Condition Monitoring Equipment Market: Introduction
- Condition monitoring involves the regular measurement of parameters such as vibration, temperature, and sound in and around machines and equipment
- In condition monitoring, component defects are recognized at an early stage and the remaining runtimes of bearings, shafts, etc., are optimized. This saves sudden downtime, which hampers the production line.
- Multiple sensors integrated in condition monitoring systems measure the various parameters and are analyzed by the deployed software
- Condition monitoring tools that provide data in real-time enable the rapid determination of the root cause of an issue and wireless sensors on assets automatically connect employees with real-time data via remote access using smartphones or tablets.
- Condition monitoring equipment are majorly used with electro-mechanical systems and conditional operating conditions can be monitored and damaging operating conditions can be identified and corrected to ensure that expensive and disruptive failures are avoided. This reduces the total cost of ownership and enhances the lifecycle of the asset.
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Rise in demand in industrial automation with advancement in IoT and AI.
- The advances that have been made in Artificial Intelligence and Data Analytics is supporting the conditional monitoring equipment for more accurate analysis.
- Modern industrial process has made conditional monitoring a necessity due to high dependency on machines and this dependency would cause huge loss and greater downtime if necessary information regarding machine is not available. This also helps in making necessary changes into the process for greater efficiency.
- Development of low-cost advanced condition monitoring equipment integrated with quick processing functions, direct communication procedures, and improved software has been increasing the demand for the machinery for the last few years.
- Demand for condition monitoring equipment is increasing in the service industry with the focus shifting from product-centered to service centered technology solutions
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North America holds Prominent Share of Global Market
- North America holds a prominent share of the global market, as IIoT, Artificial Intelligence, and Data Analytics are gaining traction, which has proven to be good for condition monitoring equipment. On-line condition monitoring systems have been used in heavy process industries such as pulp, paper, mining, petrochemical, power generation, and automotive manufacturing.
- The market in Europe is expanding at a high growth rate, as countries such as Germany is home to prominent sectors such as automotive, manufacturing, chemical, and electrical, where condition monitoring equipment is widely employed
- Asia Pacific follows Europe and is expanding rapidly to become a notable manufacturing hub. Government initiatives in China and India are also boosting manufacturing units for low cost mass production where downtime and maintenance time are likely to cause huge losses. Consequently, the condition monitoring equipment market is expanding at a considerable pace in the region.
Key Players Operating in Global Condition Monitoring Equipment Market
Remote monitoring has been revolutionized by the condition monitoring equipment by automation of the process and using notifications to ensure adverse conditions and failures can either be prevented or immediately resolved. The ability to monitor the condition of assets 24/7, from any location, is becoming the new trend in maintenance practices. Ultrasound, being a key technology in condition monitoring, will play a key role in this trend.
Key players include:
- Emerson
- Honeywell Process Solutions
- Bently Nevada
- General Electric Co.
- Olympus
- Schneider Electric
- SKF GROUP
- Siemens
- National Instruments Corp
- Bruel & Kjaer
- Schaeffler AG
- ALS Ltd
Global Condition Monitoring Equipment Market Research Scope
Global Condition Monitoring Equipment Market, by Component
- Hardware
- Software
- Services
Global Condition Monitoring Equipment Market, by Type
- Vibration Analysis and Diagnostic
- Lubricant Analysis
- Acoustic Emission
- Infrared Thermography
- Other
Global Condition Monitoring Equipment Market, by Industry
- Oil and Gas
- Power Generation
- Process and Manufacturing
- Aerospace and Defense
- Automotive and Transportation
- Marine
- Mining
Global Condition Monitoring Equipment Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
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9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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