To register 7.16% CAGR by 2020
The global machine health monitoring market is expected to reach $2.50 billion at a CAGR of 7.16 per cent from 2014 to 2020. The machine health monitoring market 2014-2020 research report is of 353 pages and includes the detailed value chain analysis of the machine health monitoring industry.
GE of the US is one of the key players of machine health monitoring market. The company entered this market by acquiring Bently Nevada of the US in February 2002, which was one of the leaders at that time. Bently Nevada is a machine health monitoring equipment company that provides services for systems and monitors machinery vibrations.
GE’s Bently Nevada product line is a leading player in machine health monitoring. Bently Nevada provides machinery protection and monitoring for refineries, petrochemical plants, power plants, and wind farms.
The Bently Nevada product portfolio comprises monitoring systems, sensors and transducers, software, test and calibration equipment, custom products, etc.
In August 2011, GE acquired Commtest (New Zealand) to boost Bently Nevada’s product portfolio. This acquisition helped to bring more integrated offerings to their customers that took into account the health of the entire plant. The company has focused on developing new products through sustained research and making strategic acquisitions for enhancing their product portfolio.
Emerson Process Management of the US, a leading provider of automation technologies, is one of the primary companies in the machine health monitoring market. Emerson provides CSI technologies for machine health monitoring. CSI technologies consist of machine health monitoring solutions such as continuous projection, protection, and monitoring, portable technologies, vibration transmitters, sensors, machinery health management software, and equipment performance monitoring.
The company comprising online monitoring tools under CSI technologies, offers a complete range of machine health monitoring equipment to provide reliability, cost efficiency, less downtime, high maintenance and profitability to its customers. Its strong geographic presence makes it well positioned to capitalize on the current trends in this industry.
Major growth drivers
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 the requirement of asset modifications to retrofit existing systems with machine health monitoring sensors that may inhibit the market growth. The increasing demand from the emerging economies is one of the key opportunities for the process analyzer market.
The machine health monitoring industry companies profiled in this report include AzimaDli Corporation, Bruel & Kjaer, CTRL Systems, Inc., Emerson Process Management, Fluke Corporation, General Electric Company, Honeywell International, Inc., National Instruments Corporation, Parker Hannifin Corporation, Rockwell Automation, Inc., Scanimetrics and SKF AB (http://www.reportsnreports.com/Purchase.aspx?name=290941).