With the rising requirement for efficient and effective operations in smart factories and the growing demand for higher plant productivity and innovation, the popularity of machine condition monitoring equipment is soaring all over the world. These systems provide factories and plants the flexibility required for accommodating a wide and diverse range of production interfaces and processes for smooth information exchange between the process visualization unit, operator, and the plant control system.
Moreover, these systems help firms overcome various challenges such as energy and resource inefficiency, increasing capital, and high labor and operational costs. The regulatory authorities in many countries are implementing strict regulations and policies such as OHSAS 29 CFR 1910.107 and OHSAS 18001 for minimizing chemical contamination and ensuring the safety of workers. Apart from enacting these strict policies, authorities are also imposing heavy penalties for the violation of these regulations.
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Due to these reasons, more and more manufacturing companies are adopting plant automation solutions that can ensure the regular monitoring and tracking of plant processes and operations. Besides this, the rapid technological advancements and innovations being made in wireless communication are also propelling the demand for machine condition monitoring equipment across the world. Additionally, the rapid expansion of the heating, ventilation, and air conditioning (HVAC) industry is also propelling the demand for machine condition monitoring devices.
This is subsequently driving the growth of the global machine condition monitoring equipment market. Depending on monitoring type, the market is divided into ultrasound emission, vibration monitoring, thermography, lubricating oil analysis, and corrosion monitoring and motor current signature analysis. Out of these, the motor current signature analysis category is predicted to register huge growth in the market in the forthcoming years. This is because motor current signature analysis is quickly turning out to be a highly valuable predictive maintenance tool.