Machine condition monitoring involves assessing the overall state of a machine over a specific period. It includes factors like efficiency, losses in efficacy indicating issues, wear and tear on parts, performance indicators, utilization of statistics, and maintenance of statistics.
Maintenance productivity involves quantifying and reducing the overall maintenance cost to enhance performance. It utilizes modified predictive maintenance methods tailored for different customers to assess tool condition and forecast maintenance requirements. Predictive maintenance enables cost and time savings by scheduling tasks when necessary. Vibration monitoring is an effective method for analyzing high-speed rotating tools. Recent advancements in vibration monitoring technology have assisted engineers in minimizing the challenges associated with aging equipment.
The market for Machine Condition Monitoring was worth US$ 3,331.65 million in 2021 and is projected to achieve a value of US$ 7,066.06 million by 2030, growing at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030.
In terms of volume, Asia Pacific emerged as the leading region in the global machine condition monitoring market in 2021, capturing a significant share of 41%.
Major Players in the Machine Condition Monitoring Industry:
1. Meggitt Sensing Systems (Meggitt PLC)
Meggitt Sensing Systems (Meggitt PLC) was established in 2007 and is headquartered in Coventry, Warwickshire. It operates across five continents and is engaged in manufacturing components and subsystems for the aerospace, defense, and energy industries. In 2019, Meggitt declared the approval of the VibroSight analysis rule box software for the vibro-meter energy product line.
2. SKF AB
SKF AB was established in 1907 and is headquartered in Gothenburg, Sweden. It operates in 130 countries and is engaged in various industries, including industrial and mechanical engineering, industrial machinery, and mechanical manufacturing. In 2022, SKF launched a condition monitoring solution.
3. Brüel and Kjaer Vibro
Brüel & Kjaer Vibro was established in 1881 and is headquartered in Nærum, Denmark. It operates in 55 countries and is engaged in various industries, including health diagnostics, industrial machinery manufacturing. In 2023, Brüel & Kjær Vibro launched BKV Beyond, a new platform extending condition monitoring from edge to enterprise.
4. Emerson Electric Co.
Emerson Electric Co. was established in 1890 and is headquartered in St. Louis, Missouri, United States. It operates in over 150 countries, with operations in the oil and gas, mining and metals, petrochemicals, water and waste, electric power, and infrastructure sectors.
5. Rockwell Automation, Inc.
Rockwell Automation Inc. was established in 1903 and is headquartered in Milwaukee, Wisconsin, United States. It operates in more than 100 countries and is engaged in various industries, including hardware, software, sales, and industrial automation.
6. Thermo Fisher Scientific, Inc.
Thermo Fisher Scientific Inc. was established in 1956 and is headquartered in Waltham, Massachusetts, United States. It operates in 24 countries and is engaged in various industries, including bioinformatics, biotechnology, cloud data services, consulting, healthcare, life science, and management information systems.
7. Gastops Ltd
Gastops Ltd. was established in 1979 and is headquartered in Huntsville, Alabama. It operates in 190 countries and is engaged in various industries, including industrial and mechanical engineering, and manufacturing. In 2022, Gastops introduced the Connect online equipment condition monitoring platform.
8. Perkin Elmer Inc.
Perkin Elmer Inc. was established in 1937 and is headquartered in Waltham, Massachusetts, United States. It operates in 190 countries and is engaged in various industries, including diagnostics, life science research, food, environmental, and industrial testing.
Definition: Machine condition monitoring is the process of regularly assessing the health and performance of machinery to detect potential faults or failures.
