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Machine Condition Monitoring Equipment - Global Market Trajectory & Analytics

  • ID: 338488
  • Report
  • April 2021
  • Region: Global
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • ALS Limited
  • ClampOn AS
  • CTRL Systems, Inc.
  • FLIR Systems, Inc.
  • ITT Corporation
  • Parker Kittiwake
Global Machine Condition Monitoring Equipment Market to Reach $3.1 Billion by 2027

Amid the COVID-19 crisis, the global market for Machine Condition Monitoring Equipment estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$3.1 Billion by 2027, growing at a CAGR of 4.8% over the analysis period 2020-2027. Vibration Monitoring Equipment, one of the segments analyzed in the report, is projected to record a 4.6% CAGR and reach US$1.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thermography Equipment segment is readjusted to a revised 4.9% CAGR for the next 7-year period.



The U.S. Market is Estimated at $597.4 Million, While China is Forecast to Grow at 7.3% CAGR

The Machine Condition Monitoring Equipment market in the U.S. is estimated at US$597.4 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$619.9 Million by the year 2027 trailing a CAGR of 7.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 4.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR.

Lubricating Oil Analysis Equipment Segment to Record 4.7% CAGR

In the global Lubricating Oil Analysis Equipment segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$181.8 Million in the year 2020 will reach a projected size of US$243.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$405.4 Million by the year 2027, while Latin America will expand at a 5.7% CAGR through the analysis period.

Select Competitors (Total 106 Featured):
  • ALS Limited
  • Azima DLI LLC
  • Brüel & Kjær Vibro
  • ClampOn AS
  • Cosasco
  • Crystal Instruments
  • CTRL Systems, Inc.
  • Data Physics Corporation
  • Emerson Electric Co.,
  • FLIR Systems, Inc.
  • Fluke Corporation
  • General Electric
  • Honeywell Process Solutions
  • ITT Corporation
  • Meggitt PLC
  • National Instruments Corporation
  • Parker Hannifin Corp.
  • Parker Kittiwake
  • PCB Piezotronics, Inc.
  • Rockwell Automation, Inc.
  • Schaeffler Technologies AG & Co. KG
  • Shinkawa Electric Co., Ltd.
  • SKF
  • SPM Instrument AB
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ALS Limited
  • ClampOn AS
  • CTRL Systems, Inc.
  • FLIR Systems, Inc.
  • ITT Corporation
  • Parker Kittiwake
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Condition Based Maintenance Comes Out of the Shadows as Smart Management of Assets Spirals into the Spotlight
  • Recent Market Activity
  • Market Overview
  • From Corrective to Prescriptive, Machine Condition Monitoring Makes Its Evolutionary Turn Towards Smart Asset Management
  • Artificial Intelligence in Machine Condition Monitoring Gains Ground
  • Continued Recovery in Global GDP & Manufacturing PMI Promises Stronger Growth for the Machine Condition Monitoring Market
  • Ubiquity of Rotating Machinery in Industrial Plants Sustains the Dominance of Vibration Monitoring Systems
  • Even as the Oil Industry Regains Balance at the Back of Oil Price Rise & Supply Increases, Volatility Will Continue to Shape Strategy
  • Skyrocketing Oil Exploration Costs
  • Business Case for Operational Excellence Stands Exemplified
  • Outsourced Condition Monitoring Services to Gain Momentum
  • Growth of Precision Mechanics & the Ensuing Increase in the Use of Machine Tools to Benefit Condition Monitoring of Machine Tools
  • Market Outlook
  • Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
  • ALS Limited (Australia)
  • Azima DLI LLC (USA)
  • Brüel & Kjær Vibro GmbH (Denmark)
  • ClampOn AS (Norway)
  • Cosasco (USA)
  • CRYSTAL INSTRUMENTS (USA)
  • CTRL Systems, Inc. (USA)
  • Data Physics Corporation (USA)
  • Emerson Electric Co. (USA)
  • FLIR Systems, Inc. (USA)
  • Fluke Corporation (USA)
  • General Electric (USA)
  • Honeywell Process Solutions (USA)
  • ITT Corporation (USA)
  • Meggitt PLC (UK)
  • National Instruments Corporation (USA)
  • Parker Hannifin Corp. (USA)
  • Parker Kittiwake (UK)
  • PCB Piezotronics, Inc. (USA)
  • Rockwell Automation, Inc. (USA)
  • Schaeffler Technologies AG & Co. KG (Germany)
  • Shinkawa Electric Co., Ltd. (Japan)
  • SKF (Sweden)
  • SPM Instrument AB (Sweden)
3. MARKET TRENDS & DRIVERS
  • Emergence of Industry 4.0 & IIoT as a Novel Support System for Intelligent Maintenance Drives Opportunities for Condition Monitoring
  • Growing Energy Consumption & Production Drives the Need for Condition Monitoring in Power Plants
  • Insatiable Need for Energy…
  • Changing Power Generation Dynamics & Rise of Peaking Power Plants
  • Technology Innovations to Support Long-Term Growth in the Market
  • Wireless Sensor Networks, Sensor Fusion & Multi-Sensor Monitoring: The Three Major Technology Buzzwords
  • "Maintenance from a Distance": The New Buzz Word for Prognostic Machine Health Monitoring
  • The Rise of Cloud Based Business Models Sparks a Revolution in Condition Monitoring
  • Integration of Condition Monitoring With Asset Management: A Key Strategy Aimed At Productivity Gains
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 106
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • ALS Limited
  • Azima DLI LLC
  • Brüel & Kjær Vibro
  • ClampOn AS
  • Cosasco
  • Crystal Instruments
  • CTRL Systems, Inc.
  • Data Physics Corporation
  • Emerson Electric Co.
  • FLIR Systems, Inc.
  • Fluke Corporation
  • General Electric
  • Honeywell Process Solutions
  • ITT Corporation
  • Meggitt PLC
  • National Instruments Corporation
  • Parker Hannifin Corp.
  • Parker Kittiwake
  • PCB Piezotronics, Inc.
  • Rockwell Automation, Inc.
  • Schaeffler Technologies AG & Co. KG
  • Shinkawa Electric Co. Ltd.
  • SKF
  • SPM Instrument AB
Note: Product cover images may vary from those shown
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