Condition Monitoring Equipment Market - Forecast(2024 - 2030)

Condition Monitoring Equipment Market Report Overview

Condition Monitoring Equipment Market size is analyzed to grow at a CAGR of 5.59% during the forecast 2022-2027 to reach $2.81 billion by 2027. The Condition Monitoring system is a low-cost predictive maintenance system that provides real-time data and cooperation. The expansion of smart factories has created a demand for automation, which is expected to boost the growth of condition monitoring equipment to meet the demand for predictive maintenance to safeguard expensive machinery from damage. The primary objective of condition monitoring within the IIoT ecosystem is to supply data that may be used for a variety of smart factory applications, including Digital Twins. Because of the energy crisis, there is a greater emphasis on the use of renewable energy, which has resulted in an increase in demand for condition monitoring equipment across wind energy plants. The growing demand for wind energy creates a sizable opportunity for the Condition Monitoring Equipment Market. Wind turbines are operated remotely and are subjected to harsh and changing weather conditions. As a result, wind turbines require maintenance in order to offer dependable, cost-effective, and safe power generation over a long period of time. Condition monitoring types include Laser interferometry, neutron radiography, Airborne ultrasonics, others. Vibration Monitoring Equipment, Thermography Equipment, Corrosion Monitoring Equipment, Lubricating Oil Analysis Equipment, Others are the market segments.

Report Coverage

The report: “Condition Monitoring Equipment Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Condition Monitoring Equipment industry.

By Component: Hardware, Software, Services.
By Type: Vibration Monitoring Equipment, Thermography Equipment, Corrosion Monitoring Equipment, Lubricating Oil Analysis Equipment, Others.
By Monitoring Process: Online Condition Monitoring, Portable Condition Monitoring.
By Industry: Automotive & Transportation, Oil & Gas, Mining & Metal, Energy & Power, Process & Manufacturing, Aerospace & Defense, and Other Industries.
By Geography: North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).

Key Takeaways

• In the year 2021, Online condition monitoring accounts for a large segment of the machine condition monitoring market. Online condition monitoring is a more advanced monitoring procedure that offers real-time plant data to operators, making it more popular than portable condition monitoring.
• North America is estimated to grow at the highest CAGR during the forecast period. The United States is the region's leading revenue generator for the market. The mature industries and the availability of technically competent professionals to run the country's technological advancements are important reasons in its massive market dominance.
• The development of low-cost advanced condition monitoring equipment coupled with quick processing functions, direct communication protocols, and enhanced software has increased the demand for machinery. The service industry is seeing an increase in demand for condition monitoring equipment as the emphasis shifts from product-centered to service-centered technological solutions.
  
  

Condition Monitoring Equipment Market Share Segment Analysis - Geography

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Condition Monitoring Equipment Market Segment Analysis – By Monitoring Process

By Monitoring Process, Condition Monitoring Equipment Market has been segmented into Online Condition Monitoring, Portable Condition Monitoring. In the year 2021, Online condition monitoring accounts for a large segment of the machine condition monitoring market. Online condition monitoring is a more advanced monitoring procedure that offers real-time plant data to operators, making it more popular than portable condition monitoring. Online vibration monitoring systems are useful in sectors that require 24-hour output. Failure of several types of equipment in production-intensive industries such as oil and gas, power generation, and mining and metals results in total system overhauls, significant repair costs, and an unsafe work environment. As a result, such sectors necessitate continual asset and machinery monitoring. In March 2021 Emerson introduced a full portfolio of corrosion and erosion monitoring systems with digital capabilities and full integration with the Plantweb digital ecosystem via the new Rosemount 4390 series of corrosion and erosion wireless transmitters and the Plantweb Insight Non-Intrusive Corrosion application. The monitoring portfolio converts conventional offline corrosion probes into online tools for monitoring the risk of corrosion or erosion in the oil and gas processing industry.

Condition Monitoring Equipment Market Segment Analysis – By Industry

By Industry, Condition Monitoring Equipment Market has been segmented into Automotive & Transportation, Oil & Gas, Mining & Metal, Energy & Power, Process & Manufacturing, Aerospace & Defense, and Other Industries. The Oil & Gas segment is expected to grow at a faster CAGR during the forecast period. Due to the increasing pressure of high operating costs of oil and gas plants, the sector has been prioritizing increasing its profitability. Fluctuations in global oil prices are another element adding to increased pressure on the oil and gas industry to decrease operating expenses. As a result, this industry is required to use condition monitoring systems and solutions in order to maintain the efficiency of its essential assets and prevent downtime. Furthermore, the rising demand for online condition monitoring solutions is likely to propel the machine condition monitoring market in the oil and gas industry even further.

By Geography, Condition Monitoring Equipment Market has been segmented under North America, Europe, APAC, South America, and RoW. North America is estimated to grow at the highest CAGR during the forecast period. The United States is the region's leading revenue generator for the market. The mature industries and the availability of technically competent professionals to run the country's technological advancements are important reasons in its massive market dominance. Since 2010, the United States has had an oil and gas boom, with over 900,000 operating oil and gas wells and more than 130,000 drilled since 2010. Condition monitoring is vital in the oil and gas sector for doing vibration analysis on critical machines in order to control and reduce unplanned shutdowns caused by unforeseen mechanical failures. Increased emphasis on optimum asset utilisation, stringent government regulations for workplace and personnel safety, and stringent quality control in the oil and gas, chemicals, and food and beverage industries are driving demand for machine condition monitoring systems and solutions in North America. The emphasis on plant asset management, as well as the presence of major market players such as Emerson Electric, General Electric, Honeywell International, National Instruments, and Parker Hannifin in the United States, are all contributing to the country's high demand for machine condition monitoring. This is also likely to fuel market expansion in North America.

Condition Monitoring Equipment Market Drivers

Predictive Maintenance Initiatives is expected to drive market growth:

According to the US Department of Energy, predictive maintenance is extremely cost-effective, saving approximately 8% to 12% over preventive maintenance and up to 40% over reactive maintenance. As a result, many manufacturing firms have included condition-based (predictive) maintenance methodologies into their maintenance programs in order to improve manufacturing safety and performance. Furthermore, improper maintenance practices, according to Wollenhaupt, might impair a company's production capacity by up to 20%. Machine conditioning equipment is one of the most effective maintenance instruments for identifying and preventing problems. The use of predictive maintenance techniques in factories is predicted to reduce downtime by up to 50% while saving between 10% and 40% on equipment maintenance costs. Predictive Maintenance is based on condition monitoring, which is accomplished through the measurement and analysis of physical parameters such as visual inspection, sound, temperature, or vibration. ? As a result of the increasing usage of predictive maintenance, the Condition Monitoring Equipment Market is expected to grow throughout the projected period.

Increased need for industrial automation due to advancements in IoT and AI will drive market growth:

The advancements in Artificial Intelligence and Data Analytics are assisting conditional monitoring devices in providing more accurate analysis. Because of the enormous reliance on machines in modern industrial processes, conditional monitoring has become a need, and this reliance would result in huge losses and increased downtime if critical machine information was not available. This also aids in making required modifications to the process in order to increase efficiency. For the last several years, the development of low-cost advanced condition monitoring equipment coupled with quick processing functions, direct communication protocols, and enhanced software has increased the demand for machinery. The service industry is seeing an increase in demand for condition monitoring equipment as the emphasis shifts from product-centered to service-centered technological solutions.

Condition Monitoring Equipment Market Challenges

Integration of condition monitoring systems with other maintenance systems is expected to hamper market growth:

The integration of condition monitoring systems with other machine maintenance systems, such as plant asset management (PAM) systems and computerized maintenance management systems, has become increasingly important (CMMS). The integration of vibration monitoring systems with PAM and CMMS aids in ensuring that the results of various analyses provide a comprehensive picture of asset conditions and help to avoid costly downtime. This trend poses a significant obstacle to the market's growth in condition monitoring. Though the initiative to integrate condition monitoring techniques with management systems such as PAM and CMMS is expected to benefit asset management to a large extent, the integration of condition monitoring systems with other management systems is expected to reduce demand for condition systems as standalone systems.

Condition Monitoring Equipment Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Condition Monitoring Equipment Market. In 2021, the market of Condition Monitoring Equipment Market share has been fragmented by several companies. Condition Monitoring Equipment top 10 companies include

• Emerson
• Honeywell Process Solutions
• Bently Nevada
• General Electric Co.
• Olympus
• Schneider Electric
• SKF GROUP
• Siemens
• National Instruments Corp
• Bruel & Kjaer

Recent Developments

In January 2021, SKF collaborated with Norwegian shipowner Solvang to implement predictive maintenance on its tanker fleet by investing in SKF's new manual vibration monitoring system, Enlight ProCollect. Solvang, which transports a variety of petrochemicals, will monitor a variety of onboard rotating machinery with SKF's QuickCollect vibration sensors and ProCollect app. This will enable the organization to detect equipment breakdown earlier, reducing unplanned downtime and maintenance expenses.

In October 2019, Emerson Electric Co. introduced AMS Asset Monitor, a new edge analytics device. It performs calculations onboard rather than transferring data to a historian or the cloud for processing. Individual issues, such as imbalance, misalignment, bearing flaws, lubrication problems, or fouling, are summed together to create an overall asset health score.

In May 2019, NI announced new wireless monitoring hardware for InsightCM, a market-leading open solution for online condition monitoring with full data access and customization via the InsightCM Software Development Kit. Plant maintenance teams that previously relied on manual, route-based data collection for plant assets now have rapid daily visibility into machine health thanks to InsightCM and the new wireless devices. 

Relevant Report Titles:

Indian Machine Condition Monitoring
Report Code: AIR 0313

Machine Condition Monitoring Market
Report Code: AIR 0051

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