Press release
Condition Monitoring Equipment Market Size & Share - Industry Trend and Forecast 2016 - 2024
The main objective of this report is to define, describe, and forecast the global “Condition Monitoring Equipment” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.
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Condition monitoring is the monitoring process of a set of conditions in machines. It is used to recognize significant change to indicate the fault. This is one of the major components of predictive maintenance. The condition monitoring allows scheduled maintenance and other actions to be taken so as to avoid failure. This equipment is used in rotating equipment and different machineries which includes electric motors, pumps and presses. To identify the problems and preventing the problems, machine conditioning equipment is one of the most effective maintenance tools.
Condition Monitoring Equipment Market: Drivers and Restraints
The condition monitoring market is primarily driven by the increasing demand of smart factories. The demand of smart factories is increasing rapidly which means the factories are likely to be autonomous. These needs different machinery equipment that at some point of time wears out due to tear, corrosion and surface degradation. In order to identify and prevent those problems condition monitoring equipment are necessary. Moreover, the condition monitoring market is also driven by the increasing remote monitoring. Remote monitoring helps to remotely operate the condition monitoring equipment with or without physical presence. It helps to notify when there is any change in condition in the machineries. Thus it helps in preventing failure of the machines.
The condition monitoring market is also driven by the growing wireless technology in this market. There are number of barriers like high cost of installation in hazardous areas, moving machines where fixed cabling is difficult. To overcome these barriers wireless technology are used. It eliminates the requirement for hardwiring for communications. It reduces the installation cost, convenience, reliability and portability
The major restraint of the condition monitoring market is the unpredictable maintenance time frame. The time frame is uncertain for maintenance. Time taken for maintenance of the machines by this condition monitoring equipment varies, depending upon the condition of wear out of the machines. Another important restraint of the condition monitoring market is up gradation of outdated equipment. Up gradation of the old machinery result in change in configurations and settings of the upgraded installed machines.
The major opportunity of global condition monitoring equipment market is the rising demand of wind energy market. wind turbines are remotely operated and are exposed to harsh and variable weather conditions. Moreover, these external variations, wind turbines frequently undergo changing loads. Due to this, the wind turbines require maintenance in order to provide reliable, cost effective and safe power output with long equipment life. The maintenance is categorized in major groups including preventive maintenance, predicative and reactive maintenance. Another major opportunity in the condition monitoring market is the introduction of cloud technology. Cloud technology helps in reducing the cost, easy maintenance, highly flexible and is secured.
Condition Monitoring Equipment Market: Segmentation
The Condition Monitoring Equipment Market has been categorized based on product types which include Ultrasound emission, vibration monitoring, thermography, corrosion monitoring, lubricating oil analysis and others. Moreover, the market is segmented based on application Automotive, Defense, Marine, Chemicals, Oil and gas, power and energy and others. Geographically the condition monitoring market is segmented into North America, Europe, Asia Pacific and Rest of the World.
The major players in Condition Monitoring Equipment Market are Emerson Process Management, Honeywell International Inc., General Electric Company, National Instruments Corporation, SKF AB, Rockwell Automation, Inc., Parker Hannifin Corporation, Brüel & Kjaer Vibro GmbH, Azima Dli Corporation, Fluke Corporation among others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
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