Machine Health Monitoring Market worth $2.50 Billion by 2020

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 market is expected to reach $2.50 Billion at a CAGR of 7.16% from 2014 to 2020.

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Aimed at reducing cost and repair time, machine health monitoring is considered as an efficient strategy in manufacturing industries. It involves most of the expert monitoring techniques and strategic tools that help in the decision making process. The growing importance of plant asset management and manufacturers’ drive towards optimizing productivity and driving efficiency of plant assets have been driving the demand for machine health monitoring equipment over the years. The focus on asset utilization and the need to eliminate possible machinery breakdowns, which can potentially lead to unnecessary maintenance costs, are also driving rapid adoption of machine heath monitoring technology.

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Machine health monitoring market is expected to witness a moderate growth as the markets of the U.S. and Europe have almost reached the saturation levels. The demand is expected to come from the emerging economies, which are expected to witness increasing automation activities in the near future.

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 improving 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.

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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.

Machine health monitoring system is equipped with software for data analysis which presents a clear picture regarding the state of the machinery. It predicts the faults of machinery before failure and determines the exact source of the problem. It improves the reliability and cost effectiveness of existing machinery and provides useful information for future developments.

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