Condition Monitoring Equipment Market is Anticipated To Predict A Promising Growth Rate During The Forecast Period 2021-2031

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 Condition Monitoring Equipment Market: Introduction

  • Condition monitoring involves the regular measurement of parameters such as vibration, temperature, and sound in and around machines and equipment
  • In condition monitoring, component defects are recognized at an early stage and the remaining runtimes of bearings, shafts, etc., are optimized. This saves sudden downtime, which hampers the production line.
  • Multiple sensors integrated in condition monitoring systems measure the various parameters and are analyzed by the deployed software

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  • Condition monitoring tools that provide data in real-time enable the rapid determination of the root cause of an issue and wireless sensors on assets automatically connect employees with real-time data via remote access using smartphones or tablets.
  • Condition monitoring equipment are majorly used with electro-mechanical systems and conditional operating conditions can be monitored and damaging operating conditions can be identified and corrected to ensure that expensive and disruptive failures are avoided. This reduces the total cost of ownership and enhances the lifecycle of the asset.

Rise in demand in industrial automation with advancement in IoT and AI.

  • The advances that have been made in Artificial Intelligence and Data Analytics is supporting the conditional monitoring equipment for more accurate analysis.
  • Modern industrial process has made conditional monitoring a necessity due to high dependency on machines and this dependency would cause huge loss and greater downtime if necessary information regarding machine is not available. This also helps in making necessary changes into the process for greater efficiency.
  • Development of low-cost advanced condition monitoring equipment integrated with quick processing functions, direct communication procedures, and improved software has been increasing the demand for the machinery for the last few years.
  • Demand for condition monitoring equipment is increasing in the service industry with the focus shifting from product-centered to service centered technology solutions     

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North America holds Prominent Share of Global Market

  • North America holds a prominent share of the global market, as IIoT, Artificial Intelligence, and Data Analytics are gaining traction, which has proven to be good for condition monitoring equipment. On-line condition monitoring systems have been used in heavy process industries such as pulp, paper, mining, petrochemical, power generation, and automotive manufacturing.
  • The market in Europe is expanding at a high growth rate, as countries such as Germany is home to prominent sectors such as automotive, manufacturing, chemical, and electrical, where condition monitoring equipment is widely employed
  • Asia Pacific follows Europe and is expanding rapidly to become a notable manufacturing hub. Government initiatives in China and India are also boosting manufacturing units for low cost mass production where downtime and maintenance time are likely to cause huge losses. Consequently, the condition monitoring equipment market is expanding at a considerable pace in the region.

Key Players Operating in Global Condition Monitoring Equipment Market

Remote monitoring has been revolutionized by the condition monitoring equipment by automation of the process and using notifications to ensure adverse conditions and failures can either be prevented or immediately resolved. The ability to monitor the condition of assets 24/7, from any location, is becoming the new trend in maintenance practices. Ultrasound, being a key technology in condition monitoring, will play a key role in this trend.

Key players include:

  • Emerson
  • Honeywell Process Solutions
  • Bently Nevada
  • General Electric Co.
  • Olympus
  • Schneider Electric

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