Market Trends of Thermography Condition Monitoring Equipment Industry
This section covers the major market trends shaping the Thermography Condition Monitoring Equipment Market according to our research experts:
Oil and Gas Industry to Hold Significant Market Share
- Oil refineries run round the clock. These oil refineries are to be provided with automated and remote monitoring capabilities, eliminating the need for manual measurements. The advanced condition monitoring solutions improve the reliability of turbines, compressors, motors, generators, and other critical machinery. Companies in this sphere are applying optimal technology based on asset criticality. These capabilities allow the customers to monitor and protect necessary machinery, prevent unplanned shutdowns, and improve reliability.
- The offshore oil exploration and production equipment and machinery are subjected to constant exposure and 24/7 demands in harsh environments and working conditions. Equipment failures and developing mechanical problems can cause expensive unplanned shutdowns and repairs, posing safety, environmental, and operational risks to personnel. The demand for thermographic condition monitoring equipment is increasing significantly as this equipment for offshore mission-critical machinery provides enhanced reliability and is a valuable tool for predictive maintenance.
- Infrared thermography, analytical ferrography, vibration analysis, motor current, and acoustic emission technologies are typically utilised to identify active faults and abnormal wear. The thermographic condition monitoring avoids major breakdowns and reduces downtime, enables better asset management across its lifespan, and decreases costs, particularly with emergency maintenance, thus driving the market growth.
- According to BP, global oil production amounted to 89.9 million barrels per day in 2021. The oil and gas equipment is exposed to harsh and demanding environments daily. The thermography condition monitoring in the oil and gas industry detects heat and radiation patterns in machines. The data analysis help in spotting patterns that indicate failure or degradation. Thermography condition monitoring has many applications, including detecting misalignment, imbalances, improper lubrication, and wear and stress in mechanical parts. Thermography identifies overheating pipe leaks and pressure vessel weaknesses in electrical equipment.
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Asia-Pacific to Witness Significant Growth
- The demand for condition monitoring solutions has been rising due to the increased focus on overall plant and machine health and breakdown monitoring. Condition monitoring improves worker safety and reduces the chances of collateral damage to the system. The peculiar advantage of condition monitoring is that the solution addresses the equipment conditions that would shorten lifespan long before they develop into catastrophic failure, thus driving the demand for the thermography condition monitoring equipment market.
- The thermography condition monitoring provides manufacturers with the necessary, real-time machine condition data to make proactive decisions based on the current health condition of the equipment, even enabling the manufacturers to introduce automation to the shop floor. The demand for thermography condition monitoring is increasing rapidly because it enables manufacturers to use real-time asset conditions to monitor and improve machine performance and maintenance to ensure that equipment is not overmaintained or experiencing unscheduled downtime.
- According to the Ministry of Petroleum and Natural Gas (India), the western offshore region had the highest share of estimated crude oil reserves in India, at approximately 37% as of March 2021. The country had an overall estimated reserve of some 5873 million metric tons during that period, thus driving the demand for the thermography condition monitoring equipment market.
- According to the Department for Promotion of Industry and Internal Trade (India), in February 2022, the manufacturing industry has emerged as a fast-growing sector owing to the rapidly increasing population in the country. Investments in the industry have been on the rise, and initiatives like Make in India aim to turn the south Asian country into a global manufacturing hub. Condition monitoring deals with the comprehensive monitoring of machines in industrial production. One of the significant advantages of condition monitoring is that the solution helps companies to make more precise decisions. Therefore it provides an opportunity for companies to increase profitability and minimize the risk of operational losses.
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