$2.45 Bn Condition Monitoring (CM) Equipment Markets, 2018-2023 - Increasing Need for Operational Efficiency Through Edge-to-Cloud is Driving Demand for Affordable Wireless CM
DUBLIN, Feb. 19, 2020 /PRNewswire/ -- The "Global Condition Monitoring Equipment Market, Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The condition monitoring equipment market will undergo a significant transformation over the next 5 or 7 years due to the advent of new technologies, changing requirements for connectivity and analytics features, other equipment specifications.
The condition monitoring market generated $1.92 billion in 2018. Although the revenue trajectory varies for each product segment, the global CM market is expected to grow at a CAGR of 5.1% and reach $2.45 billion by 2023. The global condition monitoring equipment market is going through an evolutionary phase. The reboot of key oil and gas prices and key technology changes (e.g., connectivity and data analytics) have pushed the equipment vendors to rethink and reinvent.
The power generation industry, especially the wind industry, is showing tremendous potential for growth. Partnering with OEMs represents a big opportunity for CM vendors, as a significant trend over the last few years has been the pre-installation of CM systems by wind turbine OEMs.
Although established economies are expected to remain sluggish, APAC - particularly China - and LATAM, which is showing recovery after sluggish economic conditions for the last two years, are expected to hold considerable potential. The convergence of technologies across a number of different industries, including wireless communication, sensors, cloud computing, data analytics, smart factories, and smart mobility are expected to give rise to new growth opportunities.
Driven by the lack of a skilled workforce, customers are turning to their condition monitoring hardware providers for additional value-added services, as advanced analysis of data has become even more critical. There has been an increasing preference for collecting and sending data to condition monitoring equipment and for service providers that offer remote analysis of data.
The lack of interoperability among existing systems significantly increases the complexity and cost of Industrial Internet and online condition monitoring deployments. Today's operational technology systems work largely in silos. However, in the future, a fully functional digital ecosystem will require seamless data sharing between machines and other physical systems from different manufacturers.
Price cuts and near cut-throat competition have resulted in severe price pressure on CM equipment vendors. Intense price competition within the market has resulted in a reduction in overall average prices for CM equipment. Another outcome of the pricing pressure is a large number of small labs going out of business or being acquired.
Despite these trends, pockets of opportunities across the industry and increased awareness have helped the market surge ahead. This report identifies key opportunities for growth while detailing key challenges and possible threats. The forecast period is from 2019 to 2023, with 2018 as the base year.
Research Scope
This research study focuses on key product categories used in condition monitoring applications across different industries. The product categories include:
- Vibration condition monitoring equipment
- Thermography equipment
- Lubricating oil analysis equipment
The current market size for 2018 is provided for each segment and forecast until 2023. Forecasts by end-user markets are also provided for each product category and include:
- Oil and gas
- Power generation
- Aerospace and defense
- Automotive and transportation
- Marine
- Mining and metal
- Process and manufacturing
- Others, which includes commercial R&D; education; laboratories; plumbing; environment; heating, ventilation, and air conditioning (HVAC); transportation; and waste water treatment plants.
The study highlights industry challenges and growth drivers and restraints from 2019 to 2023 and analyzes the market from a geographic perspective. The regions covered in the study include:
- North America
- Europe
- Asia-Pacific
- Rest of World, which includes Latin America, Middle East, and Africa
Key Questions This Study Will Answer
- Is the condition monitoring equipment market growing?
- How long will it continue to grow and at what rate?
- What are the key growth drivers and restraints for the market?
- Are there any potential challenges that could restrict growth for this market?
- Who are the leading participants and their market share?
- How has the oil price crisis affected the condition monitoring equipment market and how does the future look?
- Which regions are expected to provide the highest growth potential for the future? Can North America sustain its position as a key revenue contributor in the face of rising global competition?
- What are the impacts of convergence technologies such as Big Data and connectivity? How do these technologies influence innovative business models?
- Which applications and industries will drive demand for condition monitoring equipment? Will the traditional end-user segments continue to be the largest revenue generators?
Key Topics Covered
1. Executive Summary
- Key Findings
- Market Engineering Measurements
- CEO's Perspective
2. Market Overview
- Research Scope and Objective
- Key Questions This Study Will Answer
- Global Condition Monitoring Outlook - Product Revenue Snapshot
- Market Segmentation
3. Drivers and Restraints - Total Condition Monitoring Equipment Market
- Market Drivers
- Drivers Explained
- Market Restraints
- Restraints Explained
4. Top Trends and Industry Convergence Implications
- Top 3 Trends Driving Big Data in Condition Monitoring
- Digitalization - Customer Feedback/Analytics
- Middle Squeeze of Portable CM
- Competition Benchmarking - Feature Comparison
- CM Companies Expand Portfolio with Digital Platforms
- Plug-and-Play Condition Monitoring Kits
- Diverse Options for Wireless Condition Monitoring System
- Machine Learning-based Condition Monitoring
- Opportunities for Big Data and Industrial Condition Monitoring
- Current Application of Big Data Analytics in Condition Monitoring
- Prescriptive Analytics - The Next Evolution
- Acquisitions in the CM Space
5. Forecasts and Trends - Total Condition Monitoring Equipment Market
- Market Engineering Measurements
- Forecast Assumptions
- Revenue Forecast
- Revenue Forecast Discussion
- Percent Revenue Forecast by Region
- Revenue Forecast by Region
- Revenue Forecast Discussion by Region
- Revenue Forecast by Vertical Market
- Revenue Forecast Discussion by Vertical Market
6. Market Share and Competitive Analysis - Total Condition Monitoring Equipment Market
- Market Share
- Market Share Analysis
- Competitive Environment
- Market Share Analysis by Product
- Market Share Analysis by Region
- Market Share Analysis by Vertical Market
- Top Competitors
- Competitive Factors and Assessment
7. Growth Opportunities and Companies to Action
- 5 Major Growth Opportunities for Condition Monitoring
- Growth Opportunity 1 - Technology Advancement
- Growth Opportunity 2 - Big Data Analytics to Improve Production Efficiency
- Strategic Imperatives for Success and Growth
8. Vibration Condition Monitoring Equipment Segment Analysis
- Key Findings
- Market Engineering Measurements
- Revenue Forecast
- Revenue Forecast Discussion
- Percent Revenue Forecast by Product Type
- Revenue Forecast by Product Type
- Revenue Forecast Discussion by Product Type
- Percent Revenue Forecast by Region
- Revenue Forecast by Region
- Revenue Forecast Discussion by Region
- Revenue Forecast by Vertical Market
- Revenue Forecast Discussion by Vertical Market
- Market Share - Online Vibration Condition Monitoring Equipment Subsegment
- Market Share - Portable/Handheld Vibration Condition Monitoring Equipment Subsegment
- Market Share Analysis
- Competitive Environment
9. Thermography Equipment Segment Analysis
- Key Findings
- Market Engineering Measurements
- Revenue Forecast
- Revenue Forecast Discussion
- Percent Revenue Forecast by Region
- Revenue Forecast by Region
- Revenue Forecast Discussion by Region
- Revenue Forecast by Vertical Market
- Revenue Forecast Discussion by Vertical Market
- Market Share
- Market Share Analysis
- Competitive Environment
10. Lubricating Oil Analysis Equipment Segment Analysis
- Key Findings
- Market Engineering Measurements
- Revenue Forecast
- Revenue Forecast Discussion
- Percent Revenue Forecast by Region
- Revenue Forecast by Region
- Revenue Forecast Discussion by Region
- Revenue Forecast by Vertical Market
- Revenue Forecast Discussion by Vertical Market
- Market Share
- Market Share Analysis
- Competitive Environment
11. Affordable Wireless Monitoring Equipment Segment Analysis
- Key Findings
- Market Engineering Measurements
- Revenue Forecast
- Revenue Forecast Discussion
- Percent Revenue Forecast by Region
- Revenue Forecast by Region
- Revenue Forecast Discussion by Region
- Revenue Forecast by Vertical Market
- Revenue Forecast Discussion by Vertical Market
- Market Share
- Market Share Analysis
- Affordable Wireless CM - Competitor Portfolio
- Case Study - Adoption of Affordable Wireless CM for Pumps and Motors by a Petrochemicals Major
- Competitive Benchmarking
- Competitive Environment
For more information about this report visit https://www.researchandmarkets.com/r/ketoke
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article