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Condition Monitoring Equipment Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 4622668
  • Report
  • January 2020
  • Region: Global
  • 120 pages
  • Mordor Intelligence
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until Jun 30th 2020
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FEATURED COMPANIES

  • Bru¨el & Kjaer Vibro
  • FLIR Systems Inc.
  • Gastops Ltd.
  • Meggitt Sensing Systems
  • Parker Kittiwake
  • Rockwell Automation
  • MORE
Market Overview

The condition monitoring equipment market is valued at USD 1.99 billion in 2019 and expected to grow at a CAGR of over 5.59% during the forecast period 2020 - 2025 to reach a value of USD 2.61 billion in 2025. According to Plant Engineering’s 2018 maintenance survey, it was shown that usage of predictive maintenance had risen from 47% to 51%, and that running equipment to the point of failure had dropped from 61% to 57%.
  • The rise in smart factories has created a need for automation, which in turn is estimated to support the growth of condition monitoring equipment to fulfill the requirement of predictive maintenance to protect expensive machinery against damage.
  • Further, the increasing focus on the use of renewable enrgy due to energy crisis, the demand for condition monitoring equipment as risen aross wind energy plants. The rising demand for the wind energy market creates a major opportunity for the condition monitoring equipment market. Wind turbines are remotely operated and are exposed to harsh and variable weather conditions. Due to this, the wind turbines require maintenance in order to provide reliable, cost-effective and safe power output with long equipment life.
  • However, the major restraint is the up-gradation of outdated equipment. Up-gradation of the old machinery results in a change in configurations and settings of the upgraded installed machines and this is highly costly depending on fixed or portable systems.
Scope of the Report

Condition monitoring has gained prominence over the years, as the companies are critically focusing on asset utilization and productivity. In terms of maintenance activities, the ultimate goal of condition monitoring equipment is to schedule maintenance and other activities to be undertaken so as to avoid faults and result in the optimum use of resources. In most manufacturing and processing operations, maintenance attributes for almost half of all operating costs. Nowadays, many manufacturers have started to utilize vibration monitoring equipment which enables flexible control, real-time operational awareness and data-driven insights that help to make the smarter decision.

Key Market Trends

Predictive Maintenance Initiatives to Drive the Market Growth
  • According to the U.S. Department of Energy, predictive maintenance is highly cost-effective, saving roughly 8% to 12% over preventive maintenance, and up to 40% over reactive maintenance. Therefore, in an effort to improve manufacturing safety and performance, many manufacturing organizations have added condition-based (predictive) maintenance approaches to their maintenance strategies.
  • Moreover, according to Wollenhaupt, poor maintenance strategies can reduce a company’s production capacity by as much as 20%. In order to identify the problems and to prevent them, machine conditioning equipment is one of the most effective maintenance tools.
  • Further, according to General Electric Company, the United Kingdom is one of the most advanced with 28%, which can be a result of general high penetration of digital.
technologies in the UK manufacturing industry. Thus, with the high penetration of digital technology coupled with the preference for higher relevance of predictive maintenance for their business is expected to fuel the market in other regions as well.
  • Therefore, with the growing adoption for predictive maintenance, it can be inferred that the condition monitoring equipment market will also flourish in the forecasted period.
Asia-Pacific to Witness the Fastest Growth
  • The region comprises of one of the fastest-growing economies in the world, including China and India. China is a world leader in the production of consumer goods and the largest producer of mobile phones, solar cells, shoes, ships, and other products. The rising demand for quality products as well as the need for maintenance of production plants is leading to a surge in the deployment of machine condition monitoring equipment in the region.
  • Additionally, another fastest growing economies of the world is India. With India's ambitious plan of 'Make in India', the manufacture and consequent distribution and logistics activities are expected to witness an exponential growth in manufacturing industries. Thus, in return, the condition monitoring equipment market for industrial equipment is also expected to see significant growth in this region.
  • Beside, according to the British Institute of Non-Destructive Testing, growth in Asia is led by rapid industrialisation, competitive pressure to achieve operational efficiency and expansion of the manufacturing base as a result of migration of production activities to low-cost Asian countries such as China, India, Korea and Vietnam.
  • Therefore, the above factors are expected to have a positive outlook in the condition monitoring equipment market in the Asia-Pacific region during the forecast period.
Competitive Landscape

The competition in the condition monitoring equipment market is attributed to the need for lowering the maintenance cost, along with the increased reliability of the equipment. Some of the key players are Emerson Electric Co, Rockwell Automation, Inc., and Schneider Electric SE, etc. Some of the recent developments are:
  • May 2019 - NI announced new wireless monitoring hardware for InsightCM, an open solution for online condition monitoring on the market with full access to data and customization with the InsightCM Software Development Kit. With InsightCM and the new wireless devices, plant maintenance teams relied on manual, route-based data collection for plant assets can instantly daily visibility about machine health.
  • February 2019 - Emerson and HID Global announced a strategic collaboration to enhance monitoring capabilities that helped healthcare providers to ensure the proper temperature for vaccines, medications and other bio-specimens. This combines automated alerts, audit trails, condition monitoring, and location services for a more advanced approach to medical-grade temperature monitoring using the Internet of Things technologies.
Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format.
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  • 3 months of analyst support.

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FEATURED COMPANIES

  • Bru¨el & Kjaer Vibro
  • FLIR Systems Inc.
  • Gastops Ltd.
  • Meggitt Sensing Systems
  • Parker Kittiwake
  • Rockwell Automation
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rise in Demand for Smart Factories
4.3.2 Increasing Focus on Predictive Maintenance
4.4 Market Restraints
4.4.1 Unpredictable Maintenance Time Period
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Vibration Monitoring Equipment
5.1.1.1 By Product Type
5.1.1.1.1 Portable/Handheld
5.1.1.1.2 Online
5.1.1.2 By End-user Type
5.1.1.2.1 Oil & Gas
5.1.1.2.2 Power Generation
5.1.1.2.3 Manufacturing
5.1.1.2.4 Aerospace & Defense
5.1.1.2.5 Automotive
5.1.1.2.6 Mining & Metal
5.1.1.2.7 Marine
5.1.1.2.8 Other End-user Verticals
5.1.1.3 Geography
5.1.1.3.1 North America
5.1.1.3.1.1 United States
5.1.1.3.1.2 Canada
5.1.1.3.2 Europe
5.1.1.3.2.1 Germany
5.1.1.3.2.2 United Kingdom
5.1.1.3.2.3 France
5.1.1.3.2.4 Italy
5.1.1.3.2.5 Rest of Europe
5.1.1.3.3 Asia-Pacific
5.1.1.3.3.1 China
5.1.1.3.3.2 Japan
5.1.1.3.3.3 India
5.1.1.3.3.4 Rest of Asia-Pacific
5.1.1.3.4 Rest of the World
5.1.1.3.4.1 Latin America
5.1.1.3.4.2 Middle East & Africa
5.1.2 Thermography Equipment
5.1.2.1 By End-user Type
5.1.2.1.1 Oil & Gas
5.1.2.1.2 Power Generation
5.1.2.1.3 Manufacturing
5.1.2.1.4 Aerospace & Defense
5.1.2.1.5 Automotive
5.1.2.1.6 Mining & Metal
5.1.2.1.7 Marine
5.1.2.1.8 Other End-user Verticals
5.1.2.2 Geography
5.1.2.2.1 North America
5.1.2.2.1.1 United States
5.1.2.2.1.2 Canada
5.1.2.2.2 Europe
5.1.2.2.2.1 Germany
5.1.2.2.2.2 United Kingdom
5.1.2.2.2.3 France
5.1.2.2.2.4 Italy
5.1.2.2.2.5 Rest of Europe
5.1.2.2.3 Asia-Pacific
5.1.2.2.3.1 China
5.1.2.2.3.2 Japan
5.1.2.2.3.3 India
5.1.2.2.3.4 Rest of Asia-Pacific
5.1.2.2.4 Rest of the World
5.1.2.2.4.1 Latin America
5.1.2.2.4.2 Middle East & Africa
5.1.3 Lubricating Oil Analysis Equipment
5.1.3.1 By End-user Type
5.1.3.1.1 Oil & Gas
5.1.3.1.2 Power Generation
5.1.3.1.3 Manufacturing
5.1.3.1.4 Aerospace & Defense
5.1.3.1.5 Automotive
5.1.3.1.6 Mining & Metal
5.1.3.1.7 Marine
5.1.3.1.8 Other End-user Verticals
5.1.3.2 Geography
5.1.3.2.1 North America
5.1.3.2.1.1 United States
5.1.3.2.1.2 Canada
5.1.3.2.2 Europe
5.1.3.2.2.1 Germany
5.1.3.2.2.2 United Kingdom
5.1.3.2.2.3 France
5.1.3.2.2.4 Italy
5.1.3.2.2.5 Rest of Europe
5.1.3.2.3 Asia-Pacific
5.1.3.2.3.1 China
5.1.3.2.3.2 Japan
5.1.3.2.3.3 India
5.1.3.2.3.4 Rest of Asia-Pacific
5.1.3.2.4 Rest of the World
5.1.3.2.4.1 Latin America
5.1.3.2.4.2 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Meggitt Sensing Systems
6.1.2 Rockwell Automation
6.1.3 GE Bently Nevada
6.1.4 Emerson Corporation
6.1.5 SKF AB
6.1.6 Brüel & Kjaer Vibro
6.1.7 FLIR Systems Inc.
6.1.8 Fluke Corporation
6.1.9 Nippon Avionics Co. Ltd
6.1.10 Thermo Fisher Scientific
6.1.11 Perkin Elmer
6.1.12 Spectro Scientific
6.1.13 Parker Kittiwake
6.1.14 Gastops Ltd.

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • Meggitt Sensing Systems
  • Rockwell Automation
  • GE Bently Nevada
  • Emerson Corporation
  • SKF AB
  • Brüel & Kjaer Vibro
  • FLIR Systems Inc.
  • Fluke Corporation
  • Nippon Avionics Co. Ltd
  • Thermo Fisher Scientific
  • Perkin Elmer
  • Spectro Scientific
  • Parker Kittiwake
  • Gastops Ltd.
Note: Product cover images may vary from those shown
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