Global Machine Condition Monitoring Equipment Industry

NEW YORK, July 14, 2020 /PRNewswire/ --

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Amid the COVID-19 crisis, the global market for Machine Condition Monitoring Equipment estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$3.1 Billion by 2027, growing at a CAGR of 4.8% over the analysis period 2020-2027.Vibration Monitoring Equipment, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$1.7 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thermography Equipment segment is readjusted to a revised 4.9% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Machine Condition Monitoring Equipment market.

The U.S. Accounts for Over 27.1% of Global Market Size in 2020, While China is Forecast to Grow at a 7.3% CAGR for the Period of 2020-2027

The Machine Condition Monitoring Equipment market in the U.S. is estimated at US$597.4 Million in the year 2020. The country currently accounts for a 27.11% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$619.9 Million in the year 2027 trailing a CAGR of 7.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 4.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$619.9 Million by the year 2027.

Lubricating Oil Analysis Equipment Segment Corners a 10.9% Share in 2020 In the global Lubricating Oil Analysis Equipment segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$181.8 Million in the year 2020 will reach a projected size of US$243.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$405.4 Million by the year 2027, while Latin America will expand at a 5.7% CAGR through the analysis period. We bring years of research experience to this 16th edition of our report. The 250-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

- Competitors identified in this market include, among others,

• ALS Limited
• Azima DLI LLC
• Brüel & Kjær Vibro
• ClampOn AS
• Cosasco
• Crystal Instruments
• CTRL Systems, Inc.
• Data Physics Corporation
• Emerson Electric Co.,
• FLIR Systems, Inc.
• Fluke Corporation
• General Electric
• Honeywell Process Solutions
• ITT Corporation
• Meggitt PLC
• National Instruments Corporation
• Parker Hannifin Corp.
• Parker Kittiwake
• PCB Piezotronics, Inc.
• Rockwell Automation, Inc.
• Schaeffler Technologies AG & Co. KG
• Shinkawa Electric Co., Ltd.
• SKF
• SPM Instrument AB

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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
Condition Based Maintenance Comes Out of the Shadows as Smart
Management of Assets Spirals into the Spotlight
Recent Market Activity
Market Overview
From Corrective to Prescriptive, Machine Condition Monitoring
Makes Its Evolutionary Turn Towards Smart Asset Management
Artificial Intelligence in Machine Condition Monitoring Gains
Ground
Continued Recovery in Global GDP & Manufacturing PMI Promises
Stronger Growth for the Machine Condition Monitoring Market
Ubiquity of Rotating Machinery in Industrial Plants Sustains
the Dominance of Vibration Monitoring Systems
Even as the Oil Industry Regains Balance at the Back of Oil
Price Rise & Supply Increases, Volatility Will Continue to
Shape Strategy
Skyrocketing Oil Exploration Costs
Business Case for Operational Excellence Stands Exemplified
Outsourced Condition Monitoring Services to Gain Momentum
Growth of Precision Mechanics & the Ensuing Increase in the Use
of Machine Tools to Benefit Condition Monitoring of Machine
Tools
Market Outlook
Global Competitor Market Shares
Machine Condition Monitoring Equipment Competitor Market Share
Scenario Worldwide (in %): 2020 & 2029
Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS
ALS Limited (Australia)
Azima DLI LLC (USA)
Brüel & Kjær Vibro GmbH (Denmark)
ClampOn AS (Norway)
Cosasco (USA)
CRYSTAL INSTRUMENTS (USA)
CTRL Systems, Inc. (USA)
Data Physics Corporation (USA)
Emerson Electric Co. (USA)
FLIR Systems, Inc. (USA)
Fluke Corporation (USA)
General Electric (USA)
Honeywell Process Solutions (USA)
ITT Corporation (USA)
Meggitt PLC (UK)
National Instruments Corporation (USA)
Parker Hannifin Corp. (USA)
Parker Kittiwake (UK)
PCB Piezotronics, Inc. (USA)
Rockwell Automation, Inc. (USA)
Schaeffler Technologies AG & Co. KG (Germany)
Shinkawa Electric Co., Ltd. (Japan)
SKF (Sweden)
SPM Instrument AB (Sweden)

3. MARKET TRENDS & DRIVERS
Emergence of Industry 4.0 & IIoT as a Novel Support System for
Intelligent Maintenance Drives Opportunities for Condition
Monitoring
Growing Energy Consumption & Production Drives the Need for
Condition Monitoring in Power Plants
Insatiable Need for Energy
Changing Power Generation Dynamics & Rise of Peaking Power Plants
Technology Innovations to Support Long-Term Growth in the Market
Wireless Sensor Networks, Sensor Fusion & Multi-Sensor
Monitoring: The Three Major Technology Buzzwords
"Maintenance from a Distance": The New Buzz Word for Prognostic
Machine Health Monitoring
The Rise of Cloud Based Business Models Sparks a Revolution in
Condition Monitoring
Integration of Condition Monitoring With Asset Management:
A Key Strategy Aimed At Productivity Gains

4. GLOBAL MARKET PERSPECTIVE
Table 1: Machine Condition Monitoring Equipment Global Market
Estimates and Forecasts in US$ Thousand by Region/Country:
2020-2027

Table 2: Machine Condition Monitoring Equipment Global
Retrospective Market Scenario in US$ Thousand by
Region/Country: 2012-2019

Table 3: Machine Condition Monitoring Equipment Market Share
Shift across Key Geographies Worldwide: 2012 VS 2020 VS 2027

Table 4: Vibration Monitoring Equipment (Segment) World Market
by Region/Country in US$ Thousand: 2020 to 2027

Table 5: Vibration Monitoring Equipment (Segment) Historic
Market Analysis by Region/Country in US$ Thousand: 2012 to 2019

Table 6: Vibration Monitoring Equipment (Segment) Market Share
Breakdown of Worldwide Sales by Region/Country: 2012 VS 2020 VS
2027

Table 7: Thermography Equipment (Segment) Potential Growth
Markets Worldwide in US$ Thousand: 2020 to 2027

Table 8: Thermography Equipment (Segment) Historic Market
Perspective by Region/Country in US$ Thousand: 2012 to 2019

Table 9: Thermography Equipment (Segment) Market Sales
Breakdown by Region/Country in Percentage: 2012 VS 2020 VS 2027

Table 10: Lubricating Oil Analysis Equipment (Segment)
Geographic Market Spread Worldwide in US$ Thousand: 2020 to
2027

Table 11: Lubricating Oil Analysis Equipment (Segment) Region
Wise Breakdown of Global Historic Demand in US$ Thousand: 2012
to 2019

Table 12: Lubricating Oil Analysis Equipment (Segment) Market
Share Distribution in Percentage by Region/Country: 2012 VS
2020 VS 2027

Table 13: Other Segments (Segment) World Market Estimates and
Forecasts by Region/Country in US$ Thousand: 2020 to 2027

Table 14: Other Segments (Segment) Market Historic Review by
Region/Country in US$ Thousand: 2012 to 2019

Table 15: Other Segments (Segment) Market Share Breakdown by
Region/Country: 2012 VS 2020 VS 2027

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES
Market Facts & Figures
US Machine Condition Monitoring Equipment Market Share (in %)
by Company: 2020 & 2025
Market Analytics
Table 16: United States Machine Condition Monitoring Equipment
Market Estimates and Projections in US$ Thousand by Segment:
2020 to 2027

Table 17: Machine Condition Monitoring Equipment Market in the
United States by Segment: A Historic Review in US$ Thousand for
2012-2019

Table 18: United States Machine Condition Monitoring Equipment
Market Share Breakdown by Segment: 2012 VS 2020 VS 2027

CANADA
Table 19: Canadian Machine Condition Monitoring Equipment
Market Estimates and Forecasts in US$ Thousand by Segment: 2020
to 2027

Table 20: Canadian Machine Condition Monitoring Equipment
Historic Market Review by Segment in US$ Thousand: 2012-2019

Table 21: Machine Condition Monitoring Equipment Market in
Canada: Percentage Share Breakdown of Sales by Segment for
2012, 2020, and 2027

JAPAN
Table 22: Japanese Market for Machine Condition Monitoring
Equipment: Annual Sales Estimates and Projections in US$
Thousand by Segment for the Period 2020-2027

Table 23: Machine Condition Monitoring Equipment Market in
Japan: Historic Sales Analysis in US$ Thousand by Segment for
the Period 2012-2019

Table 24: Japanese Machine Condition Monitoring Equipment
Market Share Analysis by Segment: 2012 VS 2020 VS 2027

CHINA
Table 25: Chinese Machine Condition Monitoring Equipment Market
Growth Prospects in US$ Thousand by Segment for the Period
2020-2027

Table 26: Machine Condition Monitoring Equipment Historic
Market Analysis in China in US$ Thousand by Segment: 2012-2019

Table 27: Chinese Machine Condition Monitoring Equipment Market
by Segment: Percentage Breakdown of Sales for 2012, 2020, and
2027

EUROPE
Market Facts & Figures
European Machine Condition Monitoring Equipment Market:
Competitor Market Share Scenario (in %) for 2020 & 2025
Market Analytics
Table 28: European Machine Condition Monitoring Equipment
Market Demand Scenario in US$ Thousand by Region/Country:
2020-2027

Table 29: Machine Condition Monitoring Equipment Market in
Europe: A Historic Market Perspective in US$ Thousand by
Region/Country for the Period 2012-2019

Table 30: European Machine Condition Monitoring Equipment
Market Share Shift by Region/Country: 2012 VS 2020 VS 2027

Table 31: European Machine Condition Monitoring Equipment
Market Estimates and Forecasts in US$ Thousand by Segment:
2020-2027

Table 32: Machine Condition Monitoring Equipment Market in
Europe in US$ Thousand by Segment: A Historic Review for the
Period 2012-2019

Table 33: European Machine Condition Monitoring Equipment
Market Share Breakdown by Segment: 2012 VS 2020 VS 2027

FRANCE
Table 34: Machine Condition Monitoring Equipment Market in
France by Segment: Estimates and Projections in US$ Thousand
for the Period 2020-2027

Table 35: French Machine Condition Monitoring Equipment
Historic Market Scenario in US$ Thousand by Segment: 2012-2019

Table 36: French Machine Condition Monitoring Equipment Market
Share Analysis by Segment: 2012 VS 2020 VS 2027

GERMANY
Table 37: Machine Condition Monitoring Equipment Market in
Germany: Recent Past, Current and Future Analysis in US$
Thousand by Segment for the Period 2020-2027

Table 38: German Machine Condition Monitoring Equipment
Historic Market Analysis in US$ Thousand by Segment: 2012-2019

Table 39: German Machine Condition Monitoring Equipment Market
Share Breakdown by Segment: 2012 VS 2020 VS 2027

ITALY
Table 40: Italian Machine Condition Monitoring Equipment Market
Growth Prospects in US$ Thousand by Segment for the Period
2020-2027

Table 41: Machine Condition Monitoring Equipment Historic
Market Analysis in Italy in US$ Thousand by Segment: 2012-2019

Table 42: Italian Machine Condition Monitoring Equipment Market
by Segment: Percentage Breakdown of Sales for 2012, 2020, and
2027

UNITED KINGDOM
Table 43: United Kingdom Market for Machine Condition
Monitoring Equipment: Annual Sales Estimates and Projections in
US$ Thousand by Segment for the Period 2020-2027

Table 44: Machine Condition Monitoring Equipment Market in the
United Kingdom: Historic Sales Analysis in US$ Thousand by
Segment for the Period 2012-2019

Table 45: United Kingdom Machine Condition Monitoring Equipment
Market Share Analysis by Segment: 2012 VS 2020 VS 2027

SPAIN
Table 46: Spanish Machine Condition Monitoring Equipment Market
Estimates and Forecasts in US$ Thousand by Segment: 2020 to
2027

Table 47: Spanish Machine Condition Monitoring Equipment
Historic Market Review by Segment in US$ Thousand: 2012-2019

Table 48: Machine Condition Monitoring Equipment Market in
Spain: Percentage Share Breakdown of Sales by Segment for 2012,
2020, and 2027

RUSSIA
Table 49: Russian Machine Condition Monitoring Equipment Market
Estimates and Projections in US$ Thousand by Segment: 2020 to
2027

Table 50: Machine Condition Monitoring Equipment Market in
Russia by Segment: A Historic Review in US$ Thousand for
2012-2019

Table 51: Russian Machine Condition Monitoring Equipment Market
Share Breakdown by Segment: 2012 VS 2020 VS 2027

REST OF EUROPE
Table 52: Rest of Europe Machine Condition Monitoring Equipment
Market Estimates and Forecasts in US$ Thousand by Segment:
2020-2027

Table 53: Machine Condition Monitoring Equipment Market in Rest
of Europe in US$ Thousand by Segment: A Historic Review for the
Period 2012-2019

Table 54: Rest of Europe Machine Condition Monitoring Equipment
Market Share Breakdown by Segment: 2012 VS 2020 VS 2027

ASIA-PACIFIC
Table 55: Asia-Pacific Machine Condition Monitoring Equipment
Market Estimates and Forecasts in US$ Thousand by
Region/Country: 2020-2027

Table 56: Machine Condition Monitoring Equipment Market in
Asia-Pacific: Historic Market Analysis in US$ Thousand by
Region/Country for the Period 2012-2019

Table 57: Asia-Pacific Machine Condition Monitoring Equipment
Market Share Analysis by Region/Country: 2012 VS 2020 VS 2027

Table 58: Machine Condition Monitoring Equipment Market in
Asia-Pacific by Segment: Estimates and Projections in US$
Thousand for the Period 2020-2027

Table 59: Asia-Pacific Machine Condition Monitoring Equipment
Historic Market Scenario in US$ Thousand by Segment: 2012-2019

Table 60: Asia-Pacific Machine Condition Monitoring Equipment
Market Share Analysis by Segment: 2012 VS 2020 VS 2027

AUSTRALIA
Table 61: Machine Condition Monitoring Equipment Market in
Australia: Recent Past, Current and Future Analysis in US$
Thousand by Segment for the Period 2020-2027

Table 62: Australian Machine Condition Monitoring Equipment
Historic Market Analysis in US$ Thousand by Segment: 2012-2019

Table 63: Australian Machine Condition Monitoring Equipment
Market Share Breakdown by Segment: 2012 VS 2020 VS 2027

INDIA
Table 64: Indian Machine Condition Monitoring Equipment Market
Estimates and Forecasts in US$ Thousand by Segment: 2020 to
2027

Table 65: Indian Machine Condition Monitoring Equipment
Historic Market Review by Segment in US$ Thousand: 2012-2019

Table 66: Machine Condition Monitoring Equipment Market in
India: Percentage Share Breakdown of Sales by Segment for 2012,
2020, and 2027

SOUTH KOREA
Table 67: Machine Condition Monitoring Equipment Market in
South Korea: Recent Past, Current and Future Analysis in US$
Thousand by Segment for the Period 2020-2027

Table 68: South Korean Machine Condition Monitoring Equipment
Historic Market Analysis in US$ Thousand by Segment: 2012-2019

Table 69: Machine Condition Monitoring Equipment Market Share
Distribution in South Korea by Segment: 2012 VS 2020 VS 2027

REST OF ASIA-PACIFIC
Table 70: Rest of Asia-Pacific Market for Machine Condition
Monitoring Equipment: Annual Sales Estimates and Projections in
US$ Thousand by Segment for the Period 2020-2027

Table 71: Machine Condition Monitoring Equipment Market in Rest
of Asia-Pacific: Historic Sales Analysis in US$ Thousand by
Segment for the Period 2012-2019

Table 72: Rest of Asia-Pacific Machine Condition Monitoring
Equipment Market Share Analysis by Segment: 2012 VS 2020 VS
2027

LATIN AMERICA
Table 73: Latin American Machine Condition Monitoring Equipment
Market Trends by Region/Country in US$ Thousand: 2020-2027

Table 74: Machine Condition Monitoring Equipment Market in
Latin America in US$ Thousand by Region/Country: A Historic
Perspective for the Period 2012-2019

Table 75: Latin American Machine Condition Monitoring Equipment
Market Percentage Breakdown of Sales by Region/Country: 2012,
2020, and 2027

Table 76: Latin American Machine Condition Monitoring Equipment
Market Growth Prospects in US$ Thousand by Segment for the
Period 2020-2027

Table 77: Machine Condition Monitoring Equipment Historic
Market Analysis in Latin America in US$ Thousand by Segment:
2012-2019

Table 78: Latin American Machine Condition Monitoring Equipment
Market by Segment: Percentage Breakdown of Sales for 2012,
2020, and 2027

ARGENTINA
Table 79: Argentinean Machine Condition Monitoring Equipment
Market Estimates and Forecasts in US$ Thousand by Segment:
2020-2027

Table 80: Machine Condition Monitoring Equipment Market in
Argentina in US$ Thousand by Segment: A Historic Review for the
Period 2012-2019

Table 81: Argentinean Machine Condition Monitoring Equipment
Market Share Breakdown by Segment: 2012 VS 2020 VS 2027

BRAZIL
Table 82: Machine Condition Monitoring Equipment Market in
Brazil by Segment: Estimates and Projections in US$ Thousand
for the Period 2020-2027

Table 83: Brazilian Machine Condition Monitoring Equipment
Historic Market Scenario in US$ Thousand by Segment: 2012-2019

Table 84: Brazilian Machine Condition Monitoring Equipment
Market Share Analysis by Segment: 2012 VS 2020 VS 2027

MEXICO
Table 85: Machine Condition Monitoring Equipment Market in
Mexico: Recent Past, Current and Future Analysis in US$
Thousand by Segment for the Period 2020-2027

Table 86: Mexican Machine Condition Monitoring Equipment
Historic Market Analysis in US$ Thousand by Segment: 2012-2019

Table 87: Mexican Machine Condition Monitoring Equipment Market
Share Breakdown by Segment: 2012 VS 2020 VS 2027

REST OF LATIN AMERICA
Table 88: Rest of Latin America Machine Condition Monitoring
Equipment Market Estimates and Projections in US$ Thousand by
Segment: 2020 to 2027

Table 89: Machine Condition Monitoring Equipment Market in Rest
of Latin America by Segment: A Historic Review in US$ Thousand
for 2012-2019

Table 90: Rest of Latin America Machine Condition Monitoring
Equipment Market Share Breakdown by Segment: 2012 VS 2020 VS
2027

MIDDLE EAST
Table 91: The Middle East Machine Condition Monitoring
Equipment Market Estimates and Forecasts in US$ Thousand by
Region/Country: 2020-2027

Table 92: Machine Condition Monitoring Equipment Market in the
Middle East by Region/Country in US$ Thousand: 2012-2019

Table 93: The Middle East Machine Condition Monitoring
Equipment Market Share Breakdown by Region/Country: 2012, 2020,
and 2027

Table 94: The Middle East Machine Condition Monitoring
Equipment Market Estimates and Forecasts in US$ Thousand by
Segment: 2020 to 2027

Table 95: The Middle East Machine Condition Monitoring
Equipment Historic Market by Segment in US$ Thousand: 2012-2019

Table 96: Machine Condition Monitoring Equipment Market in the
Middle East: Percentage Share Breakdown of Sales by Segment for
2012,2020, and 2027

IRAN
Table 97: Iranian Market for Machine Condition Monitoring
Equipment: Annual Sales Estimates and Projections in US$
Thousand by Segment for the Period 2020-2027

Table 98: Machine Condition Monitoring Equipment Market in
Iran: Historic Sales Analysis in US$ Thousand by Segment for
the Period 2012-2019

Table 99: Iranian Machine Condition Monitoring Equipment Market
Share Analysis by Segment: 2012 VS 2020 VS 2027

ISRAEL
Table 100: Israeli Machine Condition Monitoring Equipment
Market Estimates and Forecasts in US$ Thousand by Segment:
2020-2027

Table 101: Machine Condition Monitoring Equipment Market in
Israel in US$ Thousand by Segment: A Historic Review for the
Period 2012-2019

Table 102: Israeli Machine Condition Monitoring Equipment
Market Share Breakdown by Segment: 2012 VS 2020 VS 2027

SAUDI ARABIA
Table 103: Saudi Arabian Machine Condition Monitoring Equipment
Market Growth Prospects in US$ Thousand by Segment for the
Period 2020-2027

Table 104: Machine Condition Monitoring Equipment Historic
Market Analysis in Saudi Arabia in US$ Thousand by Segment:
2012-2019

Table 105: Saudi Arabian Machine Condition Monitoring Equipment
Market by Segment: Percentage Breakdown of Sales for 2012,
2020, and 2027

UNITED ARAB EMIRATES
Table 106: Machine Condition Monitoring Equipment Market in the
United Arab Emirates: Recent Past, Current and Future Analysis
in US$ Thousand by Segment for the Period 2020-2027

Table 107: United Arab Emirates Machine Condition Monitoring
Equipment Historic Market Analysis in US$ Thousand by Segment:
2012-2019

Table 108: Machine Condition Monitoring Equipment Market Share
Distribution in United Arab Emirates by Segment: 2012 VS 2020
VS 2027

REST OF MIDDLE EAST
Table 109: Machine Condition Monitoring Equipment Market in
Rest of Middle East: Recent Past, Current and Future Analysis
in US$ Thousand by Segment for the Period 2020-2027

Table 110: Rest of Middle East Machine Condition Monitoring
Equipment Historic Market Analysis in US$ Thousand by Segment:
2012-2019

Table 111: Rest of Middle East Machine Condition Monitoring
Equipment Market Share Breakdown by Segment: 2012 VS 2020 VS
2027

AFRICA
Table 112: African Machine Condition Monitoring Equipment
Market Estimates and Projections in US$ Thousand by Segment:
2020 to 2027

Table 113: Machine Condition Monitoring Equipment Market in
Africa by Segment: A Historic Review in US$ Thousand for
2012-2019

Table 114: African Machine Condition Monitoring Equipment
Market Share Breakdown by Segment: 2012 VS 2020 VS 2027

IV. COMPETITION

Total Companies Profiled: 106
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