Condition monitoring sensors and analysis software enable real-time monitoring via condition sensing devices that help monitor industrial processes and systems and improves availability and reliability. These sensors are used to monitor critical parameters such as temperature, noise, and vibrations to help determine the optimal operating state or even necessary maintenance times of rotating machines such as turbines, fans, pumps, and motors.
Various sensors such as vibration sensors, pressure sensors, temperature sensors, and others are used to determine the life cycles and increases the life of machines. Vibration sensors are the most commonly used sensors for monitoring the conditions of rotating machines and to detect mechanical faults before equipment failure.
The rising adoption of IoT devices and the penetration of smart factories would drive the growth of the condition monitoring sensors market.
As the spread of coronavirus continuous to increase, the government, healthcare authorities, and business leaders are focusing more on preserving lives. When it comes to the increased impact of coronavirus, industrial organizations are among the most affected due to the disruption in the supply chains and also facing challenges in maintaining operations, securing business continuity. The supply and demand for monitoring sensors have significantly decreased production volumes.
Due to the COVID-19 outbreak, production of condition monitoring sensors is projected to decline by nearly 7%-8% in Q1-Q3 2020, due to plunging production across China’s factories, as they are one of the world’s major sensors manufacturers and suppliers. For this to happen, the manufacturers and suppliers across the world, have to think radically, to adapt themselves to the real economic impact of COVID-19 on the entire market value-chain.
Advent of Industrial Internet of Things (IIoT) would drive the Growth of Condition Monitoring Sensors Market
The Industrial Internet of Things (IIoT) and Industry 4.0 are already unleashing enormous opportunities for growth. The rise in demand for integration of IIoT in industries that involve sensor-based measurements for analysis and decision support purposes boosts the growth of the condition monitoring sensors market.
Condition monitoring can be applied across a wide range of industries including discrete manufacturing, process manufacturing, upstream oil and gas, electric power, construction, and among others
The sensors automatically schedule service maintenance in advance so that any adverse conditions like system failure or downtime are avoided. The growing demand for automation in distinct process manufacturing industries is fueling the growth of the condition monitoring sensors market.
Emergence of Wireless Condition Monitoring Sensors
It is the most important thing for the manufacturing companies to have a good condition monitoring system which helps them to better use of their assets, and to prevent incidents and equipment downtimes.
The sensors enable companies to get the most accurate data from their assets, by minimizing downtime, maximizing asset availability and reducing costs. The wireless sensors are specially designed that ranges that ranges up to 1 km and works in hazardous environments, such as high temperature plants, power plants, petrochemical, oil and gas, or pharmaceutical plants.
The increasing demand for wireless sensors in manufacturing and industrial sectors would drive the market growth of condition monitoring sensors.
Key players in the condition monitoring sensors market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced condition monitoring sensors to minimize downtime and increase business continuity. The major players offering condition monitoring sensors includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global condition monitoring sensors market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with condition monitoring sensors market attractiveness as per segments. The report on condition monitoring sensors market also maps the qualitative impact of various factors on condition monitoring sensors market segments and geographies.
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