Machine Condition Monitoring
The machine condition monitoring market was valued at USD 2.21 billion in 2017 and is expected to reach USD 3.5 billion by 2024, at a CAGR of 6.7% during the forecast period.
Machine Condition Monitoring Equipment Market to Cross $3.2 Billion by 2023.
Source: P&S Intelligence
What are the advantages of Machine Condition Monitoring?
- Increased machine availability and reliability
- Improved operating efficiency
- Improved risk management (less downtime)
- Reduced maintenance costs (better planning)
- Reduced spare parts inventories
- Improved safety
- Improved knowledge of the machine condition (safe short-term overloading of machine possible)
- Extended operational life of the machine
- Improved customer relations (less planned/unplanned downtime)
- Elimination of chronic failures (root cause analysis and redesign)
- Reduction of post-overhaul failures due to improperly performed maintenance or reassembly
What are the disadvantages that must be weighed in the decision to use machine condition monitoring and fault diagnostics?
- Monitoring equipment costs (usually significant)
- Operational costs (running the program)
- Skilled personnel needed
- Strong management commitment needed
- A significant run-in time to collect machine histories and trends is usually needed
- Reduced costs are usually harder to sell to management as benefits when compared with increased profits.