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.
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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.
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.
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