About Online Machine Condition Monitoring Equipment
Online condition monitoring helps industries to monitor the performance of machinery or equipment and predict maintenance or any failure of machinery. Increasing technological advancements and rapidly growing automation of industries to reduce operational costs and improve productivity have created a huge demand for online machine condition monitoring equipment across the globe. Further, the high growth of manufacturing and automotive industries across the globe will accelerate the market. Condition monitoring is highly adopted for the rotating equipment or machinery in order to monitor crucial operational parameters like vibrations, sound anomalies, airflow, and current.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions in order to maintain their presence in the market Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Online Machine Condition Monitoring Equipment market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bently Nevada (United States), Infineon (Germany), PRÜFTECHNIK Dieter Busch AG (Germany), SKF (Sweden), Emerson Electric (United States), Rockwell Automation (United States), Advanced Technology Services, Inc. (United States), Siemens (Germany), ALS Limited (Australia), Meggitt (United Kingdom), Honeywell (United States), General Electric (United States), National Instruments (United States), PCE Instruments (Germany) and Parker Hannifin (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Online Machine Condition Monitoring Equipment market by Type (Vibration Sensors, Infrared Sensors, Spectrometers, Ultrasound Detectors and Others), Application (Rotating Equipment, Auxiliary Systems and Other Machinery) and Region.
On the basis of geography, the market of Online Machine Condition Monitoring Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Industry Vertical, the sub-segment i.e. Manufacturing will boost the Online Machine Condition Monitoring Equipment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Innovation and Development of Multi-Sensor Based Online Machine Condition Monitoring System and Focus on the Development of Low-Cost Microcontroller-Based Non-Contact Data Acquisition System for Online Machine Condition Monitoring
Market Growth Drivers:
Increased Demand for Advanced Solutions Across Various Industries to Predict Maintenance, Monitor Machinery or Equipment in Order to Reduce Downtime or Failure, Increasing Automation and Adoption of IIoT in the Manufacturing Industry Across the Globe and High Growth of Online Machine Condition Monitoring Equipment for Rotating Machine Elements
Challenges:
Reliability Issues of Online Machine Condition Monitoring Equipment in Predictive Maintenance and High Cost of Condition Monitoring Equipment
Restraints:
Increasing Raw Material Shortage and Ongoing US-China Trade War Can Hamper the Growth
Opportunities:
Prevalence of Advanced Technologies like Big Data Analytics and Machine Learning Will Create Significant Opportunities
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Online Machine Condition Monitoring Equipment Manufacturers, Online Machine Condition Monitoring Equipment Suppliers & Distributors, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations, End-User Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.