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World Condition Monitoring Equipment and Services Markets
Frost & Sullivan, Sep 2005
Increased Drive to Integrate Condition Monitoring with Plant Asset Management and CMMS SystemsSeparate condition monitoring techniques are easier to implement, but have limited capabilities. Hence, the need arises to integrate condition monitoring equipment with plant asset management (PAM) and computerized maintenance management systems (CMMS) of organizations in the pursuit of automation of the maintenance process. This helps in ensuring that results from analysis by different condition monitoring techniques such as vibration monitoring, oil analysis and thermography can be collectively received toward offering a holistic view on asset condition and planning predictive rather than periodic maintenance. Condition monitoring equipment vendors hence have to create products that offer computer-based interconnectivity through software to integrate with PAM/CMMS, rather than standalone products. If not, they will eventually be left behind.
Emerging End-use Applications Spur Demand for Condition Monitoring EquipmentCondition monitoring solutions are finding application in a large spectrum of emerging end-user opportunities. The power generation industry, especially the wind energy segment and the heating, ventilation and air conditioning (HVAC) is growing as an end-user market for condition monitoring equipment. Notable among others is the environmental industry, where condition monitoring equipment is required to monitor performance of machinery and facilities in which failure of system performance can result in serious repercussions detrimental to the environment. Growing concern for the environment is expected to offer increased opportunities for condition monitoring solution providers in this segment. There are opportunities galore in these emerging end-use applications and they are expected to enhance growth in this market.Strong Potential in Services and Consulting MarketConstant pursuit of cost optimization has resulted in the reduction in manpower resources in maintenance departments of organizations. Realizing the increasing importance of condition monitoring as a means towards minimizing risks and maximizing returns, customers are progressively looking at condition monitoring consultants and service providers to implement and manage condition monitoring programs. This growing trend toward outsourcing and remote monitoring is expected to drive growth in the condition monitoring services and consulting market.
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