Condition Monitoring Equipment - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Condition Monitoring Equipment Market is accounted for $1.70 billion in 2017 and is expected to reach $3.28 billion by 2026 growing at a CAGR of 7.6% during the forecast period. Some of the key factors propelling the market growth are rise in smart factories to protect the expensive machinery against any damage. However, unpredictable maintenance time frame and up gradation of outdated equipment hampering the market growth. Furthermore, rising demand of wind energy, wind turbines are remotely operated and are exposed to harsh and variable weather conditions are growing opportunities for the market.
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 types of machinery which includes electric motors, pumps, and presses. To identify the problems and preventing problems, machine conditioning equipment is one of the most effective maintenance tools.
Based on sensors and signals, accelerometers segment is projected to be the growing segment mainly attributed to high sensitivity, frequency response and the use of accelerometers in the end use industries such as automotive, consumer electronics, healthcare and aerospace, and defense have further boosted the growth of the market.
By geography, the Asia Pacific provides potential growth opportunities owing to economic growth and a significant rise in industrialization in this region. Additionally, the Japan market is owing to constant growth in adopting factory advanced technologies.
Some of the key players in Condition Monitoring Equipment market include IFM electronic Gmbh, Brüel & Kjær Vibro GmbH, Emerson Electric Co, FLIR Systems, Inc, Fluke Corporation, General Electric, Baumer, Bachmann electronic GmbH, Azima DLI Corp., PRÜFTECHNIK Dieter Busch AG., Parker Kittiwake, ALS Ltd., Meggitt PLC, National Instruments, Siemens AG, Schneider Electric, Schaeffler Technologies AG, Parker Hannifin Corporation, Rockwell Automation, Inc., SKF Group, Vibrotech Reliability Services Limited, The IKM Group, and The Emerson Electric Company.
• Factory Assurance Test
• Online Machine Monitoring
• Online Machine Protection
• Portable Machine Diagnostics
• Route-Based Monitoring
Sensors and Signals Covered:
• Proximity Probes
• Temperature Probes
• Thermal Camera
• Vibration Analysis
• Ultrasound Testing
• Thermography Equipment
• Motor Condition Monitoring
• Lubricant Analysis
• Infrared Thermography
• Corrosion monitoring
• Other Technologies
End Users Covered:
• Oil & Gas
• Energy & Power
• Process and Manufacturing
• Other End Users
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
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- Market share assessments for the regional and country level segments
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