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World Condition Monitoring Equipment and Services Markets 2008
Frost & Sullivan, July 2008, Pages: 170
This Frost & Sullivan research titled World Condition Monitoring Equipment and Services Markets provides an overview of the worldwide market for different product segments in terms of revenues by end users and geographic regions, along with a complete analysis of key market drivers, restraints, and trends that impact the growth of this market. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: communications, electronics manufacturing, defense and aerospace, and industrial and automotive.
Market Overview
Strong Growth Opportunities in the Services Segment
Increasing awareness and acceptance of condition monitoring technologies and techniques as means to maximize asset health and performance is contributing to the continued growth of the world condition monitoring equipment and services markets. While the equipment segment of the market is well established and reaching maturity, there exist significant opportunities in the services segment, which is witnessing strong growth. Demand from traditional end users continues to grow at a marginal pace, and there are increasing opportunities for growth in the process and manufacturing markets, as well as the heating, ventilating, and air conditioning (HVAC) and environment markets.
Notwithstanding the benefits of condition monitoring equipment in improving operational efficiency in the long run, the high cost for procurement, installation, and maintenance of this type of equipment is limiting its acceptance among end users. Manufacturers are also having to deal with a reduction in overall average prices due to increased price competition. 'International participants are forced to lower their prices to meet end-user demand as well as face competition from regional participants,' notes the analyst of this research service. 'Advancement in technology has also contributed to the steady decline in condition monitoring equipment prices.'
Demand for Wireless Solutions Drives the Condition Monitoring Market
Wireless communications is fast becoming the norm and recent advances in wireless technology have enabled remote condition monitoring of critical machines using inexpensive wireless technology. An additional driver for the market is the growing trend toward the automation of maintenance functions in organizations by integrating condition monitoring information with plant asset management (PAM) systems/computerized maintenance management system (CMMS). This has created significant business opportunities for vendors of condition monitoring equipment to develop alliances with CMMS solution providers. Offering enhanced, easy-to-use packaged offerings to the customer would benefit both the condition monitoring vendor as well as the CMMS solution provider.
With regard to the market segments, vibration monitoring is one of the best established and accepted technologies for condition monitoring. This segment continues to generate the largest revenues, accounting for 64.4 percent of the world condition monitoring equipment revenues in 2007. 'The vibration monitoring segment has some of the largest participants in the condition monitoring equipment market, offering products ranging from portable handheld data collection equipment to large-size permanent installed vibration monitoring systems,' says the analyst. 'There has been a significant shift from portable units to permanent systems and this growth in demand for online systems is expected to continue over the forecast period.'
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