Condition Monitoring Equipment Market: Introduction
In most manufacturing and processing operations, maintenance attributes for almost half of all operating costs. Thus, manufacturers focus on implementing equipment that can potentially lower these costs. For the purpose of determining machinery reliability, condition monitoring equipment observe physical parameters linked with machinery operation, such as temperature, vibration and others.
This information can be used for many different purposes, such as maintenance and loading activities once the reliability of a machine has been estimated. On the basis of product type, the vibration monitoring equipment segment estimated to grow rapidly in various applications as compared to other condition monitoring equipment, owing to its ability to detect machine deterioration and faults before the occurrence of indications, such as heat, greater electrical consumption, lubricant impurities and sounds. Therefore, vibration monitoring remains the most preferred condition monitoring equipment.
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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. Condition monitoring equipment can also be used as process monitoring tools and they are also useful in mending end product quality control.
Condition Monitoring Equipment Market: Dynamics
The growing demand for smart factories is estimated to fuel the growth of condition monitoring equipment. Rise in smart factories has created a need for automation, which in turn is estimated to support growth of condition monitoring equipment to fulfil the requirement of predictive maintenance to protect expensive machinery against damage. Remote monitoring helps control condition monitoring equipment with or without physical presence. Wireless sensors collect information and alert the maintenance department before the breakdown of the machine, thus ensuring smooth functioning of the plant and machinery.
As the focus is shifting from product centred to service centred technology solutions, the service industry is expected to surge the demand for condition monitoring equipment. The entry barrier for the condition monitoring equipment market is fairly low as there are a few giant players in this market, due to low capital requirement.
Development of low cost conditional monitoring equipment with quick processing functions, improved software and the ability to connect huge databases with multiple programs is expected to fuel market growth. Factors, such as increasing demand for smart factories, growing wireless technology, growth in the HVAC systems market and growing focus of manufacturers towards predictive maintenance are estimated to positively impact growth of this market.
Growth of the global condition monitoring equipment market is estimated to be hampered by factors, such as unpredictable maintenance periods and additional expenses incurred in old machines. Convincing higher management to install condition monitoring equipment to minimize the risk of complete failure is a challenging task, which may prove to be a growth deterrent for this market.
Condition Monitoring Equipment Market: Segmentation
The global condition monitoring equipment market can be segmented on the basis of product type as: vibration monitoring, lubricating oil analysis, thermography, corrosion monitoring, motor current signature analysis and ultrasound emission.
The global condition monitoring equipment market can be segmented on the basis of application as: energy & power, oil & gas, metals & mining, automotive, chemicals, aerospace & defense, food and beverages, marine and others.
Condition Monitoring Equipment Market: Regional Outlook
Europe and North America are estimated to dominate the condition monitoring equipment market over the forecast period. On the basis of region, the Asia-Pacific Condition Monitoring Equipment market is estimated to witness rapid growth, owing to economic growth and significant rise in industrialization in this region. These factors are expected to stimulate demand for smart factories, which in turn is expected to fuel growth of the condition monitoring equipment market over the forecast period.
Additionally, the Japan condition monitoring equipment market will contribute significantly to global growth, owing to constant growth in adopting factory advanced technologies. Middle East & Africa and Latin America are also estimated to register significant growth over the forecast period.
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Condition Monitoring Equipment Market: Market Participants
Examples of some of the market participants in the global condition monitoring equipment market identified across the value chain include:
- National Instruments.
- Parker Hannifin Corporation
- Schaeffler Technologies AG
- Azima DLI Corp.
- The Emerson Electric Company
- General Electric
- National Instruments
- SKF Group
- ALS Ltd.
- Meggitt PLC
- Vibrotech Reliability Services Limited
- The IKM Group
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