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Increasing Automation Across Industries is Expected to Offer Significant Growth Opportunities for the Machine Condition Monitoring Market

   December 5, 2022

Enterprises across industries are increasingly utilizing cutting-edge technologies to improve efficiency and cut costs through new, advanced virtual services. A consistent growth in the industrial automation processes is paving the path for several auxiliary technologies to gain momentum in industrial manufacturing. For instance, using IoT sensors for machine condition monitoring has helped predictive maintenance to work more efficiently and on a real-time basis. Key market players are focused on launching sensor-enabled predictive maintenance solutions to support the industrial sector. For instance, in 2022, Sensata Technologies, Inc. (U.S.) launched a new asset monitoring solution that enables the predictive maintenance of rotary assets and delivers actionable insights to plant managers. The new wireless industrial IoT sensor allows plant managers to detect early-stage faults and extend the working life of their rotary machine assets. Similarly, in 2021, Flowserve Corporation (U.S.) launched a new IoT service suite called RedRavento support flow control equipment. It includes sensors that collect data from assets and transmit it to the cloud with a secure, data-encrypted solution.

Another technology automation technology, Industrial Analytics (IA), helps collect, analyze, and use data generated from industrial operations throughout the entire product lifecycle. It involves modern data capture methods and analytic modeling. As industrial assets are digitized with sensors and connected via the Industrial Internet of Things (IIoT), manufacturers can analyze machine data to improve production efficiency, reduce downtime, cut costs, and enable better decision-making. Thus, advanced analytics software powered by artificial intelligence (AI) and machine learning can be an apt solution for intelligent operations in areas such as predictive maintenance, real-time quality control, and scenario testing for root cause analysis.

The growth of industrial automation is also supported by the consistent efforts of local governments to promote programs such as Industry 4.0. For instance, Singapore is emerging as a leading adopter of automation in Southeast Asia due to initiatives such as the National Robotics Program. For instance, in 2019, Singapore witnessed the roll-out of the Narrowband IoT (NB-IoT) network, a connectivity standard backed by Telcos and the GSM Association, accelerating the progress of Singapore’s digital economy and manufacturing sector. Malaysia proposed the National Industry 4.0 Framework to boost its manufacturing sector in another instance. Such initiatives promote industrial automation and expand opportunities for technologies such as machine condition monitoring to grow even further.

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