Conveyor Monitoring-Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Conveyor Monitoring market accounted for $ 193.16 million in 2017 and is expected to reach $ 312.75 million by 2026 growing at a CAGR of 5.5% during the forecast period. Some of the key factors such rising focus of companies on reducing revenue loss due to faults in conveyor belts and motors and increasing adoption of analytical tools and techniques are boosting the market growth. However, the limited in-house skillset to manage solutions and analyze data is the restraining factors for the market growth. Moreover, the rising demand for safety compliance automation solutions coupled with growing digitization in material handling industry and growth of industrial IOT will provide ample opportunities for the growth of the market.
The process in which the condition of the conveyor belt and conveyor motor is determined while it is in operation and the potential failure in advance is detected, thereby resulting in low maintenance, increased efficiency of conveyors and production in the industry is called as Conveyor Monitoring.
By Application, mining industry segment is likely to grow with highest CAGR during the forecast period due to the reasons like extraction of mineral, metal reserves and fabrication of metals which use conveyor monitoring solutions as they are essential in the mining industry. By geography, Asia Pacific is expected to observe significant growth in the forecast period, mainly due to the technological innovation and adoption of automation technologies in the mining and power generation industries.
Some of the key players in this market include Honeywell, Trolex, 4B, Fenner Dunlop, Bruel & Kjaer, Beltscan Systems, PHOENIX, Emerson, ContiTech, CBG, Yellotec, SKF, Pruftechnik Dieter Busch and Vayeron.
• Conveyor Belt Monitoring
• Conveyor Motor Monitoring
• Oil and Gas
• Power Generation
• Mining Industry
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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