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Indian Machine Condition Monitoring Market - Forecast(2024 - 2030)
Overview
Indian machine condition monitoring market size is set to
grow at a CAGR of 10.95% during the forecast period 2020-2025 and projected to
reach $193.3 million by 2025. Machine conditioning monitoring is a process that
involves surveillance of the machines for breakdown, temperature, moisture
presence, vibration analysis, pressure, leakage, lubrication, and so on. Increased
industrial activities in the food & beverage, automotive, and aerospace
& defense sectors are set to drive the Indian machine condition monitoring
market. This is because, monitoring a mechanical process is
an inevitable part of an industry. It is used to maintain the production
process in a stipulated time. For this, the predictive maintenance techniques
such as vibration analysis, infrared thermography play a vital role in determining
the condition monitoring. Moreover, the industrial
establishment in the Indian market is exuberant. The country possesses a huge
ecosystem of manufacturing, agricultural, food & beverage, oil & gas,
consumer electronics, and retail industries are contributing to the
expansion of the Indian machine condition monitoring market size.
The original equipment manufacturers (OEMs) and maintenance,
repair, and overhaul (MRO) service providers of aircraft have shifted their
focus to aftermarket services and are looking forward to opportunities to
reduce the aircraft downtime. Communication Addressing and Reporting Systems
(ACARS) that transmits data to advanced data platforms that further analyzes
the data generated and provides reliable insights to enhance the business
process and save cost. Monitoring the maintenance of every aircraft before its
flight is an essential task as flying a technically unfit aircraft could cost
lives. Such essential factors in the aerospace industry are burgeoning the
demands in the Indian machine condition monitoring market.
Report Coverage
The “Indian Machine Condition Monitoring Market Report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Indian Machine Condition Monitoring Industry.
Application - Segment Analysis
In
2018, the food and beverage application occupied a major share in the Indian machine
condition monitoring market and is projected to grow at the fastest CAGR 12.82%
during the forecast period of 2020 – 2025. The food manufacturers face a
countless number of challenges and costs such as microbial testing, hygiene
consultation, and pest control. The food production processing is highly
complex and elaborate as it incorporates stages such as liquefaction,
pasteurization, cooking, mincing, emulsification, and packaging. The machines
and equipment are vulnerable to damage as the production zones in the
manufacturing facilities often deal with moisture and high levels of wet
environment that may cause problems such as rusting and jammed movements in the
machines. Manufacturing and maintaining the freshness and taste from the
factory to the time it is consumed is essential for the food companies to
compete in the market. The effective maintenance of such a machine is a real
challenge and involves a significant economic effort. Therefore, the majority
of the food manufacturing companies are adamant to monitor the conditions of
the machine in their manufacturing unit.
Drivers – Indian Machine
Condition Monitoring Industry Outlook
The Food and Beverage End-User
Industrial Application Analysis is attributing the growth of the Indian machine
condition monitoring market
The growing
demands of customers for nutritional ready-to-eat food is increasing the
prevalence of packaged food in the country. The high demands for packaged foods
in the country have encouraged the food companies to utilize the advance
machine condition monitoring tools for the best output of their product. Thus,
the millennia’s demand for their favorite packaged food and growing disposable
income in the country are tremendously benefitting the Indian machine condition
monitoring market.
Challenges – Indian Machine Condition Monitoring Industry
· Plant-wide
monitoring is primarily hampering the growth of the Indian machine condition
monitoring market
Aging workforce and operations
moving into locations that are remote to expertise. The difficulty in plant-wide
monitoring which is allied with small machines and non-critical applications.
Thus, the ratio of condition monitoring cost to equipment cost, in the case of
electrical machinery is acting as a restraining factor of the machine condition
monitoring market.
Market Landscape
In 2018, the Indian machine condition monitoring market
has been consolidated by the top ten players accounting for 30% of the share. Emerson
Electric Co., General Electric Company, Honeywell International Inc., Meggitt
PLC, Parker-Hannifin Corporation, Rockwell Automation, Inc., Schaeffler
Technologies AG & Co. KG, AB SKF, Fluke Corporation, and National Instruments
Corporation are the Indian machine condition monitoring market top 10 companies.
These top active companies
in the machine condition monitoring market have already started or are about to
start providing their services in the form of online-systems condition
monitoring, handheld tool monitoring, sensor-based condition monitoring,
optical condition monitoring, and web-based monitoring. The integration of such
technologies is expected to drive the machine condition market at a staggering
pace in the country.
Key Takeaways
- The Indian machine condition monitoring market players are leveraging upon the growing industrial activities in the country and governmental laws that are heavily supporting the industrialization.
- With the Industry 4.0 update, the techniques and methods applied in the machine condition monitoring are witnessing astonishing technological update. Technologies such as cloud computing, machine learning, and data analysis are the biggest trend in the current machine condition monitoring market.