Frost & Sullivan's latest analysis, Australian Condition Monitoring Solutions Market – Forecast to 2020, finds that while the market was stagnant over 2015 and 2016 due to the downturn in the mining industry, there will be steady increases through to 2020. In terms of types of monitoring, the study finds that vibration analysis continues to dominate, followed by lubricating oil analysis and thermography. In terms of verticals, the resources sector (mining and oil & gas) accounts for nearly half the total market for condition monitoring.
The condition monitoring market in Australia represents a significant opportunity for companies such as GE Bently Nevada, SKF, Emerson Process Management, Rockwell Automation, ABB and Schneider Electric to build on their robust market share. Whilst traditional global companies dominate the Australian condition monitoring market, local innovators such as Meshnet, IPACS, XMPro, Lynxrail and Vayeron are part of a growing number of disruptors helping change the way condition monitoring achieves its outcomes.
"They are doing this by leveraging the convergence of information and operation technology (IT/OT), which enables advanced applications to support real time decision making," noted Ivan Fernandez, Head of Research, Industrial Practice, Frost & Sullivan Australia & New Zealand. "As a result, the future of competition in the condition monitoring landscape will be about who can provide an efficient integrated platform to manage IT and OT."
This extension beyond condition monitoring to adjacent operational segments bodes well for information and communication technology (ICT) and Industrial Internet of Things (IIoT) vendors.
"IIoT will be a key ingredient for the implementation of Industry 4.0 or smart factories," explained Fernandez. "The converged evolution of wireless technology, micro-electromechanical systems (MEMS) and the Internet, allows objects with a unique identifier (UID) to have machine-to-machine (M2M) interaction without or with minimal human intervention."
Summing up the unmet need in the market, Fernandez said, "Customers are looking to derive actionable insight from their condition monitoring data, but need assistance with integrating disparate data and leveraging analytics. Comprehensive, data-driven services and customised solutions, tailored to different use cases and applications, will thus be the key differentiator."
Australian Condition Monitoring Market – Forecast to 2020 Report, is part of the Frost & Sullivan Australian Digital Transformation Research program. All research services included in this subscription provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. For queries and more information please send an e-mail with your contact details to David Hymers, Frost & Sullivan Australia, at email@example.com.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? Contact us: Start the discussion
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shift-from-traditional-products-to-data-driven-services-create-significant-opportunities-for-ict-and-condition-monitoring-vendors-finds-frost--sullivan-300368795.html
SOURCE Frost & Sullivan