The industry of machine monitoring is forecasted to expand to be worth $3.4 Billion by 2022, with the United States being the largest market. This stunning estimate from a December 2017 Study on the Global Machine Condition Monitoring Equipment Market is indicative of how fast the manufacturing technology landscape is growing.
“Over the years, the rapid proliferation of machine automation and breakthrough technology improvements in machine capabilities, have created the need for monitoring systems,” the study from Melvin Bright, a market research company focused on data for manufacturing technology, products, and services, states. “Avoiding unplanned outages is the first step towards ensuring process optimization for manufacturing plants and facilities…Demand-driven manufacturing is the need of the hour.”
The study states that while only 25% of large manufacturers were requesting machine monitoring 15 years ago, the number is closer to 50% as of December 2017 with the prospect of growing even more.
Aside from unplanned downtime, there is also a need for monitoring to ensure that manufacturing assets are properly managed. More benefits notes are “higher production reliability, reduced unplanned downtime…higher equipment ROI, higher revenues and profits associated with improved product quality, and reduced risk of manufacturing faults, which pushes up the cost of reprocessing.”
“Diligent tracking of the progress of equipment deterioration also aids in more effective equipment maintenance, repair, and replacement strategies,” the study continues. “While simultaneously reducing operational damage, outages, lost capacity, and maximizing plant value.”
If you want to experience these benefits firsthand, be sure to contact Shop Floor Automations for our machine monitoring solutions. Call (877) 611-5825 or fill out a contact form.