Market Overview:
The global condition monitoring system market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for condition monitoring systems from various end-use industries, such as automotive & transportation, oil & gas, energy & power, aerospace & defense, mining & metal and process and manufacturing. In addition, the growing awareness about the benefits of using condition monitoring systems is also contributing to the growth of this market.
Product Definition:
A condition monitoring system (CMS) is a computer-based system used to monitor the operation and health of machinery, equipment, or other systems. A CMS collects data on the operating parameters of a machine or system and uses this data to identify issues before they cause failures.
The use of CMSs has become increasingly important in recent years as the need for companies to reduce downtime and improve productivity has grown. By identifying issues early, companies can often fix them before they cause major problems and incur significant costs.
Vibration Monitoring Equipment:
Vibration monitoring equipment is used to measure vibrations in a structure. Condition monitoring system on the other hand is used to monitor and detect any damages or issues that may have developed due to vibrations. The growth factor between the two lies in their ability to provide data on a real-time basis, which can be further analyzed by an expert for making decisions regarding corrective actions such as maintenance or repair work that needs to be done.
Thermography Equipment:
A thermography equipment is a device that measures temperature. It may be used for clinical, research, industrial or commercial purposes. Thermography systems are widely used in medical and allied health industries to detect tissue/body temperature and blood/plasma temperatures respectively.
Application Insights:
The automotive & transportation segment accounted for the largest market share in 2017 and is projected to expand at a CAGR of XX% over the forecast period. The growth can be attributed to increasing demand for condition monitoring systems in this sector as they help prevent failures during vehicle maintenance by identifying signs of imminent failure early. These systems are also used to provide critical information on engine health, which helps improve overall performance and reliability of vehicles, thereby driving their demand.
Automotive manufacturers are focusing on reducing operating costs by adopting lean manufacturing practices that focus on eliminating waste from production processes such as overproduction, excess inventory, unneeded travel etcetera., which is expected to drive industry expansion further down the road.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to increasing demand for condition monitoring systems from various industries, such as aerospace and defense, energy and power, manufacturing, transportation and other industries. In addition, stringent regulations laid down by regulatory bodies such as OSHA in the U.S., which mandates implementation of safety standards for workers’ protection are anticipated to drive the regional market growth over the forecast period.
Asia Pacific is estimated to be one of the fastest-growing regions with China being a major contributor owing to rapid industrialization coupled with low labor costs associated with setting up production facilities in this region. Furthermore, India has also been witnessing strong economic growth on account of rapid development initiatives taken up by various state governments aimed at attracting investments through favorable policies & incentives offered by them (i.e., “Make in India†initiative).
Growth Factors:
- Increasing demand for condition monitoring systems from the automotive and aerospace industries to improve the quality of products and reduce manufacturing costs.
- Growing popularity of predictive maintenance techniques that help organizations identify and address potential failures before they occur, thus reducing downtime and improving productivity.
- Proliferation of IIoT (Industrial Internet of Things) and big data analytics, which are helping to drive wider adoption of condition monitoring systems across a variety of industrial sectors.
- Rapid advancements in sensor technology that are making it possible to detect even the smallest changes in machine performance, resulting in more accurate fault detection and prevention.
Scope Of The Report
Report Attributes
Report Details
Report Title
Condition Monitoring System Market Research Report
By Type
Vibration Monitoring Equipment, Thermography Equipment, Corrosion Monitoring Equipment, Lubricating Oil Analysis Equipment, Others
By Application
Automotive & Transportation, Oil & Gas, Energy & Power, Aerospace & Defense, Mining & Metal, Process and Manufacturing, Other Industries
By Companies
Emerson, Schneider Electric, Rockwell Automation, SKF, FLIR Systems, Fluke, Meggitt, GE, Schaeffler Group, Parker Hannifin
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
244
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Condition Monitoring System Market Report Segments:
The global Condition Monitoring System market is segmented on the basis of:
Types
Vibration Monitoring Equipment, Thermography Equipment, Corrosion Monitoring Equipment, Lubricating Oil Analysis Equipment, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Automotive & Transportation, Oil & Gas, Energy & Power, Aerospace & Defense, Mining & Metal, Process and Manufacturing, Other Industries
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Emerson
- Schneider Electric
- Rockwell Automation
- SKF
- FLIR Systems
- Fluke
- Meggitt
- GE
- Schaeffler Group
- Parker Hannifin
Highlights of The Condition Monitoring System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Vibration Monitoring Equipment
- Thermography Equipment
- Corrosion Monitoring Equipment
- Lubricating Oil Analysis Equipment
- Others
- By Application:
- Automotive & Transportation
- Oil & Gas
- Energy & Power
- Aerospace & Defense
- Mining & Metal
- Process and Manufacturing
- Other Industries
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Condition Monitoring System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A Condition Monitoring System (CMS) is a computer system that monitors the status of one or more physical systems. The CMS can be used to detect and diagnose problems, make decisions about corrective action, and provide real-time information to operators.
Some of the key players operating in the condition monitoring system market are Emerson, Schneider Electric, Rockwell Automation, SKF, FLIR Systems, Fluke, Meggitt, GE, Schaeffler Group, Parker Hannifin.
The condition monitoring system market is expected to register a CAGR of 6.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Condition Monitoring System Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Condition Monitoring System Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Condition Monitoring System Market - Supply Chain
4.5. Global Condition Monitoring System Market Forecast
4.5.1. Condition Monitoring System Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Condition Monitoring System Market Size (000 Units) and Y-o-Y Growth
4.5.3. Condition Monitoring System Market Absolute $ Opportunity
5. Global Condition Monitoring System Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Condition Monitoring System Market Size and Volume Forecast by Type
5.3.1. Vibration Monitoring Equipment
5.3.2. Thermography Equipment
5.3.3. Corrosion Monitoring Equipment
5.3.4. Lubricating Oil Analysis Equipment
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Condition Monitoring System Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Condition Monitoring System Market Size and Volume Forecast by Application
6.3.1. Automotive & Transportation
6.3.2. Oil & Gas
6.3.3. Energy & Power
6.3.4. Aerospace & Defense
6.3.5. Mining & Metal
6.3.6. Process and Manufacturing
6.3.7. Other Industries
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Condition Monitoring System Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Condition Monitoring System Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Condition Monitoring System Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Condition Monitoring System Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Condition Monitoring System Demand Share Forecast, 2019-2029
9. North America Condition Monitoring System Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Condition Monitoring System Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Condition Monitoring System Market Size and Volume Forecast by Application
9.4.1. Automotive & Transportation
9.4.2. Oil & Gas
9.4.3. Energy & Power
9.4.4. Aerospace & Defense
9.4.5. Mining & Metal
9.4.6. Process and Manufacturing
9.4.7. Other Industries
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Condition Monitoring System Market Size and Volume Forecast by Type
9.7.1. Vibration Monitoring Equipment
9.7.2. Thermography Equipment
9.7.3. Corrosion Monitoring Equipment
9.7.4. Lubricating Oil Analysis Equipment
9.7.5. Others
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Condition Monitoring System Demand Share Forecast, 2019-2029
10. Latin America Condition Monitoring System Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Condition Monitoring System Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Condition Monitoring System Market Size and Volume Forecast by Application
10.4.1. Automotive & Transportation
10.4.2. Oil & Gas
10.4.3. Energy & Power
10.4.4. Aerospace & Defense
10.4.5. Mining & Metal
10.4.6. Process and Manufacturing
10.4.7. Other Industries
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Condition Monitoring System Market Size and Volume Forecast by Type
10.7.1. Vibration Monitoring Equipment
10.7.2. Thermography Equipment
10.7.3. Corrosion Monitoring Equipment
10.7.4. Lubricating Oil Analysis Equipment
10.7.5. Others
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Condition Monitoring System Demand Share Forecast, 2019-2029
11. Europe Condition Monitoring System Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Condition Monitoring System Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Condition Monitoring System Market Size and Volume Forecast by Application
11.4.1. Automotive & Transportation
11.4.2. Oil & Gas
11.4.3. Energy & Power
11.4.4. Aerospace & Defense
11.4.5. Mining & Metal
11.4.6. Process and Manufacturing
11.4.7. Other Industries
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Condition Monitoring System Market Size and Volume Forecast by Type
11.7.1. Vibration Monitoring Equipment
11.7.2. Thermography Equipment
11.7.3. Corrosion Monitoring Equipment
11.7.4. Lubricating Oil Analysis Equipment
11.7.5. Others
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Condition Monitoring System Demand Share, 2019-2029
12. Asia Pacific Condition Monitoring System Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Condition Monitoring System Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Condition Monitoring System Market Size and Volume Forecast by Application
12.4.1. Automotive & Transportation
12.4.2. Oil & Gas
12.4.3. Energy & Power
12.4.4. Aerospace & Defense
12.4.5. Mining & Metal
12.4.6. Process and Manufacturing
12.4.7. Other Industries
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Condition Monitoring System Market Size and Volume Forecast by Type
12.7.1. Vibration Monitoring Equipment
12.7.2. Thermography Equipment
12.7.3. Corrosion Monitoring Equipment
12.7.4. Lubricating Oil Analysis Equipment
12.7.5. Others
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Condition Monitoring System Demand Share, 2019-2029
13. Middle East & Africa Condition Monitoring System Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Condition Monitoring System Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Condition Monitoring System Market Size and Volume Forecast by Application
13.4.1. Automotive & Transportation
13.4.2. Oil & Gas
13.4.3. Energy & Power
13.4.4. Aerospace & Defense
13.4.5. Mining & Metal
13.4.6. Process and Manufacturing
13.4.7. Other Industries
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Condition Monitoring System Market Size and Volume Forecast by Type
13.7.1. Vibration Monitoring Equipment
13.7.2. Thermography Equipment
13.7.3. Corrosion Monitoring Equipment
13.7.4. Lubricating Oil Analysis Equipment
13.7.5. Others
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Condition Monitoring System Demand Share, 2019-2029
14. Competition Landscape
14.1. Global Condition Monitoring System Market: Market Share Analysis
14.2. Condition Monitoring System Distributors and Customers
14.3. Condition Monitoring System Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Emerson
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Schneider Electric
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Rockwell Automation
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. SKF
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. FLIR Systems
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Fluke
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Meggitt
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. GE
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Schaeffler Group
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Parker Hannifin
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
