|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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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 of goods and services offering revenue, have been experiencing a rapid decline due to COVID-19 pandemic.
- The management of such companies have been feeling extreme urgency, and panic, thereby, more emphasis being given to cutting costs. Since manufacturing activity is low, companies are in a temptation to eliminate maintenance which can result in big costs in the coming future.
- 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.
- An outlook toward low-cost mass production has led maintenance professionals to turn to condition monitoring. With the ability of active machine condition monitoring, multiple industries can prevent machine failures, an added capital investment.
- One of the primary goals for any business is the prolonging of an asset’s lifecycle and ensuring that the asset functions efficiently for a long period. This can be accomplished through the use of condition monitoring. Maintenance is crucial to machines. Machine condition monitoring is an important part of maintenance, and thus,many companies have been focusing more on asset utilization and increasing productivity.
- As operational equipment is responsive to many types of errors and faults, and it is, therefore, important to monitor minor or major changes in equipment by measuring parameters,like vibration, temperature, voltage, current, pressure, flow, and several others.
- This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using condition monitoring include; allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus,increasing human safety.
- Vendors in the market studied have been continuously putting efforts in product innovation to widen their product functionality. For instance, in June 2019, SPM Instrument expanded its high-end online condition monitoring system, Intellinova Parallel EN, and launched an eight-channel version of this flagship system. The system is a good choice for test and proof-of-concept installations and monitoring mission-critical equipment with a smaller number of measuring points.
Scope of the Report
Machine condition monitoring is the process of monitoring the condition of a machine with the intent to predict mechanical wear and failure. Trends in the data provide health information about the machine and help detect machine faults early, which prevents unexpected failure and costly repair.
The scope of the study is currently focused on key countries in regions such as the North America, Europe, Asia-Pacific in addition to Latin America, and Middle East and Africa. The monitoring type segmentation is for the condition monitoring product type, i.e. hardware (equipment).
The further sub-segmentation of the condition monitoring equipment market for vibration monitoring equipment, thermography equipment, and lubricating oil analysis equipment market is for the hardware type product segmentation of condition monitoring market. Estimation have been arrived following a top-down and bottom-up mixed approach for analysis.
|MACHINE CONDITION MONITORING|
|VIBRATION MONITORING EQUIPMENT|
|Vendor Market Share Analysis|
|Vendor Market Share Analysis|
|LUBRICATING OIL ANALYSIS EQUIPMENT|
|Vendor Market Share Analysis|
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.
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Europe (Germany) 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.
- 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.
- Germany is investing significantly in offshore wind power projects. More than 3,000 MW of offshore wind power was connected to the European grid in the recent past, with the vast majority coming from Germany.
- 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, driving the market for machine condition monitoring
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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.
- February 2020 - Rockwell Automation, Inc. and Accenture’s Industry X.0 partnered to develop a digital offering to help industrial clients move beyond existing manufacturing solutions to transform their entire connected enterprise.
- April 2020 - SKF collaborates with wireless specialist LumenRadio to enhance automated machine monitoring. By collaborating with wireless specialist LumenRadio, SKF has developed a new wireless sensor as part of a condition monitoring system for improving rotating equipment performance programs on a scale previously considered uneconomic.
- March 2020 - STMicroelectronics expanded the next generation of Industry 4.0 applications with a new vibration-sensing solution that is primarily optimised to enable smart maintenance of factory equipment. The IIS3DWB vibration sensor and supporting STEVAL-STWINKT1 multi-sensor evaluation kit has been developed to accelerate development of condition-monitoring systems that boost productivity by inferring equipment maintenance needs.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
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
4.5 Market Drivers
4.5.1 Increasing Equipment Performance and Productivity through Predictive Maintenance
4.5.2 Rising Predictive Maintenance Requirements
4.5.3 Industry 4.0 and Emerging Industrial Applications across Manufacturing and Process Industries
4.6 Market Challenges
4.6.1 Cost Implications in Line with Retrofits
4.6.2 Global Macroeconomic and Geopolitical Factors
5. MARKET SEGMENTATION
5.1 MACHINE CONDITION MONITORING
18.104.22.168.1 Vibration Condition Monitoring Equipment
22.214.171.124.2 Thermography Equipment
126.96.36.199.3 Lubricating Oil Analysis
188.8.131.52.4 Ultrasound Emission Monitoring
184.108.40.206.5 Other Types
220.127.116.11.1 Remote Monitoring Services
18.104.22.168.2 Instrumentation Maintenance Services
22.214.171.124.3 Machinery Diagnostics Services
5.2 VIBRATION MONITORING EQUIPMENT
5.2.1 End User Industry
126.96.36.199 Oil and Gas
188.8.131.52 Power Generation
184.108.40.206 Process and Manufacturing
220.127.116.11 Aerospace and Defense
18.104.22.168 Automotive and Transportation
22.214.171.124 Other End-user Industries (Marine, Mining, Metal, etc.)
126.96.36.199 North America
188.8.131.52.1 United States
184.108.40.206.2 United Kingdom
220.127.116.11.4 Rest of Europe
18.104.22.168 Asia Pacific
22.214.171.124.4 Rest of Asia Pacific
126.96.36.199 Rest of the World
5.2.3 Vendor Market Share Analysis
5.3 THERMOGRAPHY EQUIPMENT
5.3.1 End User Vertical
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 Verticals (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 (Eastern Europe and Other Western European Countries)
22.214.171.124 Asia Pacific
126.96.36.199.4 Rest of Asia Pacific
188.8.131.52 Rest of the World (Latin America and Middle East and Africa)
5.3.3 Vendor Market Share Analysis
5.4 LUBRICATING OIL ANALYSIS EQUIPMENT
5.4.1 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
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)
5.4.3 Vendor Market Share Analysis
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Meggitt Sensing Systems (Meggitt PLC)
6.1.2 Rockwell Automation Inc.
6.1.3 GE Bently Nevada
6.1.4 Emerson Electric Co.
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 Inc.
6.1.11 Perkin Elmer Inc.
6.1.12 AMETEK Spectro Scientific
6.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)
6.1.14 Gastops Ltd
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Machine Condition Monitoring Market market is studied from 2018 - 2026.
What is the growth rate of Machine Condition Monitoring Market?
The Machine Condition Monitoring Market is growing at a CAGR of 9.4% over the next 5 years.
Which region has highest growth rate in Machine Condition Monitoring Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Machine Condition Monitoring Market?
North America holds highest share in 2020.
Who are the key players in Machine Condition Monitoring Market?
GE Bently Nevada, Emerson Electric Co, Rockwell Automation, Inc., SKF Group, Meggitt PLC are the major companies operating in Machine Condition Monitoring Market.