SINGAPORE, Feb. 24, 2017 /PRNewswire/ -- The condition monitoring equipment market in the Asia-Pacific region is set for transformation during the next five years.
Converging technology such as Big Data and the Industrial Internet of Things will create new business opportunities, while assured revenues via supplier-offered proprietary systems will ignite growth.
To seize growth opportunities, companies specializing in a particular product or technology must seek out collaborative partnership strategies or acquire existing solution providers who have the right mix of condition monitoring technology, expertise and service capabilities.
"A large share of condition monitoring systems, especially the software, is proprietary and has advanced capabilities. End users usually work with the same brand or supplier for upgrades and further testing. To assure current revenues, suppliers must offer quality products and customer-centric services," said Frost & Sullivan Industrial Automation and Process Control Industry Analyst Krishnan Ramanathan.
Asia-Pacific Condition Monitoring Equipment Market, Forecast to 2020, recent analysis from Frost & Sullivan's Industrial Automation and Process Control Growth Partnership Services, finds that the total condition monitoring equipment market in Asia-Pacific was worth US$430.8 million in 2015 and is expected to reach US$514.8 million by 2020. The study provides analysis of the types of condition monitoring techniques and systems deployed across the Asia-Pacific region. It discusses key drivers, restraints, major suppliers, trends, technologies and success factors. Industry participants are profiled with a separate section for each product type.
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SKF, Emerson, Rockwell Automation, FLIR, Bruel & Kjaer, PRUFTECHNIK, and Parker Hannifin are long-standing companies that differentiate their product offerings via strategies such as maintenance/repair support, technology, additional training and performance.
Advanced technologies such as electrical signature analysis are increasing the deployment of condition monitoring systems across industries due to a low total cost of ownership.
Other noteworthy developments include:
- Services are gaining prominence due to the downward trend in new projects, especially in the oil and gas industry.
- As new technologies become easily deployable, monitoring activities will become outsourced.
- Significant opportunities exist for the merging of asset condition monitoring data and asset-related data from various sources into a single enterprise-wide platform.
- Software revenue will grow at a higher rate than hardware due to an increase in spending on connectivity and convergence.
"Many alliances are emerging between automation vendors, information and communication technology (ICT) vendors, and telecom providers to gain a share of the emerging machine-to-machine (M2M) market that predominantly benefits asset management. Companies adopting new technologies such as cloud-based asset management will gain prominence," notes Ramanathan.
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Asia-Pacific Condition Monitoring Equipment Market, Forecast to 2020
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SOURCE Frost & Sullivan