Global Machine Condition Monitoring Market Report, 2019-2025 - Featuring Profiles of Key Players Emerson Electric, General Electric, Honeywell International, National Instruments, and SKF

DUBLIN, Jan. 27, 2020 /PRNewswire/ -- The "Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCA), Monitoring Process, Deployment, Offering, Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global machine condition monitoring market size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.9 billion by 2025, at a CAGR of 7%

The report profiles the key players in the machine condition monitoring market and analyzes their market rankings. A few prominent players profiled in this report include Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden).

Increasing disposition toward predictive maintenance to drive machine condition monitoring market

Predictive maintenance is gaining rapid popularity in the manufacturing sector globally due to the benefits offered by it. Predictive maintenance is carried out only when the plant machinery is required to be repaired to avoid impending failure so that the necessary downtime can be scheduled for the most convenient and inexpensive time.

Process industries are continually looking for ways to cut down their operational costs. Therefore, enterprises give vital importance to equipment maintenance, and a lot of manpower, material resources, and money are put to make the production process smooth.

Machine condition monitoring market to be driven by on-premises deployment during forecast period

The on-premises deployment type dominated the machine condition monitoring market in 2018, as it is preferred more by organizations to protect critical information. On-premises deployment gives organizations complete control over their systems and data. However, it involves costs related hardware, software, and maintenance. It also limits the storage capacity.

Cloud-based deployment, on the other hand, benefits organizations with superior accessibility, increased scalability, speed, 24/7 service, and enhanced IT security. The growing adoption of SaaS applications by enterprises is bringing substantial growth prospects for cloud-based machine condition monitoring solutions.

Online condition monitoring segment to grow at significant CAGR during forecast period

Online machine condition monitoring systems are implemented for critical assets, such as turbines, blowers, critical pumps, and compressors, that have an immediate impact on machine safety, environment, and the productivity of plants. Condition monitoring systems include a sequence of sensors permanently mounted on the critical machines for sensing. The sensors are connected to output devices such as monitors, analyzers, and central servers of a plant. These sensors transmit data to the plant operators through either a wireless network or a cabled network.

Machine condition monitoring market in APAC to witness highest growth rate in coming years

The APAC region is emerging to be the world's most powerful economy due to the increasing spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of machine condition monitoring solutions. China, one of the top manufacturing countries, has been adopting real-time machine monitoring systems to increase operational efficiency and production of manufacturing plants.

Due to the rising maintenance costs in the manufacturing industry, manufacturing companies have been considering the adoption of advanced technologies such as predictive maintenance to optimize maintenance processes and improve operating costs. Condition monitoring is expected to help manufacturers to optimize their operating costs by predicting the failure of critical assets to achieve high efficiency.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Machine Condition Monitoring Market
4.2 Machine Condition Monitoring Market, By Monitoring Technique
4.3 Machine Condition Monitoring Market, By Monitoring Process
4.4 Machine Condition Monitoring Market in North America, By Country and Application
4.5 Machine Condition Monitoring Market, By Industry
4.6 Machine Condition Monitoring Market, By Country, 2018

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Advent of Secure Cloud Computing Platforms Used in Condition Monitoring
5.2.1.2 Rising Adoption of Wireless Communication Technology in Machine Condition Monitoring
5.2.1.3 Increasing Disposition Toward Predictive Maintenance
5.2.1.4 Growing Adoption of Automated Condition Monitoring Technologies and Penetration of Smart Factory
5.2.1.5 High Demand From Emerging Applications
5.2.2 Restraints
5.2.2.1 Reliability Issues in Prediction Capabilities of Machine Condition Monitoring Technology
5.2.2.2 Lack of Trained Technical Resources for Data Analysis
5.2.3 Opportunities
5.2.3.1 Emergence of Machine Learning and Big Data Analytics
5.2.3.2 Strategic Partnerships and Collaborations
5.2.3.3 Industrial Internet of Things (IIoT) to Unfold New Growth Avenues
5.2.4 Challenges
5.2.4.1 Accessibility to Expertise at Remote Locations
5.2.4.2 Requirement of Additional Expenses and Difficulties in Retrofitting Existing Systems
5.3 Value Chain Analysis
5.4 Regulatory Standards
5.4.1 API
5.4.2 Astm
5.4.3 Iso
5.4.4 Mimosa

6 IoT in Machine Condition Monitoring
6.1 Introduction
6.1.1 Machine Condition Monitoring Techniques
6.2 Machine Condition Monitoring: IoT Platform
6.2.1 Evolution in Cloud Computing Technology
6.2.2 Digitization and Industrial Internet of Things (IIoT) to Unfold New Growth Avenues
6.3 Future Trends
6.3.1 Multi-Parameter Condition Monitoring
6.3.2 Cloud-Based Predictive Maintenance (Maintenance-As-A-Service)
6.3.3 Smart Maintenance for Smart Factories
6.4 Major Companies Offering Cloud-Based Condition Monitoring Services

7 Procurement of Machine Condition Monitoring Equipment
7.1 Introduction
7.2 Third-Party Service Providers
7.3 End Users

8 Machine Condition Monitoring Market, By Monitoring Technique
8.1 Introduction
8.2 Vibration Monitoring
8.2.1 Route-Based Monitoring is A Significant Vibration Monitoring Technique
8.3 Thermography
8.3.1 Large Number of Defects Detected By Thermography Make It A Widely Adopted Technique
8.4 Oil Analysis
8.4.1 Advantages of Oil Analysis Make It A Prominent Condition Monitoring Technique
8.5 Corrosion Monitoring
8.5.1 Defects Detected By Corrosion Monitoring Help Prevent Corrosion of Equipment
8.6 Ultrasound Emission
8.6.1 Ultrasound Emission Monitoring Helps Detect Defects in Condition Monitoring of Electric Equipment
8.7 Motor Current Analysis
8.7.1 Detection of Faults By Motor Current Signature Analysis

9 Machine Condition Monitoring Market, By Offering
9.1 Introduction
9.2 Hardware
9.2.1 Vibration Sensors
9.2.1.1 Accelerometers
9.2.1.1.1 Accelerometers Use Piezoelectric Effect for Monitoring Accelerations
9.2.1.2 Proximity Probes
9.2.1.2.1 Proximity Probes Help in Accurate Measurement of Displacement of Devices
9.2.1.3 Tachometers
9.2.1.3.1 Tachometers Effectively Monitor the Speed of Rotating Machines
9.2.2 Infrared Sensors
9.2.2.1 Thermal Infrared Sensors
9.2.2.1.1 Thermal Infrared Sensors are Used to Detect Possible Faults Which Can Be Caused Due to Heat
9.2.2.2 Quantum Infrared Sensors
9.2.2.2.1 Temperature Variations in Machines are Identified By Quantum Infrared Sensors
9.2.3 Spectrometers
9.2.3.1 Infrared Spectrometers
9.2.3.1.1 Infrared Spectrometers Offer Identification of Various Materials, Including Organic Polymers
9.2.3.2 Ultraviolet Spectrometers
9.2.3.2.1 Ultraviolet Spectrometer is A Significant Tool for Oil Analysis
9.2.3.3 Atomic Spectrometers
9.2.3.3.1 Atomic Spectrometers Enable Recognition of Composition of Foreign Particles in Oil
9.2.3.4 Mass Spectrometers
9.2.3.4.1 Contaminating Compounds are Identified By Using Mass Spectrometers
9.2.4 Ultrasound Detectors
9.2.4.1 Sound Pressure Meters
9.2.4.1.1 Sound Pressure Meters Help in Easier Noise Level Measurement
9.2.4.2 Stethoscopes
9.2.4.2.1 Stethoscopes Enable Monitoring of Noise of Machine Components
9.2.4.3 Ultrasound Leak Detectors
9.2.4.3.1 Ultrasound Leak Detectors Enable Identification of Leakages in Vacuum and Compressed Air Systems
9.2.5 Spectrum Analyzers
9.2.5.1 Swept Spectrum Analyzers
9.2.5.1.1 Swept Spectrum Analyzers Can Display Individual Frequency Components That Form A Complex Signal
9.2.5.2 Real-Time Spectrum Analyzers
9.2.5.2.1 Real-Time Spectrum Analyzers Can are Majorly Used in Motor Current Analysis
9.2.6 Corrosion Probes
9.2.6.1 Corrosion Probes Allow Measurement of Corrosion Rate
9.2.7 Others
9.3 Software
9.3.1 Data Integration
9.3.1.1 Data Integration is the Key Function to Efficiently Portray Machine Health
9.3.2 Diagnostic Reporting
9.3.2.1 Diagnostic Reporting Helps in Analysis of Machine Health
9.3.3 Order Tracking Analysis
9.3.3.1 Order Tracking Analysis Enables Amplitude Measurement
9.3.4 Parameter Calculation
9.3.4.1 Condition Monitoring Software Help in Evaluating Equipment Reliability Parameters

10 Machine Condition Monitoring Market, By Deployment Type
10.1 Introduction
10.2 On-Premises
10.2.1 Limitations of On-Premises Deployment to Restrain Future Growth
10.3 Cloud
10.3.1 Advantages of Cloud Deployment Over On-Premises Deployment to Drive Growth of Cloud Deployment Type

11 Machine Condition Monitoring Market, By Monitoring Process
11.1 Introduction
11.2 Online Condition Monitoring
11.2.1 Online Condition Monitoring Systems Deliver Real-Time Machinery Health Information for Operators and Maintenance
11.3 Portable Condition Monitoring
11.3.1 Portable Condition Monitoring is A Cost-Effective Condition Monitoring Process

12 Machine Condition Monitoring Market, By Industry
12.1 Introduction
12.2 Oil & Gas
12.2.1 Advent of Industry 4.0 to Address Machine Condition Monitoring Needs in Oil & Gas Industry
12.3 Power Generation
12.3.1 Increasing Investments in Sustainable Energy to Drive Machine Condition Monitoring Market in the Power Generation Industry
12.4 Metals & Mining
12.4.1 Vibration Sensors are Essential for Identifying Faults in Mining Machinery
12.5 Chemicals
12.5.1 Rising Need to Monitor Chemical Processing to Boost Machine Condition Monitoring Market in the Chemicals Industry
12.6 Automotive
12.6.1 IIoT is Enabling Automotive Industry to Adopt Easier Machine Condition Monitoring Solutions
12.7 Aerospace & Defense
12.7.1 Adoption of Smart Factory Solutions to Encourage Use of Machine Condition Monitoring Solutions in Aerospace & Defense Industry
12.8 Food & Beverages
12.8.1 Rapid Technological Developments in Food & Beverages Industry Boost Growth of Machine Condition Monitoring Market
12.9 Marine
12.9.1 Predictive Maintenance is Gaining Significant Importance in Marine Industry
12.10 Others

13 Geographical Analysis
13.1 Introduction
13.2 North America
13.3 Europe
13.4 APAC
13.5 Rest of the World (RoW)

14 Competitive Landscape
14.1 Overview
14.2 Market Ranking Analysis: Machine Condition Monitoring Market, 2018
14.3 Competitive Leadership Mapping
14.3.1 Visionary Leaders
14.3.2 Innovators
14.3.3 Dynamic Differentiators
14.3.4 Emerging Companies
14.4 Competitive Situation and Trends
14.4.1 Agreements, Collaborations, and Mergers
14.4.2 Product Launches

15 Company Profiles
15.1 Key Players
15.1.1 Emerson Electric
15.1.2 General Electric
15.1.3 Honeywell International
15.1.4 National Instruments
15.1.5 SKF
15.1.6 ALS
15.1.7 Wilcoxon Sensing Technologies
15.1.8 Parker Hannifin
15.1.9 Rockwell Automation
15.1.10 Schaeffler
15.1.11 Symphony Azimaai
15.1.12 Bruel & Kjaer
15.1.13 Right-To-Win
15.2 Other Players
15.2.1 Fluke
15.2.2 Meggitt
15.2.3 PCB Piezotronics
15.2.4 FLIR Systems
15.2.5 SPM Instrument
15.2.6 Analog Devices
15.2.7 Machine Saver
15.2.8 3Dsignals
15.2.9 Logilube
15.2.10 Petasense
15.2.11 Senseye
15.2.12 Uptake Canada

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