(PRWEB) August 22, 2014
According to a new market research report "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", the machine health monitoring market is expected to reach $2.50 at a CAGR of 7.16% from 2014 to 2020.
Browse 117 market data Tables and 57 Figures spread through 353 Pages and in-depth TOC on "Machine Health Monitoring Market".
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Machine health monitoring is an uninterrupted assessment of the equipment and machinery. Machine health monitoring system can be implemented to reduce plant operating costs by optimizing maintenance activities and lowering the instances of unscheduled outages. Thus it helps in reducing the overall maintenance costs and improve the lifetime of equipment. The market over the next few years will be driven by fast-paced technology developments and introduction of innovative products. Development of low-cost and advanced health monitoring equipment, integrated with quick processing functions, direct communication procedures, and improved software will attract tremendous opportunities for the market in the coming years.
This report covers the Machine Health Monitoring Market based on components, products, applications, and geography. The segmentation by component includes Corrosion probes, Spectrometer, Spectrum Analyzer, Thermal Camera, Ultrasonic Detector, Vibration Sensor and their future market potential. Of all the major components, the vibration sensor is expected to have higher adoption rates for the mass market. The segmentation by product includes corrosion monitoring equipment, lubricating oil analysis equipment, motor current signature analysis, thermography equipment, ultrasound emission equipment, and vibration monitoring equipment. The segmentation by application includes industries such as aerospace and defense, automotive, chemicals, marine, mining, oil and gas, and power. The geographic analysis covers North America, Europe, APAC, and ROW.
GE (U.S.) is one of the key players of machine health monitoring market. The company entered the machine health monitoring market by acquiring Bently Nevada (U.S.) in February 2002, which was one of the leaders at that time. Bently Nevada is a Machine Health Monitoring Equipment Company that provides services for systems and monitors machinery vibrations. GE’s Bently Nevada product line is a leading player in machine health monitoring. Bently Nevada provides machinery protection and monitoring for refineries, petrochemical plants, power plants, and wind farms. The Bently Nevada product portfolio comprises monitoring systems, sensors and transducers, software, test and calibration equipment, custom products, and more. In August 2011, GE acquired Commtest (New Zealand) to boost Bently Nevada’s product portfolio. This acquisition helped to bring more integrated offerings to their customers that took into account the health of the entire plant. The company has focused on developing new products through sustained research and making strategic acquisitions for enhancing their product portfolio.
Emerson Process Management (U.S.), a leading provider of automation technologies, is one of the primary companies in the machine health monitoring market. Emerson provides CSI technologies for machine health monitoring. CSI technologies consist of machine health monitoring solutions such as continuous projection, protection, and monitoring, portable technologies, vibration transmitters, sensors, machinery health management software, and equipment performance monitoring. The company comprises online monitoring tools under CSI technologies. The company offers a complete range of machine health monitoring equipment to provide reliability, cost efficiency, less downtime, high maintenance and profitability to its customers. Its strong geographic presence makes it well positioned to capitalize on the he current trends in this industry.
The major drivers for the Machine Health Monitoring Market are the improvement in equipment reliability by effective projection of their failures, achieving reduction in frequency and severity of equipment downtimes, maximizing component life by proper scheduling of maintenance programs, maximizing equipment performance and throughput, ensuring the safety of equipment and personnel, and many more. There are restraints in the market such as achieving return on investment from machine health monitoring, unpredictable maintenance periods, and requirement of asset modifications to retrofit existing systems with machine health monitoring sensors that may inhibit the market growth. The increasing demand from emerging economies is one of the key opportunities for the process analyzer market.
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The major companies involved in machine health monitoring are AZIMA DLI Corp. (U.S.), Bruel & Kjaer Vibro GmbH (Denmark), Emerson Process Management (U.S.), Fluke Corp. (U.S.), GE (U.S.), Honeywell Process Solution (U.S.), National Instruments (U.S.), Parker Kittiwake (U.K.), Rockwell Automation Inc. (U.S.), SKF (Sweden), and more.
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