Condition Monitoring System Market Value to Surpass US$ 4 Bn in 2029
Malfunctions in machinery are inevitable despite conducting extensive routine maintenance. As cost management is the key performance factor for success in almost every industry, predictive machine condition monitoring is becoming a top priority for industrial executives. Incorporating condition monitoring systems in routine maintenance puts industrials in the driver’s seat, as they help prevent breakdowns and enable prolonged productivity. In a race to streamline operations and reduce costs, condition monitoring systems are seeing an uptick in their employment. By 2029, the global condition monitoring system market will cross a valuation of US$ 4 Bn.
Frequently Asked Questions about Condition Monitoring System Market
What are the future projections for the condition monitoring system market?
The global condition monitoring system market is expected to gain decent traction over the forecast period, on account of increasing investments in oil & gas and power generation industries in countries such as China, India, and Indonesia. Substantial growth in the condition monitoring system market is mainly backed by the demand from power generation, oil & gas, aerospace & defence, automotive & transportation, and chemicals & petrochemicals, which cumulatively account for around half of the total consumption of condition monitoring systems.
Which end-use industry holds potential growth opportunities for market players?
Power generation industries are expected to push market growth in the near future. These industries have experienced substantial growth over the historical period, thereby increasing the demand for condition monitoring systems. Moreover, investments in chemical & petrochemical industries have surged in recent years, and are expected to increase in the foreseeable future.
What is the degree of competition in the condition monitoring system market?
The condition monitoring system market exhibits a fairly consolidated structure, with a limited number of players operating actively in the market space. In the current scenario, industry leaders such as SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric, Parker Hannifin Corp., Rockwell Automation Inc., and Fluke Corporation account for nearly half of the total revenue share.
Which region will lead the global sales of condition monitoring systems?
North America is expected to lead the global sales of condition monitoring systems, mainly backed by increasing demand in automotive & transportation, power generation, mining, and construction industries in USA. Also, increasing demand from the chemical & petrochemical industry is expected to further fuel the growth of condition monitoring system market in the region.
Online Condition Monitoring Systems to Shape Stakeholders’ Bottom Lines
Portable machine diagnostics continue to be the key revenue contributor in the condition monitoring systems market, as they help read data from sensors, thereby saving operation time and costs. Despite crossing the billion-dollar mark in the coming years, they are anticipated to lose their share to online machine monitoring and protection systems. Online condition monitoring systems allow for both, off-site data analysis as well as operate round-the-clock to provide real-time alerts for things such as acoustic emissions and vibration analysis.
Developed Regions Stay Ahead; Asian Markets to Pick Pace
Players in the condition monitoring system market would place their bets on North America and Europe, driven by ample space for technology and innovation in these regions. Demand upsurge in the automotive & transportation, mining, and chemical & petrochemical sectors is contributing to the revenue development of these regional markets. Further, the condition monitoring system market in North America is poised to click around US$ 1 Bn in the near future. Market players are also turning to Asia for enhanced margin headroom, attributable to strong industrial output in countries such as China, Japan, and India.
Oil & Gas Sector to Create Lucrative Opportunities
Global fuel consumption has been surging post the price clash in the recent past, and this trend is poised to continue in the coming years. In order to meet the rising demand and supply of oil & gas, industry executives are drawing their attention towards expanding production facilities through onshore and offshore exploration projects. This upsurge in exploration activities and transportation via pipelines accents for the need of pipeline monitoring systems. Moreover, around one-tenth of operational expenses (OPEX) is spent on O&M activities, as such, widening the growth avenues for condition monitoring system market players.
Vibration analysis holds over 70% value share
Oil analysis to witness rapid traction
Portable machine diagnostics account for higher demand
Route-based monitoring to see substantial adoption
Power generation remains key end user
Increasing application in automotive & transportation sector
How Growth will Unfold
In order to minimize asset downtime, it is essential to monitor system continuously, or at regular intervals, especially in power generation and chemical & petrochemical plants. Considering the importance of highly accurate results in such facilities, manufacturers are striving to develop condition monitoring software that can be integrated with systems to record data. Together, both these end-use industries procure around half of overall market revenue. Furthermore, market players are unpacking lucrative prospects in food & beverage and aerospace & defense industries.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Condition Monitoring System Market Analysis 2019-2029
A recent market study published by Future Market Insights (FMI) on the condition monitoring system market includes global industry analysis of 2014-2018 and opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. Our analysts conduct thorough research on the historical as well as current growth parameters of the market to obtain growth prospects with maximum precision.
Condition Monitoring System Market Taxonomy
- Vibration Analysis
- Corrosion Monitoring
- Infrared Thermography
- Ultrasound Testing
- Motor Condition Monitoring
- Oil Analysis
- Route-based Monitoring
- Portable Machine Diagnostics
- Online Machine Monitoring
- Online Machine Protection
- Factory Assurance Tests
- Oil & Gas
- Power Generation
- Aerospace & Defense
- Automotive & Transportation
- Mining & Metal
- Food & Beverages
- Chemicals & Petrochemicals
- North America
- Latin America
- East Asia
- South Asia
The report initiates with the executive summary of the condition monitoring system market, which includes a summary of the key findings and statistics of the market. It also includes the demand & supply-side trends pertaining to the condition monitoring system market.
In this chapter, readers can find the definition and a detailed taxonomy of the condition monitoring system market, which will help them understand the basic information about the condition monitoring system market. Along with this, comprehensive information about condition monitoring system is provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the condition monitoring system market report.
The condition monitoring system market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed industry trends are provided in this section.
This section includes successful factors and strategies adopted by key market participants.
This section explains the global market value analysis and forecast for the condition monitoring system market for the forecast period of 2019-2029. This chapter includes a detailed analysis of the historical condition monitoring system market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and incremental $ opportunity for the forecast period (2019-2029). Along with this, pricing analysis of the condition monitoring system market at the regional level has been provided in this section. This section also explains the global market volume analysis and forecast for the condition monitoring system market during the forecast period of 2019-2029.
This chapter explains key macroeconomic factors that are expected to influence the growth of the condition monitoring system market over the forecast period. Along with the macroeconomic factors, this section also highlights the value chain, supply chain, forecast factors, and value chain analysis for the condition monitoring system market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Based on technique, the condition monitoring system market is segmented into vibration analysis, corrosion monitoring, infrared thermography, ultrasound testing, motor condition monitoring, and oil analysis. In this chapter, readers can find information about the key trends and developments in the condition monitoring system market and market attractiveness analysis based on technique.
Based on operation, the condition monitoring system market is segmented into route based monitoring, portable machine diagnostics, online machine monitoring, online machine protection, and factory assurance tests. In this chapter, readers can find information about the key trends and developments in the condition monitoring system market and market attractiveness analysis based on operation.
This chapter provides details about the condition monitoring system market based on end use, and has been classified into oil & gas, power generation, aerospace & defense, automotive & transportation, marine, mining & metal, food & beverages, and chemicals & petrochemicals.
This chapter explains how the condition monitoring system market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
This chapter includes a detailed analysis of the growth of the North America condition monitoring system market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on application and countries in North America.
This chapter provides the growth scenario of the condition monitoring system market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.
Important growth prospects of the condition monitoring system market based on its End Uses in several countries such as the Germany, Italy, France, the U.K., Spain, Nordic, Russia, and the Rest of Europe are included in this chapter.
This chapter highlights the growth of the condition monitoring system market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand the key factors that are responsible for the growth of the condition monitoring system market in East Asia.
This chapter highlights the growth of the condition monitoring system market in South Asia by focusing on India, ASEAN, and Rest South Asia. This section also helps readers understand the key factors that are responsible for the growth of the condition monitoring system market in South Asia.
This chapter highlights the growth of the condition monitoring system market by focusing on Oceania. This section also helps readers understand the key factors that are responsible for the growth of the condition monitoring system market in Australia and New Zealand.
This chapter highlights the growth of the condition monitoring system market in the Middle East & Africa by focusing on Turkey, GCC Countries, South Africa, and Rest of Middle East & Africa. This section also helps readers understand the key factors that are responsible for the growth of the condition monitoring system market in the Middle East & Africa.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the condition monitoring system market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the condition monitoring system market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are as SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc, Meggit PLC, General Electric, Parker Hannifin Corp., Schaeffler Technologies AG & Co., Kirloskar Brothers Ltd., Emerson Electric Co., and others.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the condition monitoring system market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the condition monitoring system market.
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- Current market dynamics and challenges
- Yesteryear trends
- Market characteristics
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- Competition structure and market structure
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- Market segment splits and authenticity
- Opinions on market projections and validity of assumptions
- Industry Publications
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