Machine condition monitoring equipment market is expected to reach $3.2 billion by 2023, the growth in the market can be attributed to the increasing use of wireless technology, rising popularity of remote monitoring, along with growing HVAC market.
On the basis of monitoring type, the machine condition monitoring equipment market is categorized into vibration monitoring, ultrasound emission, thermography, lubricating oil analysis, corrosion monitoring, and motor current signature analysis. Vibration monitoring category held the largest market share in 2017, owing to the increasing need for vibration monitoring equipment in critical applications such as, manufacturing and chemical industries that are highly prone to defects.
Based on monitoring system, the machine condition monitoring equipment market is segmented into portable monitoring system and fixed monitoring system. Fixed condition monitoring systems provide more detailed monitoring and analysis as compared to portable systems. Hence, fixed systems are expected to become increasingly popular among large enterprises in the coming years, as they offer detailed information.
On the basis of type, the machine condition monitoring equipment market has been segmented into hardware and software. The hardware category held the higher market share of over 70% in 2017. However, the software category is expected to witness faster CAGR during the forecast period. The growth is primarily based on increased productivity and safety standards along with increasing deployment of cloud services around the globe.
The machine condition monitoring equipment hardware market is further split into vibration sensor, ultrasound detector, infrared sensor, spectrometer, corrosion probes, spectrum analyzer and others, wherein others' include velocity sensors and transmitters, thermal cameras and IR thermometers, viscometers and particle counters, and networking devices. Of these, ultrasound detectors category held the largest market share in 2017, as these detectors provide stand-alone inspection as well as act as a screening tool to speed-up the inspection process.
The machine condition monitoring equipment market in APAC region is expected to register highest CAGR during the forecast period. The region comprises of one of the fastest growing economies in the world, including China and India. China is a world leader in the production of consumer goods and the largest producer of mobile phones, solar cells, shoes, ships, and other products. The rising demand for quality products as well as need for maintenance of production plants is leading to a surge in deployment of machine condition monitoring equipment in the region.
One of the major growth drivers for machine condition monitoring equipment market is the technological advancements in wireless communication. The features of wireless monitoring equipment such as low cost, high efficiency is incomparable with wired monitoring equipment. This has enabled remote monitoring of machines and cost saving in terms of transportation to and from offshore facilities. The use of advanced wireless vibration equipment and techniques makes it possible to integrate two or more monitoring technologies together to achieve e-maintenance by the help of offshore to onshore real time visual observations.
There is a stiff competition among the players in the machine condition monitoring equipment market. This is attributed to the need for lowering of maintenance cost, along with increased reliability of the equipment.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction 4.1 Definition of Market Segments 4.1.1 By Monitoring Type 18.104.22.168 Vibration monitoring 22.214.171.124 Ultrasound emission 126.96.36.199 Thermography 188.8.131.52 Lubricating oil analysis 184.108.40.206 Corrosion monitoring 220.127.116.11 Motor current signature analysis 4.1.2 By Monitoring System 18.104.22.168 Portable monitoring system 22.214.171.124 Fixed monitoring system 4.1.3 By Type 126.96.36.199 Hardware 188.8.131.52.1 By Type 184.108.40.206.1.1 Vibration sensor 220.127.116.11.1.2 Ultrasound detector 18.104.22.168.1.3 Infrared sensor 22.214.171.124.1.4 Spectrometer 126.96.36.199.1.5 Corrosion probes 188.8.131.52.1.6 Spectrum analyzer 184.108.40.206.1.7 Others 220.127.116.11 Software 18.104.22.168.1 By deployment type 22.214.171.124.1.1 Cloud 126.96.36.199.1.2 On-premises 4.1.4 By End user 188.8.131.52 Aerospace and defense 184.108.40.206 Automotive 220.127.116.11 Chemicals 18.104.22.168 Marine 22.214.171.124 Metals and mining 126.96.36.199 Oil and Gas 188.8.131.52 Energy and power 184.108.40.206 Others 4.2 Porter's Five Forces Analysis 4.3 Value Chain Analysis 4.4 Market Dynamics 4.4.1 Trends 220.127.116.11 Increasing outsourcing of machine maintenance services 18.104.22.168 Advancements in efficiency and accuracy of machine condition monitoring equipment 4.4.2 Drivers 22.214.171.124 Use of wireless technology in machine condition monitoring equipment 126.96.36.199 Growth in heating, ventilation and air conditioning (HVAC) market 188.8.131.52 Growing demand for smart factories 184.108.40.206 Impact analysis of drivers on market forecast 4.4.3 Restraints 220.127.116.11 End-user companies striving to build in-house condition monitoring capabilities 18.104.22.168 High capital expenditure and maintenance requirement 22.214.171.124 Lack of skilled labor in developing countries 126.96.36.199 Impact analysis of restraints on market forecast 4.4.4 Opportunities 188.8.131.52 Large untapped market of Asia-Pacific and Middle East 184.108.40.206 Growing demand for machine condition monitoring equipment from renewable energy sector
Chapter 5. Global Market Size and Forecast 5.1 By Monitoring Type 5.2 By Monitoring System 5.3 By Type 5.3.1 Hardware, by Type 5.3.2 Software, By Deployment Type 5.4 By End User 5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape 11.1 Competitive Analysis of Key Players 11.2 Competitive Benchmarking of Key Players 11.3 Recent Activities of Major Players 11.4 Global Strategic Developments of Key Players 11.4.1 Mergers and Acquisitions 11.4.2 Product Launches 11.4.3 Facility Expansions 11.4.4 Other developments