Global Conditioning Monitoring Market By Monitoring Type (Vibration monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, Radiography, Motor Current Analysis, Electrical Monitoring, Performance Monitoring, Laser Interferometry, Others), By Application (Automotive, Food & Beverage, Oil & Gas, Aerospace & Defense, Mining & Metal, Water & Wastewater, Paper & Packaging, Marine, Other Applications), By Component, By Deployment, By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021–2031

Introduction–

Condition monitoring is the process of detecting specific equipment parameters, such as machine vibrations, temperature, sound anomaly detection, Infrared thermography, oil level, and documenting any noteworthy changes that could indicate impending failure. Condition monitoring is a big element of predictive maintenance.

The data gathered over time from condition monitoring lends useful evidence and information about an asset's current and historical state. This machine's evolution can be used to predict how the asset will operate over time and how it may degrade, allowing for the scheduling of maintenance based on these predictions.

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Condition monitoring techniques are typically used on rotating equipment (gearboxes, centrifugal machines, reciprocating machines, etc.), secondary or backup systems, and other machinery such as pumps, compressors, presses, electric motors, and internal combustion engines.

Two common methods used in conditioning monitoring are trend monitoring and condition checking. Condition monitoring has a number of advantages, including lower maintenance costs, less downtime, longer asset life, and cost savings. Under particularly rigorous operating conditions, condition monitoring sensors may struggle to function properly. As a result of these conditions, sensors may need to be replaced more frequently than expected.

Detailed Segmentation–

Global Conditioning Monitoring Market is segmented on the basis of Monitoring Type, Component, Deployment Model, Application, and Region. Represented below is a detailed segmental description:

Based on Monitoring Type:

• Vibration monitoring
• Thermography
• Oil Analysis
• Corrosion Monitoring
• Ultrasound Emission
• Radiography
• Motor Current Analysis
• Electrical Monitoring
• Performance Monitoring
• Laser Interferometry
• Others

Based on Component:

• Hardware
• Software
• Service

Based on Deployment:

• Cloud
• On-premise

Based on Application:

• Automotive
• Food & Beverage
• Oil & Gas
• Aerospace & Defense
• Mining & Metal
• Water & Wastewater
• Paper & Packaging
• Marine
• Other Applications

Based on Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Market Dynamics–

The increased adoption of cloud technologies in the organization is augmenting revenue growth opportunities for this target market. Cloud technologies are deployed for detailed machine monitoring.  The user can easily organize the maintenance report for industrial machines using cloud-based technologies.

Cloud-based technologies enable remote access, enhanced analytics, customizable dashboards, and scalability without the need for local server maintenance. With increasing investments in power generation and petrochemical sectors, the demand for condition monitoring systems is likely to grow throughout South Asia in the future. Governments in developing economies like India and Indonesia are urging private sector firms to reduce electricity deficits.

This, in turn, is fueling the growth of the condition monitoring system market in the region. Despite the fact that the condition monitoring market is expected to achieve a high rate of growth, the shortage of educated specialists for data analytics is expected to stymie this market's expansion.

When a machine causes downtime, swift resolutions based on data analysis results in minimum losses; nevertheless, if not managed properly, substantial losses occur, affecting this market’s growth rate in the process. Organizations in the condition monitoring market employ a variety of strategies, including product launches, acquisitions, R&D initiatives, etc.

Competitive Landscape –

The global condition monitoring system market is relatively competitive, with the presence of a moderate number of local and global manufacturers. Key manufacturers such as SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric, and Parker Hannifin Corp., accounted for nearly half of the overall share of this market.

Key developments –

2020

• In April 2020, Dewesoft has announced the launch of its low-cost, high-performance, totally distributed, and easy-to-use solution to conquer the condition monitoring market. The solution suits applications such as permanent condition monitoring of gearboxes, fans, motors, blowers and any other rotating machinery in automotive, mining, pulp, paper, iron, steel, chemical, cement, oil and gas, facility management and power production.

2018

• In April 2018, Environnement S.A has announced a partnership with EMS Bruel & Kjaer bringing together its extensive air quality monitoring instrumentation under the newly created trademark ENVEA™ to benefit its global distribution channels and existing customer base to extend the capability of Environmental Monitoring Service (EMS) offerings. This is set to propel market growth in the coming years.

For the Conditioning Monitoring Market research study, the following years have been considered to estimate the market size: