LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global machine condition monitoring sensors market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global machine condition monitoring sensors market is expected to witness moderate growth during the forecast period owing to the increased implementation of process control and monitoring solutions in the industrial process. The growth in industrial assets, such as machines and equipment, and their safety management have increased the awareness about machine safety.
“The global machine condition monitoring sensors market is projected to grow, in Asia, the Middle East, and Latin America. These regions are expected to offer an incredible potential for the deployment of costly industrial machinery, which will have a huge impact on the deployment of machine condition monitoring sensors. The growth in the online machine condition monitoring will have a key impact on the growth of the machine condition monitoring sensors market,” says Bharath Kanniappan, a lead analyst at Technavio for automation research.
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The top three emerging market trends driving the global machine condition monitoring sensors market according to Technavio research analysts are:
- Adoption of real-time monitoring
- Growing R&D and innovations
- Increasing online machine condition monitoring in developing countries
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Adoption of real-time monitoring
The machine condition monitoring sensors help in tracking machines or assets in industrial plants. They also help in predicting the mechanical wear and tear and failure of operations due to machines breakdown, which directly affects the productivity and will lead to a decrease in cost savings. The sensors used in machine condition monitoring help in identifying vibration, noise, temperature, contamination, and others. These sensors help in providing real-time monitoring of machines, thereby preventing unexpected failures that can lead to the costly repair of critical machines.
The power generation and oil and gas plants use real-time monitoring for remote operations. The power generation industry is adopting machine condition monitoring sensors in turbines, generators, pumps, compressors, and motors to ensure high-efficient operations. The offshore oil and gas plants, offshore wind farms, mining, and marine applications require real-time monitoring, which will support the growth of the machine condition monitoring sensors market in the forecast period.
Growing R&D and innovations
Growing number of smart equipment and management of assets will be the key factors for the adoption of machine condition monitoring sensors. Product development, modernization, and technological innovations in machine condition monitoring sensors are necessary for machinery operations. The key manufacturers in the global machine condition monitoring sensors market are innovating and working toward adding innovative features and making new product types in a bid to extend their product portfolio. Contact sensors and non-contact sensors with rugged and ergonomic modifications are some of the latest additions to the hardware products of machine condition monitoring sensors.
Increasing online machine condition monitoring in developing countries
Currently, large-scale companies in the developing countries are adopting online machine condition monitoring solutions. The necessity for new sensors and data collection are increasing in the developing countries due to the need for better productivity and efficient utilization of assets.
The capital investment required for the procurement of machine condition monitoring systems is high. However, in recent years, the increasing availability of online machine condition monitoring solutions coupled with reduction in the cost of bulk deployment of sensors are factors that have supported the market growth for machine condition monitoring sensors. The increase in skillset for data collection and analyzing adds to the growth of the machine condition monitoring sensors market.
“With the development of automation, growth in the global machine condition monitoring sensors market is expected to rise. The penetration of cloud technology is also expected to drive this market during the forecast period. The growth of these technologies will lead to data logging of machinery performance, allowing early decision-making with complete information,” says Bharath.
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