Global Condition Monitoring Equipment Market - Segmented, by Product Type (Vibration Monitoring Equipment, Thermography Equipment, and Lubricating Oil Analysis Equipment), End user Industry, and Region - Growth, Trends, and Forecast (2022 - 2030)

The global Condition Monitoring Equipment market is valued at USD 1.70 billion in 2017 and expected to grow at a CAGR of over 5.56% during the forecast period (2018 - 2023) to reach a value of USD 2.34 billion in 2023. The scope of the report includes the study of condition monitoring equipment with respect to product type and its end users.

The capital investments had long driven the growth in condition monitoring equipment. Condition monitoring has gained prominence over the years, as the companies are critically focusing on asset utilization and productivity. Rise in demand for smart factories, increasing wireless technology, growth in HVAC systems market and increasing focus on predictive maintenance is boosting the growth of the condition monitoring equipment market. The need for removing catastrophic breakdowns and unnecessary maintenance expenditures in the production processes has and will continue to augment the adoption of condition monitoring solutions across several end-user industries. However, unpredictable maintenance time period is hampering the growth of the market.

Rise in Demand for Smart Factories Drives the Condition Monitoring Equipment Market

The growing demand for smart factories is augmenting the growth of condition monitoring equipment. The rise in smart factories has created a need for automation, which in turn is anticipated to boost the growth of condition monitoring equipment to achieve the requirements of the predictive maintenance to protect the expensive machinery against any damage. Besides, the smart factories will be increasingly adaptable and flexible, enabled by the more autonomous intelligent machines.

Higher efficiency and mass customization of individual machines across supply and logistic chains will drive significant, immediate improvements in safety, costs, and environmental impacts. Many manufacturers have started to utilize vibration monitoring equipment which enables flexible control, real-time operational awareness and data-driven insights that help to make the smarter decision. The recent growth in smart factory initiatives within the manufacturing sectors further is expected to boost the growth of the market.

North America to Hold the Largest Condition Monitoring Equipment Market Share

North America held the largest share of this market and is expected to continue its dominance over the forecast period. The US is leading the market in the region, with production & supply of energy estimated as the most preferred contributor regarding performance. The reason for the growth in this region is the rising demand for condition monitoring from oil & gas, power and energy and other end-user segments. Besides, the region will also be driven by the upgrade and retrofit opportunities. US companies have developed techniques for maintaining a strong machine performance with significant evolutions in oil & gas.

Key Developments in the Condition Monitoring Equipment Market

• April 2018: SKF AB had signed a three year, multi-million-pound contract with BP North Sea to supply the condition monitoring services to its UK offshore assets. In addition, SKF will also provide analytics, reports and recommendations to better inform BP’s decisions around efficient and effective use of the equipment.

Condition Monitoring Equipment Market Major Players: EMERSON ELECTRIC CO, SKF AB, SCHNEIDER ELECTRIC SE, ROCKWELL AUTOMATION, INC., FLIR SYSTEMS, INC, FLUKE CORPORATION, NATIONAL INSTRUMENTS CORPORATION, GENERAL ELECTRIC COMPANY, PARKER-HANNIFIN CORP, AZIMA, INC., MEGGITT SA, ALS LTD, IKM GRUPPEN AS, SCHAEFFLER TECHNOLOGIES AG & CO. KG, and VIBROTECH RELIABILITY SERVICES LTD, among others.

Reasons to Purchase Condition Monitoring Equipment Market Report

• Current and future condition monitoring equipment market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 month analyst support along with the Market Estimate sheet (in Excel)

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