Overview
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Machine Condition Monitoring |
Applicable Industries
Applicable Functions
Case Studies
Market Size
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
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Business Viewpoint
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
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Deployment Challenges
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.
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