DUBLIN, December 23, 2021– (COMMERCIAL THREAD)–The “Machine Condition Monitoring Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” the report was added to ResearchAndMarkets.com offer.
The global machinery condition monitoring market was valued at USD 3,092.2 million in 2020 and is expected to reach USD 5,246.8 million by 2026, registering a CAGR of 9.4% during the period forecast 2021-2026. All businesses around the world with assets critical to manufacturing goods and services have experienced a rapid drop in revenue due to the COVID-19 pandemic.
Operational equipment is susceptible to many types of errors and faults, so it is important to monitor minor and major changes to the equipment by measuring parameters, such as vibration, temperature, voltage, current, pressure, flow and many more.
This importance has prompted various verticals to go the extra mile to protect their machines. The main benefit of identifying faults using condition monitoring includes: enabling personnel to take corrective action to avoid or reduce repair costs and increase machine safety, thereby increasing human safety.
Using predictive maintenance techniques in factories is expected to reduce downtime by up to 50% and save between 10-40% on equipment maintenance expenses. Predictive maintenance based on condition monitoring enables measurement and analysis of physical characteristics, such as visual inspection, sound, temperature or vibration.
Industries with well-maintained and reliable equipment should be best placed to meet the coming increase in demand for goods and services. Companies that use predictive maintenance to prepare for the recovery should benefit from it.
Many businesses that have been shut down due to the recent COVID-19 outbreak must adopt a condition monitoring equipment solution in place to prevent machine failures when operations resume and to ensure any safety concerns.
Industries with well-maintained and reliable equipment should be in the best position to meet the coming increase in demand for goods and services. Companies that use predictive maintenance to prepare for the recovery should benefit from it.
However, short term investment is required and condition maintenance equipment is very expensive. In addition, condition-based maintenance sensors may not survive depending on the environment and the machine has unpredictable maintenance periods. Such factors challenge the growth of the market.
Key market trends
The machine condition monitoring market is moderately competitive with no single company having a very large market share. Companies enter into strategic partnerships to gain market power and market dominance.
Key topics covered
1.1 Scope of the study
1.2 Study hypotheses
2 RESEARCH APPROACH AND METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Market overview
4.2 Industry Value Chain Analysis
4.3 Porters Five Force Analysis Industry Attractiveness
4.4 Impact of COVID-19 on the market
5 MARKET DYNAMICS
5.1 Market drivers
5.1.1 Increase in equipment performance and productivity through predictive maintenance
5.1.2 Growing need for predictive maintenance
5.1.3 Industry 4.0 and emerging industrial applications in manufacturing and processing industries
5.2 Market challenges
5.2.1 Cost implications related to renovations
5.2.2 Global macroeconomic and geopolitical factors
6 MARKET SEGMENTATION
6.1 Machine condition monitoring
220.127.116.11.1 Vibration condition monitoring equipment
18.104.22.168.2 Thermography equipment
22.214.171.124.3 Analysis of lubricating oil
126.96.36.199.4 Monitoring of ultrasound emissions
188.8.131.52.5 Other types
184.108.40.206.1 Remote monitoring services
220.127.116.11.2 Instrument maintenance services
18.104.22.168.3 Machine diagnostic services
6.2 Vibration monitoring equipment
6.2.1 End User Industry
22.214.171.124 Oil and gas
126.96.36.199 Electricity generation
188.8.131.52 Process and manufacturing
184.108.40.206 Aerospace and defense
220.127.116.11 Automotive and transportation
18.104.22.168 Other end-user industries (marine, mining, metallurgical, etc.)
22.214.171.124 North America
126.96.36.199.1 United States
188.8.131.52.2 United Kingdom
184.108.40.206.4 Rest of Europe
220.127.116.11.4 Rest of Asia-Pacific
18.104.22.168 Rest of the world
6.2.3 Supplier Market Share Analysis
6.3 Thermography equipment
6.3.1 End user vertical
22.214.171.124 Oil and gas
126.96.36.199 Electricity generation
188.8.131.52 Process and manufacturing
184.108.40.206 Aerospace and defense
220.127.116.11 Automotive and transportation
18.104.22.168 Other vertical end-user sectors (marine, mining, metallurgical, etc.)
22.214.171.124 North America
126.96.36.199.1 United States
188.8.131.52.2 United Kingdom
184.108.40.206.4 Rest of Europe (Eastern Europe and other Western European countries)
220.127.116.11.4 Rest of Asia-Pacific
18.104.22.168 Rest of the world (Latin America and the Middle East and Africa)
6.3.3 Supplier Market Share Analysis
6.4 Lubricating oil analysis equipment
6.4.1 End user vertical
22.214.171.124 Oil and gas
126.96.36.199 Electricity generation
188.8.131.52 Process and manufacturing
184.108.40.206 Aerospace and defense
220.127.116.11 Automotive and transportation
18.104.22.168 Other vertical end-user sectors (marine, mining, metallurgical, etc.)
22.214.171.124 North America
126.96.36.199.1 United States
188.8.131.52.2 United Kingdom
184.108.40.206.4 Rest of Europe
220.127.116.11.4 Rest of Asia-Pacific
18.104.22.168 Rest of the world (Latin America and the Middle East and Africa)
6.4.3 Supplier Market Share Analysis
7 COMPETITIVE LANDSCAPE
7.1 Company profiles
7.1.1 Meggitt detection systems (Meggitt PLC)
7.1.2 Rockwell Automation Inc.
7.1.3 GE Bently Nevada
7.1.4 Emerson Electric Co.
7.1.5 SKF AB
7.1.6 Bruel & Kjaer Vibro
7.1.7 FLIR Systems Inc.
7.1.8 Fluke Corporation
7.1.9 Nippon Avionics Co. Ltd.
7.1.10 Thermo Fisher Scientific Inc.
7.1.11 Perkin Elmer Inc.
7.1.12 AMETEK Spectro Scientific
7.1.13 Parker Kittiwake (PARKER HANNIFIN CORP.)
7.1.14 Gastops Ltd.
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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See the source version on businesswire.com: https://www.businesswire.com/news/home/20211223005394/en/
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