DUBLIN--(BUSINESS WIRE)--The "Conveyor Monitoring Market by (Technology, Offering, Deployment Type), Conveyor Belt Monitoring, Industry (Mining, Power Generation), and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The conveyor monitoring market is expected to grow from USD 215 million in 2019 to USD 254 million by 2024; it is expected to record a CAGR of 3.5%.
The growth of this market can be attributed to the rising adoption of predictive maintenance tools and techniques and increasing focus of companies on reducing the revenue loss due to conveyor and motor fault. However, limited in-house skillset to manage solutions and analyze data is expected to restrain market growth.
The key players operating in the conveyor monitoring market are Emerson Electric Co. (US), Beltscan Systems Pty Ltd. (Australia), Honeywell International Inc. (US), Yellowtec (Australia), Fenner Dunlop (Australia), SKF (Sweden), Bruel & Kjaer (Denmark), ContiTech Conveyor Belt Group (Germany), Parker Hannifin Corporation (US), and PHOENIX CBS GmbH (Germany).
Conveyor belt monitoring technique has a larger market share than conveyor motor monitoring technique
Conveyor belt monitoring solutions are expected to account for the larger market share than conveyor motor monitoring solutions from 2019 to 2024. In conveyors belt monitoring, technologies such as X-ray, electromagnetic, and optical are used. These various technologies are designed to increase the production capacity by monitoring the condition of the conveyor belt.
Belt damages may have injured carcass with protruding steel cords, splice deterioration, wear and tear, insufficient cleaning, ripping off the conveyor belt, and foreign objects on it. Conveyor belt monitoring becomes essential to avoid any damages to the conveyor belt or costly shutdowns.
Vibration monitoring is likely to capture largest share of conveyor motor monitoring market based on technology
Vibration monitoring technology is likely to account for the largest share of the conveyor motor monitoring market from 2019 to 2024. Factors driving the growth of this market include the moderate price, smaller size, lighter weight, and better temperature stability of these sensors.
Vibration sensors can determine faults in conveyor machinery 3 months in advance and identify the exact location of the fault such as gear wear, shaft misalignment, chain looseness, bent shaft, etc.
APAC to be fastest-growing market for conveyor monitoring during forecast period
Among all regions, the market in APAC is expected to grow at the highest rate from 2019 to 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption of automation technologies in various industries. Rapid urbanization, technological advancements, favorable government policies, and strong FDI inflows in the region are a few of the other critical factors driving the conveyor monitoring demand in the region.
Moreover, Australia is likely to hold a high potential for market growth on account of the presence of the huge reserves of oil and minerals, resulting in the establishment of a robust mining sector in the country. Favorable government policies, coupled with the adoption of the latest technologies, is expected to augment the market growth in the country during the forecast period. The growing demand for predictive maintenance techniques and tools, along with the rising availability of remote conveyor monitoring and fault diagnosis systems, has resulted in fierce competition among manufacturers.
- Rising Adoption of Predictive Maintenance Tools & Techniques
- Increasing Focus of Companies on Reducing Revenue Loss Due to Faults in Conveyor Belts & Motors
- Limited In-House Skillset to Manage Monitoring Solutions and Analyze Data
- Growing Penetration of Industrial IoT
- Rising Demand for Safety Compliance Automation Solutions
- Availability of Expertise at Remote Locations
- Beltscan Systems
- Bruel & Kjaer
- Fenner Dunlop
- Pruftechnik Dieter Busch
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