Condition Monitoring System Market
Newly released data from Future Market Insights (FMI) has forecast the global demand to increase by year-on-year (YoY) growth of 7.6% in 2021 to total 3.8 million units. The vibration analysis segment will grow by 7% to 1.7 million units by 2031, while the demand in the infrared thermography segment will increase by 8.4% CAGR to hit 786,550 units over the assessment period.
Key Points Covered in Condition Monitoring System Market Survey
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysi
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on XYZ and How to Navigat
- Recommendation on Key Winning Strategies
2016-2020 Condition Monitoring System Market Outlook Compared to 2021-2031 Forecast
Demand from chemical and petrochemical application segment increased 6.8% between 2020 and 2021, resulting in the year-over-year growth of 6.5% in 2021 for combined condition monitoring system market.
The increasing need in the for monitoring machinery equipment in power generation industry will push the demand for condition monitoring systems at 7.5% CAGR between 2021 and 2031 in comparison above 2.7% CAGR registered during 2016 – 2020.
Various factors are driving the interest for condition monitoring systems across industries. For instance, these systems are used to allow the maintenance and other actions to prevent consequential damages and thereby avoiding any catastrophic failures to the machinery equipment.
Over the years, key players in the market have been collaborating with automation solution providers to enrich the features of the system.
As various countries are implementing environmental regulations, the mining industry is no exception to this. Condition monitoring are being gradually adopted in the mining industry to help operate their machinery with a higher efficiency and profitably while also reducing their carbon footprint.
The use of condition monitoring systems in maritime and marine applications is also continuously being advanced. An increasing number of ship owners, onboard engineers, and fleet managers have been using condition monitoring systems to identify wear and tear of parts to avoid unplanned repairs.
Key players in the market are focusing on offering customized products which are further integrated with automation and artificial intelligence to minimize human effort to the very least.
Predictive analytics and data obtained from extrapolating historical data is the current trend in the market. Manufacturers are designing systems that not only provides real time data but also gives prediction about the service life of the product well in advance to save costs on probable failures.
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What is the Commercial Potential of Condition Monitoring System?
The power generation application segment has risen in the past couple of years due to stringent regulations to encourage emission control among various manufacturing plants that still use fossil fuels.
Power generation is becoming highly important nowadays as nations are seeking sustainable development through renewable sources. Power generation plants are very essential, which is why many industry leaders are turning towards condition monitoring systems to ensure that the machinery is unaffected by power cuts and the major components remain intact and safe. Moreover, manufacturers are providing durable sensors and systems to endure the harsh environmental conditions in which the power generation equipment are used.
Tougher regulatory and safety requirements coupled with the aging workforce in industries across various countries are encouraging adoption of condition monitoring systems. With increasing use of machinery equipment and components, focus on protecting them against wear and tear is increasing. Condition monitoring systems allow to identify machinery parts and components that either need repair or change.
Industrial facility managers are continuously working on improving maintenance processes at manufacturing plants. It is crucial to gain insights pertaining to the same to capitalize on the benefits of data-enabled predictive maintenance. With predictive maintenance, facility managers can avoid virtual downtime when an equipment is not operating to its maximum potential.
Condition monitoring systems can leverage a range of data, which includes equipment run time, energy usage, temperature, output, and others, to improve decision making and operations at manufacturing plants or at manufacturing units. This is expected to lead to the adoption of condition monitoring solutions at facilities.
What Is the Impact Of COVID-19 Crisis On Condition Monitoring System Market?
Production and supply chain activities faced a major slump due to the ongoing crisis caused by COVID–19. However, the pandemic made manufacturers the need to ensure that their equipment runs efficiently to future-proof their operations.
The need to gain insights from real time and unexplored data sources to optimize and maintain equipment and prevent downtime and simplify maintenance schedules has increased the sales of the condition monitoring systems. Although due to various plant shutdowns in various regions has resulted in a minor drop in the condition monitoring system market.
Why is the U.S. considered a lucrative market for condition monitoring systems?
The U.S. is predicted to remain one of the most attractive markets during the forecast period according to Future Market Insights analysis. According to the study, the U.S. is expected to account for over 80% of the North America market through 2031.
There are many medium to large enterprises in the country which manufacture condition monitoring systems for use in various industries. Secondly, a comparatively higher median age of factory and plant and operators, has been a key driver for the condition monitoring market in the U.S.
It also is home to various petrochemical companies, besides which the country’s recent investments in clean and renewable energy is expected to create high demand for the condition monitoring systems.
What is the Outlook for the Canada for Condition Monitoring System?
Demand in the Canada market is expected to rise at nearly 7% CAGR over the forecast period. The condition monitoring system market in Canada is driven by the presence of a well-developed oil and gas industrial landscape and thriving food & beverage industry which is hugely backed by the government.
Canada also possess the world’s third-largest oil reserves and is the fourth-largest oil producer and exporter globally. The presence of numerous oil rigs and crude oil sources as well as downstream processes has created the demand for condition monitoring system in the country.
How is China Driving Sales for Condition Monitoring System Market?
China is the world’s largest manufacturer in terms of output. Driven by its commitment to opening up the economy and low tariff access to several western markets has caused foreign firms and investors to boost their manufacturing capabilities in China.
China’s machinery industry also has maintained growth at above 30% over the past decade. Domestic and foreign companies in China are investing in growth areas such as production and are using advanced and automated machine tools which is directly expected to create high demand for the condition monitoring market.
Why has Sweden Emerged as a Leading Market for Condition Monitoring System Market?
In 2019, the rate of installing a wind turbine in Sweden was at least twice a week. Wind Power has been a fast growing source of renewable energy and the capacity has been growing at a very high pace in Sweden.
Sweden also possesses one of the highest share of primary energy from wind in Europe. Wind turbine downtime is costly during winters for a couple of reasons. The time between November to April is when most plants around the world produce two thirds of their electricity yield, which is dependent upon availability of wind.
Moreover, logistical costs for maintenance are higher during this time of the year. The expansion of wind power generation systems has been sweeping over northern Sweden in the past couple of years is expected to create a high demand for the product in this market.
What’s the Outlook on Germany Condition Monitoring System?
Germany is expected to be an attractive market throughout the forecast period. According to the study, Germany is expected to account for almost one-fifth of the European market through 2031.
The presence of several small to medium sized manufacturers of condition monitoring market in the country has made the market very competitive in the same. These smaller companies are focusing on innovations of their products for the end user’s requirements. Higher number of collaborations and supply contracts between condition monitoring systems manufacturers and end users in the transportation, power generation and paper and pulp industry amongst various others has resulted in product customization and enrichment.
Which Technique is Most Preferred for Condition Monitoring System?
Based on technique, vibration analysis is expected to have a higher market share in the market, accounting for a share of nearly 70% in the market in 2021. The vibration analysis technique type has been around for a longer time in the market compared to the others.
It has also become a mainstay in various end use applications. Although predictive maintenance has been booming over the years, several businesses with the strictest maintenance protocols find themselves needing to conduct reactive maintenance.
Routine maintenance with vibration analysis condition monitoring systems ensures that the reactive maintenance is carried out with the best possible results.
Which Operation Type is Currently Top-selling?
Portable machine diagnostics type of operation of the system is expected to hold a market share of more than 30%. Portable machine diagnostics are used for temporary diagnostic monitoring of critical machinery which usually has a high probability of machine faults or after a serious consequence of a part which has undergone faults.
Portable machine diagnostics help collect data about problem-machines and analyze them. They are easy to use, light, fast and very capable. These characteristics and features of the portable machine diagnostics operation type which will drive the market for the same.
Which is the Primary Application of Condition Monitoring Systems?
The market for chemical and petrochemical industry within the application segment is expected to account for more than 20% of the condition monitoring market. The petrochemical industry produces products of tremendous value through labor intensive and complex processes.
An unexpected failure in the petrochemical industry may lead to huge, catastrophic and expensive failures. Maximized throughput from the petrochemical plants often results in stress and fatigue on the process and production equipment.
With Industry 4.0 becoming a key development trend for manufacturers within the petrochemical industry, automation and artificial intelligence integrated systems to track machine performance or asset health, which are major factors driving the market for condition monitoring market.
Companies operating in condition monitoring system market are aiming at launching new products, gaining new supply contracts and establishing strategic partnerships with other industrial automation solution providers to expand their product manufacturing and address the demand of an expanding patient pool.
- For instance, In February 2021, ABB Ltd along with its partners in the context of the FLEMING research project developed a solution to detect faults in medium-voltage switchgears via infrared cameras and AI and enable condition-based monitoring systems
- In May 2017, Honeywell and SKF launched a joint pilot project aimed at developing IoT solutions. As part of the pilot project, SKF’s expertise in bearings, lubrication and condition monitoring will be combined with Honeywell’s capabilities in data consolidation and software development.
Scope of Report
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments Covered
Technique, Operation, Application and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Key Questions Answered in Condition Monitoring System Market Study
What is the condition monitoring system market value?
Condition monitoring system market will total US$ 3,579.8 Mn by the end of 2021.
What is the condition monitoring system market demand outlook for 2021-2031?
FMI has projected the demand for condition monitoring systems to total US$ 7,383.7 Mn by the end of 2031. The market has been forecast to exhibit a CAGR of 7.5% between 2021 and 2031
What are the key trends shaping condition monitoring system market?
There is considerably increasing focus on improving overall performance of condition monitoring systems to enable them detect faults in real time. This is a key trend in the market, which also is encouraging strategic collaborations among leading players
Which is the highest grossing condition monitoring system market?
North America currently holds dominance, accounting for over 24% of the condition monitoring system market in 2021. The U.S. currently leads the North America market, with revenue expected to reach US$ 586.4 Mn by 2031.
Which is the high demand operating type in the condition monitoring system market?
Portable machine diagnostics operating type for condition monitoring systems is expected to account for more than 30% of revenue generated by 2031.
Which is the top-selling technique in the condition monitoring system market?
Vibration analysis technique will remain top-selling technique in the market, accounting for over 64% of revenue generated by 2031.
Which are some of the leading companies offering condition monitoring system?
Some of the leading companies manufacturing Condition Monitoring System are Schaeffler Technologies AG & Co., Kirloskar Brothers Ltd., Siemens AG, Honeywell International Inc., ABB Ltd., Emerson Electric Co., Rockwell Automation Inc., Fluke Corporation, Parker Hannifin Corp., General Electric, Festo Group, AB SKF, Fuji Electric, Eaton Plc, Meggit Plc, PCE Instruments, AIMIL Ltd., Bachmann Electronic GmbH, Ingeteam, Bruel & Kjaer Vibro GmbH, and others. As per FMI, over 58% of the market share is currently covered by the top 10 players.
What is the leading application of condition monitoring system?
Condition monitoring systems are widely used in chemical and petrochemical industry, generating revenue of US$ 1,465.9 Mn by 2031. Although the power generation segment is expected to have a higher growth rate than chemical and petrochemical segment, reaching US$ 1,534.72 Mn by 2031.
What is Europe condition monitoring system market outlook?
FMI has projected the demand for condition monitoring system in Europe to total US$ 1,730.5 Mn by 2031.
What is the Japan and South Korea market outlook for condition monitoring systems?
FMI has forecast Japan and South Korea to account for 27.6% and 24.3% of the East Asia market, respectively in 2021.
Condition Monitoring System Market by Category
- Corrosion Monitoring
- Infrared Thermography
- Motor Condition Monitoring
- Oil Analysis
- Ultrasound Testing
- Vibration Analysis
- Aerospace and Defense
- Automotive and Transportation
- Chemical and Petrochemical
- Food & Beverage
- Mining and Metal
- Oil and Gas
- Power Generation
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)