoringequipment market reached a value of $2.2 billion in 2017 and is projected to generate a revenue of $3.2 billion by 2023, advancing at a 6.8% CAGR during the forecast period (2018–2023).

Attributed to this, several companies are increasingly making use of plant automation solutions for ensuring regular monitoring of plant operations and processes. This is done by using machine condition monitoring equipment. Condition monitoring is a vital tool for predictive maintenance of machines. 

Various types of monitoring are motor current signature analysis, corrosion monitoring, ultrasound emission, thermography, lubricating oil analysis, and vibration monitoring. Out of these, the largest demand for condition monitoring equipment in 2017 was created for vibration monitoring, which is ascribed to the rising requirement for vibration monitoring in important applications including chemical and manufacturing industries that are highly prone to defects. 

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Fixed and portable are two types of monitoring systems, between which, fixed systems are predicted to become more popular as they provide more detailed analysis and monitoring in comparison to portable systems.