Worldwide Conveyor Monitoring Market Forecasts to 2024: Lucrative Growth Avenues & Key Industry Players - ResearchAndMarkets.com

The "Conveyor
Monitoring Market by (Technology, Offering, Deployment Type), Conveyor
Belt Monitoring, Industry (Mining, Power Generation), and Geography
(North America, Europe, APAC, RoW) - Global Forecast to 2024"
report has been added to ResearchAndMarkets.com's
offering.

The conveyor monitoring market is expected to grow from USD 215 million
in 2019 to USD 254 million by 2024; it is expected to record a CAGR of
3.5%.

The growth of this market can be attributed to the rising adoption of
predictive maintenance tools and techniques and increasing focus of
companies on reducing the revenue loss due to conveyor and motor fault.
However, limited in-house skillset to manage solutions and analyze data
is expected to restrain market growth.

The key players operating in the conveyor monitoring market are Emerson
Electric Co. (US), Beltscan Systems Pty Ltd. (Australia), Honeywell
International Inc. (US), Yellowtec (Australia), Fenner Dunlop
(Australia), SKF (Sweden), Bruel & Kjaer (Denmark), ContiTech Conveyor
Belt Group (Germany), Parker Hannifin Corporation (US), and PHOENIX CBS
GmbH (Germany).

Conveyor belt monitoring technique has a larger market share
than conveyor motor monitoring technique

Conveyor belt monitoring solutions are expected to account for the
larger market share than conveyor motor monitoring solutions from 2019
to 2024. In conveyors belt monitoring, technologies such as X-ray,
electromagnetic, and optical are used. These various technologies are
designed to increase the production capacity by monitoring the condition
of the conveyor belt.

Belt damages may have injured carcass with protruding steel cords,
splice deterioration, wear and tear, insufficient cleaning, ripping off
the conveyor belt, and foreign objects on it. Conveyor belt monitoring
becomes essential to avoid any damages to the conveyor belt or costly
shutdowns.

Vibration monitoring is likely to capture largest share of
conveyor motor monitoring market based on technology

Vibration monitoring technology is likely to account for the largest
share of the conveyor motor monitoring market from 2019 to 2024. Factors
driving the growth of this market include the moderate price, smaller
size, lighter weight, and better temperature stability of these sensors.

Vibration sensors can determine faults in conveyor machinery 3 months in
advance and identify the exact location of the fault such as gear wear,
shaft misalignment, chain looseness, bent shaft, etc.

APAC to be fastest-growing market for conveyor monitoring
during forecast period

Among all regions, the market in APAC is expected to grow at the highest
rate from 2019 to 2024. The growth of the market in this region is
attributed to the technological innovation and increasing adoption of
automation technologies in various industries. Rapid urbanization,
technological advancements, favorable government policies, and strong
FDI inflows in the region are a few of the other critical factors
driving the conveyor monitoring demand in the region.

Moreover, Australia is likely to hold a high potential for market growth
on account of the presence of the huge reserves of oil and minerals,
resulting in the establishment of a robust mining sector in the country.
Favorable government policies, coupled with the adoption of the latest
technologies, is expected to augment the market growth in the country
during the forecast period. The growing demand for predictive
maintenance techniques and tools, along with the rising availability of
remote conveyor monitoring and fault diagnosis systems, has resulted in
fierce competition among manufacturers.

Market Dynamics

Drivers

• Rising Adoption of Predictive Maintenance Tools & Techniques
• Increasing Focus of Companies on Reducing Revenue Loss Due to Faults
  in Conveyor Belts & Motors

Restraints

• Limited In-House Skillset to Manage Monitoring Solutions and Analyze
  Data

Opportunities

• Growing Penetration of Industrial IoT
• Rising Demand for Safety Compliance Automation Solutions

Challenges

• Availability of Expertise at Remote Locations

Companies Profiled

• 4B
• Beltscan Systems
• Bruel & Kjaer
• CBG
• ContiTech
• Emerson
• Fenner Dunlop
• Honeywell
• PHOENIX
• Pruftechnik Dieter Busch
• SKF
• Trolex
• Vayeron
• Yellotec

For more information about this report visit https://www.researchandmarkets.com/r/xocc0l

View source version on businesswire.com: https://www.businesswire.com/news/home/20190610005334/en/