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Condition Monitoring Equipment Market to Register Substantial Expansion by 2025

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Condition Monitoring Equipment Market to Register Substantial Expansion by 2025
Condition Monitoring Equipment Market to Register Substantial Expansion by 2025
In most manufacturing and processing operations, maintenance attributes for almost half of all
operating costs. Thus, manufacturers focus on implementing equipment that can potentially lower
these costs. For the purpose of determining machinery reliability, condition monitoring equipment
observe physical parameters linked with machinery operation, such as temperature, vibration and
others. This information can be used for many different purposes, such as maintenance and loading
activities once the reliability of a machine has been estimated. On the basis of product type, the
vibration monitoring equipment segment estimated to grow rapidly in various applications as
compared to other condition monitoring equipment, owing to its ability to detect machine
deterioration and faults before the occurrence of indications, such as heat, greater electrical
consumption, lubricant impurities and sounds. Therefore, vibration monitoring remains the most
preferred condition monitoring equipment.
In terms of maintenance activities, the ultimate goal of condition monitoring equipment is to
schedule maintenance and other activities to be undertaken so as to avoid faults and result in the
optimum use of resources. Condition monitoring equipment can also be used as process monitoring
tools and they are also useful in mending end product quality control.
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The growing demand for smart factories is estimated to fuel the growth of condition monitoring
equipment. Rise in smart factories has created a need for automation, which in turn is estimated to
support growth of condition monitoring equipment to fulfil the requirement of predictive
maintenance to protect expensive machinery against damage. Remote monitoring helps control
condition monitoring equipment with or without physical presence. Wireless sensors collect
information and alert the maintenance department before the breakdown of the machine, thus
ensuring smooth functioning of the plant and machinery.
As the focus is shifting from product centred to service centred technology solutions, the service
industry is expected to surge the demand for condition monitoring equipment. The entry barrier for
the condition monitoring equipment market is fairly low as there are a few giant players in this
market, due to low capital requirement. Development of low cost conditional monitoring equipment
with quick processing functions, improved software and the ability to connect huge databases with
multiple programs is expected to fuel market growth. Factors, such as increasing demand for smart
factories, growing wireless technology, growth in the HVAC systems market and growing focus of
manufacturers towards predictive maintenance are estimated to positively impact growth of this
market.
Growth of the global condition monitoring equipment market is estimated to be hampered by
factors, such as unpredictable maintenance periods and additional expenses incurred in old
machines. Convincing higher management to install condition monitoring equipment to minimize
the risk of complete failure is a challenging task, which may prove to be a growth deterrent for this
market
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The global condition monitoring equipment market can be segmented on the basis of product type
as: vibration monitoring, lubricating oil analysis, thermography, corrosion monitoring, motor
current signature analysis and ultrasound emission.
The global condition monitoring equipment market can be segmented on the basis of application as:
energy & power, oil & gas, metals & mining, automotive, chemicals, aerospace & defense, food and
beverages, marine and others.
Europe and North America are estimated to dominate the condition monitoring equipment market
over the forecast period. On the basis of region, the Asia-Pacific Condition Monitoring Equipment
market is estimated to witness rapid growth, owing to economic growth and significant rise in
industrialization in this region. These factors are expected to stimulate demand for smart factories,
which in turn is expected to fuel growth of the condition monitoring equipment market over the
forecast period.Additionally, the Japan condition monitoring equipment market will contribute
significantly to global growth, owing to constant growth in adopting factory advanced technologies.
Middle East & Africa and Latin America are also estimated to register significant growth over the
forecast period.
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