Growing adoption of wireless technology, expanding heating, ventilation and air conditioning (HVAC) industry, and rising popularity of remote monitoring are pushing the sales of machine condition monitoring equipment.
Valued at $2.2 billion in 2017 by P&S Intelligence, the machine condition monitoring equipment market is predicted to grow during the forecast period 2018–2023 with a CAGR of 6.8%. Another factor leading to domain progress is the increasing demand for smart factories.
Machine condition monitoring equipment helps evaluate various parameters with respect to the health and condition of a machine to help owners predict breakdowns and get the repairs done. Another factor responsible for the progress of the machine condition monitoring equipment market is increasing demand for smart factories, which are resource and energy-efficient
There are often strict government regulations regarding factories, such as chemical plants. Machine condition monitoring equipment helps in adhering to these by allowing owners to carry out necessary repairs as soon as a fault is detected.
Globally, North America led the market of machine condition monitoring equipment in 2017 with over 30.0% revenue share, owing to the growing energy sector. Technological advancements in the manufacturing domain also played its part as did speculations about machine malfunctions in the construction and oil and gas industries and need for better maintenance sessions scheduling.
Thus, it is clear that the desire to repair the machines even before they break down is the key growth driver of the market for machine condition monitoring equipment.