Global Machine Condition Monitoring Equipment Market Analysis–Trends, Insights and Forecasts (2021-2027)

  • Publish Date
    December 6, 2021
  • No of Pages
    360
  • SKU Code
    GIR 8034
  • Format

Global Machine Condition Monitoring Equipment market – Overview

  • The report will cover the overall analysis and insights in relation to the size and growth rate of the “Global Machine Condition Monitoring Equipment market ” by various segments at a global and regional level for the 2014-2027 period, with 2014-2019 as historical data, 2020 as a base year, 2021 as an estimated year and 2021-2027 as forecast period.

Global Machine Condition Monitoring Equipment market – Introduction

  • Machine Condition monitoring involves the regular measurement of parameters such as vibration, temperature, and sound in and around machines and equipment. In condition monitoring, component defects are recognized at an early stage and the remaining runtimes of bearings, shafts, etc., are optimized. This saves sudden downtime, which hampers the production line. Multiple sensors integrated in Machine condition monitoring systems measure the various parameters and are analyzed by the deployed software. Condition monitoring tools that provide data in real-time enable the rapid determination of the root cause of an issue and wireless sensors on assets automatically connect employees with real-time data via remote access using smartphones or tablets.
  • Machine Condition monitoring equipment are majorly used with electro-mechanical systems and conditional operating conditions can be monitored and damaging operating conditions can be identified and corrected to ensure that expensive and disruptive failures are avoided. This reduces the total cost of ownership and enhances the lifecycle of the asset.

Global Machine Condition Monitoring Equipment market Report Scope

  • The scope of the report covers the clear understanding and overview of the product.
  • Analysis of market trends in the region, with market data considering 2020 as the base year, 2021 as the estimate year and forecast for 2027 with projection of CAGR from 2021 to 2027.
  • The report covers discussion of economic trends and technology.
  • Global Machine Condition Monitoring Equipment Market estimates represent revenue.
  • In-depth analysis of the market segmentation assists in determining the prevailing market scope.
Attribute Details
Market size available for years 2014–2027
Base year considered 2020
Forecast period 2021–2027
Historical period 2014-2019
Forecast units Value (USD) & Volume (Million Units)
Forecast units Value (USD) & Volume (Million Units)
Segmentation By Regions
North America, Europe, Asia Pacific, Latin America and Middle East & Africa
By Countries
United States, Russia, China, Germany, United Kingdom, France, Japan, Israel, Saudi Arabia, South Korea, United Arab Emirates, Canada, Indonesia, Malaysia, Switzerland, Australia, India, Italy, Sweden, Spain, Belgium, Netherlands, Norway, Brazil, Argentina, Mexico, South Africa and 54 Others.
By  Monitoring Techniques
Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission and  Motor Current Analysis.
By  Offering
  • Hardware

Vibration Sensors, Infrared Sensors, Spectrometers  , Ultrasound Detectors, Spectrum Analyzers and Corrosion Probes.

  • Software

Data Integration, Diagnostic Reporting, Order Tracking Analysis and Parameter Calculation.

By Deployment Type
On-premises and Cloud.
By Monitoring Process
Online Condition Monitoring and Portable Condition Monitoring.
By Industry
Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace & Defense, Food & Beverages, Marine and Others (Healthcare, Cement, Paper & Pulp and Semiconductor & Electronics).
Companies covered ALS Limited; Azima DLI LLC; Brüel & Kjær Vibro; ClampOn AS; Cosasco; Crystal Instruments; CTRL Systems, Inc.; Data Physics Corporation; Emerson Electric Co., ; FLIR Systems, Inc.; Fluke Corporation; General Electric; Honeywell Process Solutions; ITT Corporation; Meggitt PLC; National Instruments Corporation; Parker Hannifin Corp.; Parker Kittiwake; PCB Piezotronics, Inc.; Rockwell Automation, Inc.; Schaeffler Technologies AG & Co. KG; Shinkawa Electric Co., Ltd.; SKF; SPM Instrument AB and Others.

Segments Covered in Global Machine Condition Monitoring Equipment market

  • The report has classified the global Machine Condition Monitoring Equipment industry into segments including product type and application. Every segment is evaluated based on growth rate and share. Besides, the analysts have studied the potential regions that may prove rewarding for the Machine Condition Monitoring Equipment manufacturers in the coming years. The regional analysis includes reliable predictions on value and volume, thereby helping market players to gain deep insights into the overall Machine Condition Monitoring Equipment industry.

Covid-19 Impact on the Global Machine Condition Monitoring Equipment market

  • The machine condition monitoring Equipment market was moderately impacted by the COVID-19 pandemic. In the prevailing COVID-19 situation, the expected growth of the machine condition monitoring market is expected to decline as the pandemic is restricting the supply and adoption of hardware components, such as sensors, in a number of applications. This is due to the severe disruptions in businesses and the global economy. However, not all semiconductor companies are witnessing a decline in growth as remote monitoring of production activities has allowed companies to continue working during lockdowns as well. It is expected that the demand for condition monitoring systems and solutions will increase in the coming years, and the market is expected to recover in 2021. After the recovery phase, the machine condition monitoring market is projected to grow at a moderate rate until Forecast period.

Recent Developments in Global Machine Condition Monitoring Equipment market

  • In March 2021, Emerson introduced a complete portfolio of corrosion and erosion monitoring systems with digital capabilities and full integration with the Plantweb digital ecosystem through the new Rosemount 4390 series of corrosion and erosion wireless transmitters and Plantweb Insight Non-Intrusive Corrosion application. The monitoring portfolio turns existing offline corrosion probes into online tools to monitor the risk of corrosion or erosion in oil and gas processing.
  • In January 2021, SKF collaborated with Norwegian ship owner Solvang to introduce predictive maintenance to its fleet of tankers by investing in the new system for manual vibration monitoring, Enlight ProCollect from SKF. Solvang, which transports a variety of petrochemicals, will use SKF’s QuickCollect vibration sensors and ProCollect app to monitor a range of onboard rotating equipment. This will allow the company to identify equipment failure early, helping it to reduce unplanned downtime and maintenance costs.

Key Market Players in Global Machine Condition Monitoring Equipment market

  • The major players in the Global Machine Condition Monitoring Equipment market are ALS Limited; Azima DLI LLC; Brüel & Kjær Vibro; ClampOn AS; Cosasco; Crystal Instruments; CTRL Systems, Inc.; Data Physics Corporation; Emerson Electric Co.,; FLIR Systems, Inc.; Fluke Corporation; General Electric; Honeywell Process Solutions; ITT Corporation; Meggitt PLC; National Instruments Corporation; Parker Hannifin Corp.; Parker Kittiwake; PCB Piezotronics, Inc.; Rockwell Automation, Inc.; Schaeffler Technologies AG & Co. KG; Shinkawa Electric Co., Ltd.; SKF; SPM Instrument AB and Others.
  • Also, the Machine Condition Monitoring Equipment market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

Objectives of the Global Machine Condition Monitoring Equipment market

  • To provide detailed information regarding drivers, restraints, opportunities and challenges are influencing the growth in the Global Machine Condition Monitoring Equipment market.
  • To analyze the competitive intelligence of players based on company profiles and their key growth strategies.
  • To strategically analyze micro markets with respect to the individual growth trends, their prospects, and their contribution to the total Global Machine Condition Monitoring Equipment market.
  • To analyze competitive developments such as expansions, and product launches, along with research & development (R&D) activities undertaken in the Global Machine Condition Monitoring Equipment market.
  • A unique model is created customized for each study also offers suggestions that help enterprises to identify and mitigate risks.

Note

  • Global Industry Reports will also support you post-purchase for a period of 6 months to answer any of your queries related to the following market and to provide you any more data if you need, for your analysis.
  • Also, you can buy some selected Chapters from the report.

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET INTRODUCTION

Objectives of the study

Market definition

Market scope

Stakeholders

Limitations

Summary of changes

RESEARCH METHODOLOGY

Research data

Secondary data

Primary data

Market size estimation

Market breakdown & data triangulation

Market share analysis

Risk assessment/limitations

Assessment of the impact of covid-19 on the economic scenario

EXECUTIVE SUMMARY

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET OUTLOOK / MARKET OVERVIEW

Introduction

Market dynamics

Market drivers

Significance of remote operations owing to spread of COVID-19

Advent of secure cloud computing platforms used for machine condition monitoring

Adoption of wireless communication technology in machine condition monitoring

Inclination toward predictive maintenance of industrial machinery

Deployment of automated condition monitoring technologies in smart factories

Realization of benefits of condition monitoring systems by manufacturers across the world

Countries

Market restraints

Reliability issues in prediction capabilities of machine condition monitoring systems

Lack of trained technical resources for data analysis

Opportunities

Emergence of machine learning and big data analytics

Strategic partnerships and collaborations among different market players

Advent of Industrial Internet of Things (IIoT) to unfold new growth avenues

Challenges

Difficulty in accessing expertise at remote locations

Additional expenses and difficulties faced during retrofitting of existing systems

Integration of machine condition monitoring systems with other maintenance systems

Decline in global demand for oil and gas owing to COVID-19

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET INDUSTRY INSIGHTS

Introduction

Industry trends

Strategic benchmarking

Species priorities and breeding objectives, by region

Pricing analysis

Value chain analysis

Ecosystem analysis

Patent analysis

Trade analysis

IMPACT OF COVID-19 ON THE GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET, BY MONITORING TECHNIQUES

Vibration Monitoring

Thermography

Oil Analysis

Corrosion Monitoring

Ultrasound Emission

Motor Current Analysis

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET BY OFFERING

Hardware

Vibration Sensors

Accelerometers

Proximity probes

Tachometers

Infrared Sensors

Thermal infrared sensors

Quantum infrared sensors

Spectrometers

Infrared spectrometers

Ultraviolet spectrometers

Atomic spectrometers

Mass spectrometers

Ultrasound Detectors

Sound pressure meters

Stethoscopes

Ultrasound leak detectors

Spectrum Analyzers

Real-time spectrum analyzers

Corrosion Probes

Software

Data Integration

Diagnostic Reporting

Order Tracking Analysis

Parameter Calculation

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET, BY DEPLOYMENT TYPE

On-premises

Cloud

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET, BY MONITORING PROCESS

Online Condition Monitoring

Portable Condition Monitoring

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET, BY INDUSTRY

Oil & Gas

Power Generation

Metals & Mining

Chemicals

Automotive

Aerospace & Defense

Food & Beverages

Marine

Others (Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics)

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET, BY GEOGRAPHY

Overview

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Rest of Europe

Asia Pacific

China

Japan

India

Rest of Asia Pacific

Rest of the World

Latin America

Middle East & Africa

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET COMPETITIVE LANDSCAPE

Introduction

Footprint analysis of the top players in the global machine condition monitoring equipment market

Product & service portfolio matrix

Market share analysis

Company evaluation quadrant

Company evaluation quadrant for start-ups/smes

Competitive scenario

GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET COMPANY PROFILES

(Business overview, Products & services offered, Recent Developments, Competitive analysis, SWOT Analysis,)

  1. ALS Limited
  2. Azima DLI LLC
  3. Brüel & Kjær Vibro
  4. ClampOn AS
  5. Cosasco
  6. Crystal Instruments
  7. CTRL Systems, Inc.
  8. Data Physics Corporation
  9. Emerson Electric Co.,
  10. FLIR Systems, Inc.
  11. Fluke Corporation
  12. General Electric
  13. Honeywell Process Solutions
  14. ITT Corporation
  15. Meggitt PLC
  16. National Instruments Corporation
  17. Parker Hannifin Corp.
  18. Parker Kittiwake
  19. PCB Piezotronics, Inc.
  20. Rockwell Automation, Inc.
  21. Schaeffler Technologies AG & Co. KG
  22. Shinkawa Electric Co., Ltd.
  23. SKF
  24. SPM Instrument AB

and Others.

APPENDIX

Discussion guide

Available customizations

Related reports

Methodology

Research Methodology is the process used to collect information and data for the purpose of making business decisions. The success of a research project is entirely dependent on the research methodology adopted by the company. Research Methodology and Scope We have implemented a mix of primary and secondary research for our market estimate and forecast. Secondary research formed the initial phase of our study, where we conducted extensive data mining, referring to verified data sources such as independent studies, company annual reports, white papers, case studies, government and regulatory published articles, technical journals, magazines, and paid data sources. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for respective regions. The primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology and innovation directors, and related executives from key companies and organizations operating in the respective regions. The primary data has been collected through questionnaires, e-mails, and telephonic interviews, end-user surveys, consumer surveys, technology distributors and wholesaler’s surveys.

  • Quantitative methods (e.g. surveys) are best for measuring, ranking, categorizing, identifying patterns and making generalizations
  • Qualitative methods (e.g. interviews) are best for describing, interpreting, contextualizing, and gaining in-depth insight into specific concepts or phenomena
  • Mixed methods allow for a combination of numerical measurement and in-depth exploration.

Market drivers and restraints, along with their current and expected impacts, technological scenario and expected developments, end-use industry trends and dynamics  and consumer behavior trends  these forecasting parameters were considered.

Ethical approach, attention to detail, consistency, latest trend in the market and highly authentic source these are benefits of company’s research methodology.

Global Industry Reports

Market size estimation methodology top-down and bottom-up approaches

Both top-down and bottom-up approaches have been used to estimate and validate the total size of the virtual reality market. These methods have also been extensively used to estimate the sizes of various market subsegments. Estimating the size of the market in each region by adding the sizes of country-wise markets and tracking the ongoing and upcoming implementation of virtual reality projects by various companies in each region and forecasting the size of the virtual reality market based on these developments and other critical parameters, including COVID-19 related impacts

Data Triangulation

After arriving at the overall market size—using the market size estimation processes explained above—the market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. It provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, company profiles, key player strategies competitive developments and key developments) influencing the virtual reality market growth.

Statistical Model

Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development and pricing trends is fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression and time series analysis.

Frequently Asked Questions ?

The major players in the Global Machine Condition Monitoring Equipment market are ALS Limited; Azima DLI LLC; Brüel & Kjær Vibro; ClampOn AS; Cosasco; Crystal Instruments; CTRL Systems, Inc.; Data Physics Corporation; Emerson Electric Co.,; FLIR Systems, Inc.; Fluke Corporation; General Electric; Honeywell Process Solutions; ITT Corporation; Meggitt PLC; National Instruments Corporation; Parker Hannifin Corp.; Parker Kittiwake; PCB Piezotronics, Inc.; Rockwell Automation, Inc.; Schaeffler Technologies AG & Co. KG; Shinkawa Electric Co., Ltd.; SKF; SPM Instrument AB and Others.

The report includes an analysis of the US, Canada and Mexico countries.

Oil and gas, power generation, and automotive industries are major adopters of machine condition monitoring.

Yes, the report includes the impact of COVID-19 on the Machine condition monitoring market Equipment.

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