The Global Machine Condition Monitoring Market (henceforth, referred to as the market studied) was valued at USD 3092.2 million in 2020, and it is projected to be worth USD 5246.8 million by 2026, registering a CAGR of 9.4% during the forecast period of 2021-2026. All businesses across the world having crucial assets for manufacturing goods and services have been experiencing a rapid decline in revenue due to the COVID-19 pandemic.
- Operational equipment is responsive to many types of errors and faults, and it is, therefore, important to monitor minor and major changes in equipment by measuring parameters, such as vibration, temperature, voltage, current, pressure, flow, and many more.
- This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using condition monitoring includes; allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus increasing human safety.
- The usage of predictive maintenance techniques in factories is expected to reduce the downtime by up to 50% and save between 10 to 40% on equipment maintenance expenses. Predictive Maintenance with reliance on condition monitoring offers measurement and analysis of physical characteristics, such as visual inspection, sound, temperature, or vibration.
- Industries with well-maintained and reliable equipment are expected to be the ones that will be better positioned to respond to upcoming rise in demand of goods and services. Those companies that are using predictive maintenance in order to prepare for the recovery are expected to profit.
- Multiple companies that have been shut down due to the recent COVID-19 outbreak need to adopt a condition monitoring equipment solution in place to prevent any failure of machinery when the operations resume and ensure any safety related concerns.
- Industries with well-maintained and reliable equipment are expected to be the ones that will be better positioned to respond to upcoming rise in demand for goods and services. Those companies that are using predictive maintenance to prepare for the recovery are expected to profit.
- However, the short-term investment is required and the equipment for condition monitoring is very expensive. Moreover, the sensors of condition monitoring may not survive depending upon the environment and the machine exhibits unpredictable maintenance periods. SUhc factor challenges the market growth.
Key Market Trends
Automotive Transportation to Witness Significant Growth
- The automotive industry has undergone rapid changes over the last few decades. Previously, cars were mechanical, mostly equipped with basic electrical systems that offered power for headlights and spark plugs. With technological advancements, cars got equipped with the latest gadgets, such as radios, alarms, wipers, etc.
- Globally, the automotive sector is one of the major segments of the manufacturing sector. With rapid advances in technologies, automobiles today are becoming more complex. This increased complexity is leading to possible production errors.
- However, automobile manufacturers cannot afford these errors in the current, highly competitive environment. Hence, manufacturers are highly dependent on an effective approach to provide the quality that the customers demand. This has led to an increase in the adoption rate of machine condition monitoring systems.
- The main applications of condition monitoring in this industry are air-handling units, pumps, and many other such applications. Other vital areas where condition monitoring is being used in various test machinery, such as endurance testing of motors and transmission components, wind tunnels, electrical breaks for reliability testing, car test bench (artificial roads), and others.
- In a manufacturing setting of automobile, condition monitoring, a major component of predictive maintenance, is applied and presumes that machinery may deteriorate over a period of time and eventually break down. Condition monitoring provides the necessary information to schedule maintenance by being proactive and monitors the performance of equipment through technology and avoids issues that could create unexpected downtime.
Europe to Occupy Significant Share
- The aerospace industry in Germany is one of the most innovative and best-performing industries of the country and has witnessed significant success over the past 20 years. Since the mid-1990s, the industry revenues have grown more than four times, crossing EUR 32 billion (source: Germany Trade & Invest).
- As a global aerospace hub, it is also home to the leading players from all the defense and civil aviation market segments. In the next 20 years, it is estimated that nearly 30 to 35 thousand new aircraft will be put into service in order to meet the global aviation demand.
- Increasing need to replace old and low-efficient aircraft and rapidly growing passenger volumes are driving this market, which in turn drives the market for machine condition monitoring equipment.
- As per Wind Europe, UK is expected to install 18 GW new wind energy capacity followed by Germany with 16GW capacity by 2025. More than 14.7 GW of new wind power capacity was installed across Europe in 2020, with a majority of 1.98 GW installed by Netherlands.
- The country homes 43 automobile assemblies and production plants, with a capacity of more than 1/3rd of entire Europe’s automobile production. More than 3/4th of the cars produced in this country are destined for international markets, and this is driving the market for machine condition monitoring in the automotive sector.
Machine Condition Monitoring Market is moderately competitive with no firm having a very large market share. The companies enter into strategic partnerships to gain market power and market dominance.
- March 2021 - Emerson Electric launched Rosemount 4390 series corrosion and erosion monitoring wireless transmitters with digital capabilities and integration with Plantweb Digital ecosystem.
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1.2 Study Assumptions
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness Porters Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 on the Market
5.1.1 Increasing Equipment Performance and Productivity through Predictive Maintenance
5.1.2 Rising Predictive Maintenance Requirements
5.1.3 Industry 4.0 and Emerging Industrial Applications across Manufacturing and Process Industries
5.2 Market Challenges
5.2.1 Cost Implications in Line with Retrofits
5.2.2 Global Macroeconomic and Geopolitical Factors
22.214.171.124.1 Vibration Condition Monitoring Equipment
126.96.36.199.2 Thermography Equipment
188.8.131.52.3 Lubricating Oil Analysis
184.108.40.206.4 Ultrasound Emission Monitoring
220.127.116.11.5 Other Types
18.104.22.168.1 Remote Monitoring Services
22.214.171.124.2 Instrumentation Maintenance Services
126.96.36.199.3 Machinery Diagnostics Services
6.2 VIBRATION MONITORING EQUIPMENT
6.2.1 End User Industry
188.8.131.52 Oil and Gas
184.108.40.206 Power Generation
220.127.116.11 Process and Manufacturing
18.104.22.168 Aerospace and Defense
22.214.171.124 Automotive and Transportation
126.96.36.199 Other End-user Industries (Marine, Mining, Metal, etc.)
188.8.131.52 North America
184.108.40.206.1 United States
220.127.116.11.2 United Kingdom
18.104.22.168.4 Rest of Europe
22.214.171.124 Asia Pacific
126.96.36.199.4 Rest of Asia Pacific
188.8.131.52 Rest of the World
6.2.3 Vendor Market Share Analysis
6.3 THERMOGRAPHY EQUIPMENT
6.3.1 End User Vertical
184.108.40.206 Oil and Gas
220.127.116.11 Power Generation
18.104.22.168 Process and Manufacturing
22.214.171.124 Aerospace and Defense
126.96.36.199 Automotive and Transportation
188.8.131.52 Other End-user Verticals (Marine, Mining, Metal, etc.)
184.108.40.206 North America
220.127.116.11.1 United States
18.104.22.168.2 United Kingdom
22.214.171.124.4 Rest of Europe (Eastern Europe and Other Western European Countries)
126.96.36.199 Asia Pacific
188.8.131.52.4 Rest of Asia Pacific
184.108.40.206 Rest of the World (Latin America and Middle East and Africa)
6.3.3 Vendor Market Share Analysis
6.4 LUBRICATING OIL ANALYSIS EQUIPMENT
6.4.1 End User Vertical
220.127.116.11 Oil and Gas
18.104.22.168 Power Generation
22.214.171.124 Process and Manufacturing
126.96.36.199 Aerospace and Defense
188.8.131.52 Automotive and Transportation
184.108.40.206 Other End-user Verticals (Marine, Mining, Metal, etc.)
220.127.116.11 North America
18.104.22.168.1 United States
22.214.171.124.2 United Kingdom
126.96.36.199.4 Rest of Europe
188.8.131.52 Asia Pacific
184.108.40.206.4 Rest of Asia Pacific
220.127.116.11 Rest of the World (Latin America and Middle East and Africa)
6.4.3 Vendor Market Share Analysis
7.1.1 Meggitt Sensing Systems (Meggitt PLC)
7.1.2 Rockwell Automation Inc.
7.1.3 GE Bently Nevada
7.1.4 Emerson Electric Co.
7.1.5 SKF AB
7.1.6 Bru¨el & Kjaer Vibro
7.1.7 FLIR Systems Inc.
7.1.8 Fluke Corporation
7.1.9 Nippon Avionics Co., Ltd.
7.1.10 Thermo Fisher Scientific Inc.
7.1.11 Perkin Elmer Inc.
7.1.12 AMETEK Spectro Scientific
7.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)
7.1.14 Gastops Ltd