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.

Source: Markets and Markets

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.