Increasing Focus on Optimum Asset Utilization Drives Demand for Machine Condition Monitoring Equipment, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 17, 2014 -- Follow us on LinkedIn – For companies to survive in the modern competitive world, implementation of right strategies for ensuring efficient management of day to day operations remains critical. Given that timely delivery of products and services is a key competitive variable dictating success or failure of a company, the importance of uninterrupted, efficient, and clutter-free production operations comes to fore. As a key strategy that helps organizations improve their operational efficiency, asset management is increasingly gaining prominence in the modern business world. As a major step towards ensuring better asset management and utilization, identifying vulnerabilities of assets and fixing the same assumes profound importance.
With industrial consumers becoming increasingly concerned about rising maintenance costs and production downtime caused due to unscheduled breakdown of machinery, predictive maintenance solutions such as machine condition monitoring is gaining traction. Hard learnt lessons from the 2007-2009 economic recession and recent structural and cyclical slowdown in developed and developing markets, especially the importance of avoiding additional costs during taut economy, have been compelling manufacturers to invest wisely on technologies that can help prevent abrupt production disruptions, thus nurturing growth opportunities for machine condition monitoring equipment.
Future growth in the market will be driven by healthy demand from major end-use markets such as Chemicals, Petrochemicals & Oil & Gas, Power, Aerospace & Defense, and Process Industry & Manufacturing. Stringent product usage specifications, strong government workplace and personnel safety regulations, and tight quality control are primary factors influencing demand for machine condition monitoring equipment in these end-use markets. Growing importance of lean manufacturing, just-in-time inventory practices and increasing focus on product quality, particularly in processing industry have also been benefiting market demand for machine condition monitoring equipment. Condition of production machinery primarily dictates timely use of raw material, the cost and quality of products produced. Furthermore, increasing complexity of modern machinery requires continuous monitoring and testing thus making machine condition monitoring equipment a key investment in major end-use industries.
As stated by the new market research report on Machine Condition Monitoring Equipment, Vibration Monitoring Equipment represents the largest product market. Thermography equipment on the other hand is the fastest growing product segment. By region, the United States represents the largest market worldwide, while Asia-Pacific represents the fastest growing market with a CAGR of 7.7% over the analysis period. Growth in Asia is led by rapid industrialization, competitive pressure to achieve operational efficiency, and expansion of the manufacturing base as a result of migration of production activities to low cost Asian countries like China, India, Korea, and Vietnam.
Major players in the market include Azima DLI LLC, Brüel & Kjær Vibro, ClampOn AS, Corrpro Companies Inc., Data Physics Corporation, Emerson Process Management, FLIR Systems Inc., GE Energy, Halma Plc, Honeywell Process Solutions, Fluke Corporation, IMI Sensors, ITT Monitoring and Control Inc., LumaSense Technologies, Nippon Avionics Co. Ltd., Parker Kittiwake, Rockwell Automation Inc., Shinkawa Electric Co. Ltd., SKF Condition Monitoring Inc., SPM Instrument AB, and The Timken Company, among others.
The research report titled “Machine Condition Monitoring Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, Taiwan and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Product segments analyzed include Vibration Monitoring Equipment, Thermography Equipment, Lubricating Oil Analysis Equipment and Corrosion Monitoring Equipment.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Machine_Condition_Monitoring_Equipment_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Public Relations, Global Industry Analysts, Inc., http://www.StrategyR.com/, +1 408-528-9966, [email protected]
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