LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global portable industrial data collectors and analyzers market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global portable industrial data collectors and analyzers market will grow at a CAGR of over 5% during the forecast period. Ease of predictive maintenance through compact and portable devices is a major factor driving the market’s growth. In industries such as oil and gas, mining, water and wastewater, and food and beverages, motors play a vital role in the functioning of the plant. Hence, motor monitoring is an essential function, which decides not only the efficiency of the plant but also reduces the downtime.
Compact and portable devices ensure the monitoring of data from all the motors irrespective of their location in the plant, leading to their increased use in modern plants. The ease of data collection and computation of data about the health of the motor helps in predicting the faults that can occur in the motor, leading to the effective functioning of predictive maintenance.
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The three emerging market trends driving the global portable industrial data collectors and analyzers market according to Technavio research analysts are:
- Increasing availability of upgrade options for portable industrial data collectors and analyzers
- Emergence of route-based analyzers with maintenance pad
- Emergence of multi-channel portable data collectors and analyzers with triaxial input and dedicated tachometer
Increasing availability of upgrade options for portable industrial data collectors and analyzers
The evolution of portable industrial data collectors and analyzers is a result of innovations in condition monitoring equipment, which in turn, raised the availability of upgrade options in portable industrial data collectors and analyzers. For instance, Rezges is offering three upgrade options such as multi-plane balancer, advanced cross-channel analyzer, and full-featured DCX diagnostic data collector featuring automated fault diagnostics.
According to a senior analyst at Technavio for automation research, “A major advantage of the availability of upgrade options is that they increase the scope of use and effectiveness of portable industrial data collectors and analyzers. This will lead to the increased adoption and better use of portable industrial data collectors and analyzers.”
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Global portable industrial data collectors and analyzers market segmentation
This market research report segments the global portable industrial data collectors and analyzers market into the following based on the end-user segments (oil and gas industry, chemical and petrochemical industry, automotive industry, and water and wastewater treatment industry) and three major regions (the Americas, APAC, and EMEA).
The oil and gas segment held the largest market share in 2017, accounting for over 27% share of the market. However, the market share for this end-user is expected to decrease nearly 2% by 2022. The automotive industry is expected to witness an increase of 0.7% in its market share over the forecast period.
The global portable industrial data collectors and analyzers market accounts for a little over 28% share of the global machine condition monitoring market, which is the parent market. Geographically, the Americas dominated the portable industrial data collectors and analyzers market in 2017, accounting for a market share of over 39%, followed by EMEA and APAC.
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