Condition Monitoring System Market Report

Market Highlights

The condition monitoring system market is estimated to grow from USD 2.7 billion in 2020 to USD 3.6 billion by 2027 at a CAGR of 4.3% during the forecast period.

To get the full scope of the report, Register Here.

What is Condition Monitoring?

The technique of monitoring a machine's state in order to predict its mechanical wear and failure is known as condition monitoring. Condition monitoring systems help in leveraging a wide range of data, including equipment temperature, energy usage, run time, and output, among others, which help in improving plant operations and decision-making. Over the eons, there has been an uprise in the adoption of condition-monitoring solutions at several plant facilities.

Predictive analytics is the current trend in the industrial sector. The companies are focused on developing systems and equipment that not only provide real-time data but also give the prediction about the machine’s service life, well in advance, which results in significant cost savings during probable failures. Moreover, with the use of predictive analytics, plant managers can avoid downtime when a machine/equipment is not operating to its maximum potential.

COVID-19 Impact Analysis-

The impact of the COVID-19 Pandemic on the demand for condition monitoring systems varied from industry to industry. However, most of the major markets, such as oil & gas, automotive, and aerospace & defense, recorded a huge downturn amid the pandemic. Condition monitoring systems followed an almost similar path with over double-digit decline in the major markets. Overall, the market registered a decline of -15% in the year 2020.

With the dawn of 2021, the market stakeholders started witnessing some signs of recovery, again varied from industry to industry. For instance, oil & gas and automotive recorded some recovery, whereas aerospace & defense is still under immense pressure engulfed by the new variants of COVID-19 paired with industry challenges such as the temporary halt in the production of B787.

Market Dynamics

The market is driven by a host of factors, some of which are noted below:

• Condition Monitoring Systems are used to monitor the health of equipment and machinery in real-time, detecting any anomalies or potential failures before they occur.
• The adoption of Industry 4.0 will lead to an increase in the use of condition monitoring systems, as it enables manufacturers to monitor their equipment more effectively and efficiently.
• The increasing demand for reducing human involvement in predictive maintenance is driving the growth of the market, and this trend is expected to continue in the coming years.
• By detecting and addressing problems early on, these systems can help to reduce downtime, extend equipment life, and improve overall efficiency and productivity.
• Increasing adoption of predictive maintenance strategies by companies across various industries, such as manufacturing, oil and gas, and aerospace.
• Additionally, advances in technology, such as the development of advanced sensors, cloud computing, and machine learning algorithms, have made it easier and more cost-effective to implement these systems.
• Increasing focus on safety and regulatory compliance. Condition monitoring systems can help companies meet safety and regulatory requirements by ensuring that their equipment is functioning properly and minimizing the risk of accidents or equipment failures.

Segment Analysis

Want to get more details about the segmentations? Click here.

By End-Use Type

The market is classified into aerospace & defense, automotive, oil & gas, marine, metal & mining, and others. The oil & gas industry occupied more than 35% in 2020 & is projected to remain the biggest demand generator for condition monitoring systems in the years to come. Condition monitoring systems play a paramount role in the oil & gas industry, especially in applications such as pumps.

On the other hand, aerospace & defense, an industry that recorded a mammoth decline amid the pandemic, is expected to register the highest growth in terms of the demand generated for condition monitoring systems, in the coming five years. Commercial aircraft remains the biggest demand generator in the aerospace & defense industry, in the foreseen future.

Monitoring technique Type

The market is segmented into vibration analysis, thermography, oil analysis, and others. Vibration analysis held a significant market share of more than 85% in 2020. Condition monitoring systems assist in effectively managing and directing plant operations using real-time data collected from various systems and tools.

As a result, these systems aid in the removal of human influence from industrial plant supervision. In the near future, it is anticipated that there would be greater demand for vibration monitoring systems across industries.

Product Type

The market is segmented into router-based systems, portable systems, and sensor-based systems. Sensor-based systems held a market share of more than 55% in 2020. These systems are more advanced and give operators real-time plant data. Sensors are useful in sectors that require 24-hour monitoring.

Failure of some equipment leads to total system overhaul, significant repair costs, and an unsafe work environment in production-intensive industries including oil & gas, power generation, and mining. As a result, such sectors necessitate constant asset and machinery monitoring.

Deployment Type

The market is segmented as cloud and on-premises. Cloud-based systems occupied a significant market share of more than 75% in 2020, because of the growing usage of cloud computing across multiple industry verticals, especially among small-scale and medium-scale businesses.

Furthermore, with the advancements in the Internet of Things (IoT), industries can remotely access machine installations and monitor their performance.

Regions Analysis

North America accounted for a market share of more than 35% in 2020 & is expected to remain the largest market for condition monitoring systems during the forecast period. North America, more precisely the USA remains the biggest market for several end-use industries. As a result of that, almost all the leading players have their presence in the region to tap the market.

Want to know which region offers the best growth opportunities? Register Here.

Furthermore, the region is a go-getter in terms of the adoption of advanced technologies. Also, the region has stricter regulations regarding workplace and personnel safety, which overall pushes the demand for condition monitoring systems in major end-use markets.

Asia-Pacific, another major market, is subjected to growth at the highest rate in the years to come. China remains the growth propeller in the region’s market in the near future. Increasing acceptance of condition monitoring systems paired with the organic growth of end-use markets remains the driving force for condition monitoring systems in the region. Japan and India also generate a sizeable demand for condition monitoring systems in the region. 

Key Players

The following are some of the key players in the condition monitoring system market:

• Baker Hughes Company
• SKF
• Emerson Electric Co.
• Siemens
• Schaeffler AG
• Meggitt PLC
• Rockwell Automation, Inc.
• Eaton
• PARKER HANNIFIN CORP
• Teledyne FLIR LLC

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s market realities and future market possibilities for the forecast period of 2021 to 2027.

The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com