Global Condition Monitoring Market Overview:
Conditioning monitoring is the process of determining the condition of machinery while in operation. It can be used to monitor the vibration and temperature and sound condition of machinery. It is a very important factor in predictive maintenance. This process ultimately reduces the time required to identify and rectify which further increases the efficiency of the machines and equipment. This helps prevent costly downtime. Moreover, costs are saved due to the complete utilization of the runtimes of important machine components. The condition of the machine is monitor by different ways such as by the online system, by the sensor, by handled tools and others. It is important to industries because of lots of industries are moving toward automation. This process is extremely used in different industries such as automotive, manufacturing, aerospace, food & beverage and other industries.
Market Drivers
- Increasing Focus on Predictive Maintenance Drives the Demand for Condition Monitoring Equipment
- Rising Demand of Accelerometers for Condition Monitoring of Heavy, High-End Machinery
- Growing Use of Lubrication Analysis Technique in Oil & Gas Industry for Analysis of Contaminants in Oil and Gas
Market Trend
- The trend in Condition Monitoring is Ability to Monitor Condition of 24x7 from any Location
- Condition Monitoring Process Gives Real-Time Information about the Condition of Machinery
Restraints
- Installation Condition Monitoring Test Equipment Very Expensive
Opportunities
- Increase in Online Machine Condition Monitoring in Developing Countries
- Technological Innovation in Condition Monitoring Such as Sensors
Challenges
- Lack Skilled Professional and Expertise to Accurately Interpret Condition Monitoring Data
Competitive Landscape:
Some of the key players profiled in the report are SKF (Switzerland), Meggitt PLC (United Kingdom), General Electric (United States), Alfa Laval (Sewden), AMETEK, Inc. (United States), Emerson Electric (United States), Pruftechnik (Germany), Rockwell Automation (United States), ABB (Switzerland), Schaeffler Group (Germany) and Outotec (Finland). Additionally, following companies can also be profiled that are part of our coverage like Bently Nevada (United States), Fluke Corporation (United States), Honeywell International (United States), SGS S.A. (Switzerland) and Dorlec Limited (United Kingdom). Analyst at AdvanceMarketAnalytics see United States and Europe Manufacturers to retain maximum share of Global Condition Monitoring market by 2025. Considering Market by End-Users Industries, the sub-segment i.e. Manufacturing will boost the Condition Monitoring market. Considering Market by Sensors and Signals, the sub-segment i.e. Accelerometers will boost the Condition Monitoring market. Considering Market by Technology, the sub-segment i.e. Vibration Condition Monitoring will boost the Condition Monitoring market. Considering Market by Software, the sub-segment i.e. Data Collection will boost the Condition Monitoring market.
In November 2019, TRL, a global centre for transportation and mobility, launched the new road monitoring device to speed up maintenance and repair initiatives. This device enables highways maintenance organisations to not only monitor the condition of their road network, but to plan ahead by prioritising those roads that require urgent maintenance.
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be provided prior to purchase
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Condition Monitoring market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Condition Monitoring market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Condition Monitoring Hardware Manufacturer, Condition Monitoring Software Manufacturer, Condition Monitoring Service Providers, Government Organizations, Research Institutes, End-User Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.