Condition Monitoring for Measuring Instruments Market - Forecast(2024 - 2030)

Overview

Condition Monitoring for Measuring Instruments Market size was valued $2.45 billion in 2019, estimated to grow at a CAGR of 6.56% during 2020-2025. The rapid deployment of smart factors has raised the need for real-time condition monitoring for measuring instruments. Moreover, the rising need for predictive maintenance, thermography equipment, lubricating oil analysis equipment and so on for enhancing productivity in industries has further propelled the condition monitoring for measuring instruments industry outlook. Furthermore, the use of connected sensors with machine learning are further boosting the growth of the Condition Monitoring for Measuring Instrument market during the forecast period.

Report Coverage

The report: “Condition Monitoring for Measuring Instruments Market Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Condition Monitoring for Measuring Instruments Market.

Key Takeaways

·         In 2019, the Condition Monitoring for Measuring Instruments market was dominated by North America owing to increasing infrastructural development leading to the deployment of smart factory in the US.

·         The rising demand for predictive maintenance solutions for the modern industrial infrastructure along with the use of connected sensors and machine learning has highly influenced the growth of the market.

·         The use of vibration sensors in aerospace and defense for providing advanced vibration analysis of the data and enhanced aircraft health monitoring systems are also propelling the market’s growth.

·         The lack of analysis of data and the gap in technology are the major factors that are hampering the growth of the condition monitoring for measuring equipment market.

Product Type - Segment Analysis

Vibration Sensors segment held the largest market share in the Condition Monitoring for Measuring Equipment market in 2019. The rising use of measuring instruments and other machinery equipment in industries are leading to requirement of effective monitoring solutions. Moreover, the increasing need for cost-effective monitoring solutions has highly fueled the need for advanced vibration monitoring and analysis leading to improve productivity of the modern industrial infrastructure. Also, the presence of accelerometer, proximity probes, vibration monitors and tachometers are enhancing the use of vibration sensors.

Geography - Segment Analysis

In 2019, North America dominated the Condition Monitoring for Measuring Instruments market with a share of more than 38%, followed by APAC and Europe. The increasing need for advanced maintenance and monitoring solutions for enhancement of the productivity has fueled the growth of this market in North America. Also, the advancement in the US infrastructure and industrial automation has led to the rising demand for effective monitoring solutions.  The other significant factor that has enhanced the growth of the condition monitoring for measuring instrument in this region is the deployment of smart factories.

Drivers – Condition Monitoring for Measuring Instruments Market

·         Rapid Requirement of Advanced Technology for Machines

Most of the industries are focusing to adopt solutions that can monitor, protect and diagnose the measuring instruments. This has led to the rapid need for advanced technology such as vibration analysis of data, predictive maintenance and so on to provide reliable and cost-effective solutions to the instruments. Moreover, major companies such as ABB, STM instruments and so on are working to provide enhanced version of condition monitoring solution to measure and analyze the instruments. This key factor has driven the growth of the condition monitoring for measuring instruments market.

·         Implementation of Predictive Maintenance

The implementation of predictive maintenance for condition monitoring is highly getting traction by the industrial customers. As predictive maintenance includes the use of connected sensors and machine learning for measuring instruments. The inclusion of these advanced systems in predictive maintenance solutions has consistently improved monitoring factors such as vibrations, temperature, ultrasound and electromagnetic emissions. Moreover, the provision of data in real-time has also enhanced the instruments productivity, thus fuelling the market growth.

Challenges – Condition Monitoring for Measuring Instruments Market

·         Lack of Analyzing of Data with gap in Technology

Organizations are procuring certain set of data but are not able to analyze them due to the lack in the technology adoption. Plants and businesses are limited because monitoring systems are connected to equipment suppliers. And, nowadays the trend is to search for platform solutions that are independent of equipment suppliers. Thus, this requirement of providing one device for tracking equipment from any supplier lags behind which hinders the condition monitoring systems. These significant challenge will further poise the growth of the market.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Condition Monitoring for Measuring Instruments market. In 2019, Condition Monitoring for Measuring Instrumentation top 10 companies include–ABB, PCE Instruments, Fluke Corporation, National Instruments, Emerson Electric, General Electric, Honeywell International, SKF, Parker-Hannifin and ALS Limited.

Acquisitions/Technology Launches

Ø  In July 2019, Fluke Corporation acquired Germany-based PRUFTECHNIK, leader in providing precision laser shaft alignment, condition monitoring, and non-destructive testing. The acquisition has helped Fluke to understand the importance of customer needs and providing them with reliable systems in order to keep their equipment safe during operating conditions. This acquisition has also led Fluke to understand and provide next generation solutions to the industrial customers.

Ø  In 2018, SPM Instrument announced the launch of Condmaster Ruby 2019, also known to be the latest version of condition monitoring diagnostic and troubleshooting software. This latest version delivers high connectivity options, advanced statistics functionality and enhanced data reporting. This new version also simplifies the process of exchanging data with instruments, assets, IIoT devices and other control systems in the manufacturing unit.