MACHINE CONDITION MONITORING MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Another important factor driving more companies to invest in machine condition monitoring solutions is the need to ensure safety of plant personnel as well as compliance with stringent workplace safety regulations. Continuous online monitoring of critical parameters provides visibility into potential issues that could impact the safety of operators working around complex industrial machinery. Any signs of abnormal behavior or development of faults can be detected in real-time before they escalate into dangerous situations. This plays a big role in avoiding accidents at production facilities and manufacturing plants. The data from condition monitoring also helps analyze past incidents to recognize patterns and weak points to further enhance safety protocols. Many organizations consider personnel safety as a top priority and are willing to spend more on systems that can minimize risks and help meet compliance standards set by regulatory bodies. This has significantly boosted demand for machine condition monitoring across high-risk industries like oil & gas, power generation etc.

For instance, in July 2022, Valmet which is a developer and supplier of technologies, automation systems and services for the pulp, paper and energy industries, highlighted the high demand for online condition monitoring systems in industries like oil & gas, power generation, and metals & mining, emphasizing the challenges of using portable monitoring procedures in remote production plants. The aviation industry, benefiting from the growing prominence of sensors, witnessed increased use of machine condition monitoring equipment to detect pending failures and enhance dispatch reliability.