PEM >> Global Industry Analysts (GIA) announces the release of
a comprehensive global report on machine condition-monitoring equipment market. With plant assets increasingly being perceived as "working capital" of an organization, machine condition monitoring continues to assume strategic significance within the manufacturing and process industries.
Increased focus on reducing plant operating costs and growing levels of realization among end-users that machine condition monitoring can actually be a medium to long-term cost saving investment rather than an operating expense, together is forecast to help the market reach US$2.1 billion by the year 2015.
Growth in the world machine condition monitoring equipment market has long been driven by capital investments in industries such as chemicals, petrochemicals, pulp & paper, metals and heavy equipment manufacturing, among others. Condition monitoring has gained importance, over the years, as companies critically focused on asset utilization and productivity. The need for eliminating catastrophic breakdowns and unnecessary maintenance costs in production processes has and will continue to drive the adoption of condition monitoring solutions across several industries.
One of the few industries to flourish in adversity is the machine condition monitoring equipment market. A traditionally resilient vector of the industrial equipment market, machine condition monitoring equipment has recorded hardy growth against a backdrop of increased focus on reducing plant operating costs by reducing maintenance costs, optimizing maintenance activities during planned shutdowns and lowering the instances of unscheduled outages. In addition to rising competition, increasing energy costs and plant maintenance expenditures also eat into corporate bottomlines and machine condition assessment programs help optimize maintenance budgets and ease the pressure on operating expenses. While fall in the business confidence index, tighter lending standards, rising borrowing costs and the resulting shortages in credit availability to finance new plant establishments and upgradations, all resulted in sharp declines in sales
