Machine Condition Monitoring Market by Monitoring Type (Vibration Monitoring, Thermography, Lubricating Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCSA), Offering, Industry, Monitoring Process, and Geography - Global Forecast to 2022

“Machine condition monitoring market to exhibit a significant growth potential between 2016 and 2022”
The machine condition monitoring market is expected to grow at a CAGR of 7.0% between 2016 and 2022 and is likely to be valued at USD 3.07 billion by 2022. The key driving factors for the growth of the machine condition monitoring market are the increasing use of wireless communication technology, growth in the HVAC systems market, rising trend of smart factory or Industry 4.0, and transition from preventive to predictive maintenance. However, the major restraining factors for the growth of this market are unpredictable maintenance schedules and additional expenses incurred in retrofitting the existing systems.

“Market for motor current signature analysis (MCSA) expected to grow at the highest rate during forecast period”
The market for MCSA is expected to grow at a high CAGR between 2016 and 2022. The common reasons for motor failures include bearing failure, overloading, normal insulation deterioration, unbalanced or incorrect voltage, misalignment/vibration, and poor maintenance practices; MCSA helps to monitor the above mentioned parameters, thereby reducing motor failures and energy consumption.

“Oil and gas to hold the largest share of the overall machine condition monitoring market in 2016”
The oil and gas industry is expected to hold the largest share of the global machine condition monitoring market in 2016. The oil and gas industries use extremely complex and expensive equipment such as boilers, pumps, generators, and piping network for their operations. The equipment consumes a lot of power and generates an equally large amount of heat. Even a minor fault in the equipment can result into an increase in power consumption and may even trigger the release of powerful gases, or lead to an explosion, which is why, predictive maintenance technologies are essential in these industries.

“APAC to be the fastest-growing market for machine condition monitoring during the forecast period”
The market for machine condition monitoring in APAC is expected to grow at a high rate between 2016 and 2022. Rapid industrialization, growing adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are driving the growth of the machine condition monitoring market in this region.

The break-up of the profiles of primary participants for the report has been given below.
‧ By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
‧ By Designation: C–Level Executives – 60%, Directors– 25%, and Others – 15%
‧ By Region: North America - 35%, Europe – 25%, APAC – 30%, and RoW – 10%
The key players operating in the machine condition monitoring market include Emerson Electric Co. (U.S.), General Electric (U.S.), Honeywell International Inc. (U.S.), National Instruments Corp. (U.S.), SKF AB (Sweden), Parker Hannifin Corp. (U.S.), Rockwell Automation, Inc. (U.S.), Bruel & Kjaer Vibro GmbH (Germany), Azima DLI Corp. (U.S.), Meggitt PLC (U.K.), ALS Ltd. ( Australia), and Schaeffler AG (Germany).

Research Coverage:
The research report on the global machine condition monitoring market covers different segments—monitoring type, offering, industry, monitoring process, and geography. The market has been segmented on the basis of monitoring type into vibration monitoring, thermography, lubricating oil analysis, corrosion monitoring, ultrasound emission, and MCSA. On the basis of offering, the machine condition monitoring market has been classified into hardware and software. The machine condition monitoring market has been segmented on the basis of industry into oil and gas, energy and power, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine, and others. In addition, the report covers two types of monitoring processes—online monitoring and portable monitoring. The report covers the market in four major geographical regions—North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).

Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market based monitoring type, offering, industry, monitoring process, and geography have been conducted to give an overall view of the machine condition monitoring market.
The Porter’s five forces framework has been utilized, along with the value chain analysis, to provide an in-depth insight into the machine condition monitoring market.
The major drivers, restraints, opportunities, and challenges for the machine condition monitoring market have been detailed in this report.
The report includes a detailed competitive landscape, along with in-depth analysis and revenue of key players.

TABLE OF CONTENTS

1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 MARKET DEFINITION 17
1.3 SCOPE OF THE STUDY 18
1.3.1 MARKETS COVERED 18
1.3.2 YEARS CONSIDERED FOR THE STUDY 19
1.4 CURRENCY 19
1.5 LIMITATIONS 19
1.6 STAKEHOLDERS 20
2 RESEARCH METHODOLOGY 21
2.1 RESEARCH DATA 21
2.1.1 SECONDARY DATA 22
2.1.1.1 Key data from secondary sources 22
2.1.2 PRIMARY DATA 23
2.1.2.1 Key data from primary sources 23
2.1.2.2 Key industry insights 24
2.1.2.3 Breakdown of primaries 24
2.2 MARKET SIZE ESTIMATION 25
2.2.1 BOTTOM-UP APPROACH 25
2.2.1.1 Approach for arriving at the market share by bottom-up analysis (demand side) 25
2.2.2 TOP-DOWN APPROACH 26
2.2.2.1 Approach for capturing the market share by top-down analysis (supply side) 26
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 28
2.4 RESEARCH ASSUMPTIONS 29
3 EXECUTIVE SUMMARY 30
4 PREMIUM INSIGHTS 36
4.1 MACHINE CONDITION MONITORING MARKET, 2016–2022 36
4.2 MACHINE CONDITION MONITORING MARKET, BY MONITORING TYPE (2016–2022) 36
4.3 MACHINE CONDITION MONITORING MARKET, BY OFFERING (2016–2022) 37
4.4 MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS (2016–2022) 37
4.5 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY AND REGION (2016) 38
4.6 MACHINE CONDITION MONITORING MARKET, BY GEOGRAPHY (2016) 39

5 MARKET OVERVIEW 40
5.1 INTRODUCTION 41
5.2 MARKET SEGMENTATION 41
5.2.1 BY MONITORING TYPE 41
5.2.2 BY OFFERING 41
5.2.3 BY INDUSTRY 42
5.2.4 BY MONITORING PROCESS 43
5.2.5 BY GEOGRAPHY 43
5.3 MARKET DYNAMICS 44
5.3.1 DRIVERS 45
5.3.1.1 Increasing use of wireless communication technology 45
5.3.1.2 Growth in the HVAC systems market 45
5.3.1.3 Rising trend of smart factory or Industry 4.0 45
5.3.1.4 Transition from preventive to predictive maintenance 46
5.3.2 RESTRAINTS 46
5.3.2.1 Unpredictable maintenance schedules 46
5.3.2.2 Additional expenses incurred in retrofitting existing systems 46
5.3.3 OPPORTUNITIES 47
5.3.3.1 Industrial Internet of Things (IIoT) 47
5.3.3.2 Advent of big data analytics 47
5.3.4 CHALLENGES 47
5.3.4.1 Availability of expertise at remote locations 47
5.3.4.2 Integration of condition monitoring systems with PAM and CMMS 47
6 INDUSTRY TRENDS 48
6.1 INTRODUCTION 48
6.2 VALUE CHAIN ANALYSIS 48
6.3 PORTER’S FIVE FORCES MODEL 50
6.3.1 BARGAINING POWER OF SUPPLIERS 51
6.3.2 BARGAINING POWER OF BUYERS 52
6.3.3 THREAT OF NEW ENTRANTS 53
6.3.4 THREAT OF SUBSTITUTES 54
6.3.5 INTENSITY OF COMPETITIVE RIVALRY 55
6.4 REGULATORY STANDARDS 56
6.4.1 API 56
6.4.2 ASTM 56
6.4.3 ISO 57
6.4.4 MIMOSA 57

7 MARKET ANALYSIS, BY MONITORING TYPE 59
7.1 INTRODUCTION 60
7.2 VIBRATION MONITORING 62
7.2.1 DEFECTS DETECTED BY VIBRATION MONITORING 62
7.3 THERMOGRAPHY 65
7.3.1 DEFECTS DETECTED BY THERMOGRAPHY 65
7.4 LUBRICATING OIL ANALYSIS 68
7.4.1 DEFECTS DETECTED BY LUBRICATING OIL ANALYSIS 68
7.5 CORROSION MONITORING 70
7.5.1 DEFECTS DETECTED BY CORROSION MONITORING 71
7.6 ULTRASOUND EMISSION 73
7.6.1 DEFECTS DETECTED BY ULTRASOUND EMISSION MONITORING 73
7.7 MOTOR CURRENT SIGNATURE ANALYSIS (MCSA) 75
7.7.1 DEFECTS DETECTED BY MOTOR CURRENT SIGNATURE ANALYSIS 76
8 MARKET ANALYSIS, BY OFFERING 78
8.1 INTRODUCTION 79
8.2 HARDWARE 80
8.2.1 VIBRATION SENSORS 82
8.2.1.1 Accelerometers 82
8.2.1.2 Proximity probes 82
8.2.1.3 Tachometers 82
8.2.2 INFRARED SENSORS 83
8.2.2.1 Thermal infrared sensors 83
8.2.2.2 Quantum infrared sensors 83
8.2.3 SPECTROMETERS 83
8.2.3.1 Infrared spectrometers 83
8.2.3.2 Ultraviolet spectrometers 84
8.2.3.3 Atomic spectrometers 84
8.2.3.4 Mass spectrometers 84
8.2.4 CORROSION PROBES 84
8.2.5 ULTRASOUND DETECTORS 84
8.2.6 SPECTRUM ANALYZERS 85
8.2.6.1 Swept spectrum analyzers 85
8.2.6.2 Real-time spectrum analyzers 85
8.2.7 OTHERS 85
8.3 SOFTWARE 85
8.3.1 DATA INTEGRATION 86
8.3.2 DIAGNOSTIC REPORTING 86
8.3.3 ORDER TRACKING ANALYSIS 86
8.3.4 PARAMETER CALCULATION 86
9 MARKET ANALYSIS, BY INDUSTRY 87
9.1 INTRODUCTION 88
9.2 OIL & GAS 90
9.2.1 USE OF DATA ANALYTICS AND AUGMENTED REALITY IN THE OIL & GAS INDUSTRY FOR MACHINE CONDITION MONITORING 90
9.3 ENERGY & POWER 92
9.3.1 LAUNCH OF CONDITION MONITORING ALLIANCE TO CUT DOWN GRID MAINTENANCE COSTS 92
9.4 METALS & MINING 94
9.4.1 DEVELOPMENT OF CONVEYOR CONDITION MONITORING SYSTEMS TO DETECT CONVEYOR FAULTS IN THE MINING INDUSTRY 95
9.5 CHEMICALS 97
9.5.1 DIGITALIZATION OF PLANT OPERATIONS INCREASES PRODUCTIVITY OF CHEMICAL PLANTS 97
9.6 AUTOMOTIVE 99
9.6.1 INDUSTRIAL INTERNET OF THINGS (IIOT) DRIVES INNOVATION IN AUTOMOBILE MANUFACTURING 100
9.7 AEROSPACE AND DEFENSE 102
9.7.1 ARTIFICIAL INTELLIGENCE IN MONITORING AIRCRAFT MANUFACTURING 102
9.8 FOOD & BEVERAGES 104
9.8.1 REAL-TIME PROCESS MONITORING IN FOOD AND BEVERAGES MANUFACTURING 105
9.9 MARINE 106
9.9.1 EFFECTIVE PREDICTIVE MAINTENANCE FOR SHIP MANUFACTURING 106
9.10 OTHERS 108
9.10.1 CEMENT INDUSTRY 108
9.10.2 HEALTHCARE 108
9.10.3 PULP & PAPER 109
9.10.4 SEMICONDUCTOR & ELECTRONICS 109
10 MARKET ANALYSIS, BY MONITORING PROCESS 112
10.1 INTRODUCTION 113
10.2 ONLINE CONDITION MONITORING 114
10.2.1 CLOUD COMPUTING GAINING IMPORTANCE IN ONLINE CONDITION MONITORING 114
10.3 PORTABLE CONDITION MONITORING 116
10.3.1 PORTABLE MONITORING: A COST EFFECTIVE CONDITION MONITORING PROCESS 116

11 CLOUD-BASED CONDITION MONITORING MARKET 118
11.1 INTRODUCTION 118
11.2 NEED FOR CLOUD-BASED CONDITION MONITORING 118
11.3 BENEFITS OF CLOUD-BASED CONDITION MONITORING 119
11.4 MAJOR CLOUD-BASED CONDITION MONITORING SERVICES OUTSOURCED 120
11.4.1 REMOTE OPERATION MONITORING 120
11.4.2 ANALYTICS AS A SERVICE 121
11.5 FUTURE TRENDS OF CLOUD-BASED CONDITION MONITORING 121
11.5.1 MULTI-PARAMETER CONDITION MONITORING 121
11.5.2 CLOUD-BASED PREDICTIVE MAINTENANCE (MAINTENANCE-AS-A-SERVICE) 122
11.5.3 SMART MAINTENANCE FOR SMART FACTORIES 123
11.6 CHALLENGES FOR CLOUD-BASED CONDITION MONITORING 123
11.6.1 APPREHENSIONS ABOUT DATA SECURITY 123
11.6.2 ABSENCE OF INFRASTRUCTURE FOR CLOUD IN EMERGING ECONOMIES 124
11.7 MAJOR COMPANIES OFFERING CLOUD-BASED CONDITION MONITORING SERVICES 124
12 MARKET ANALYSIS, BY GEOGRAPHY 125
12.1 INTRODUCTION 126
12.2 NORTH AMERICA 127
12.2.1 U.S. 128
12.2.1.1 New product launches in the lubricating oil analysis market 128
12.2.2 CANADA 129
12.2.2.1 Increasing demand for machine condition monitoring systems in the oil and gas industry 129
12.2.3 MEXICO 129
12.2.3.1 Mexico, being one of the largest industrial automation markets, expected to drive machine condition monitoring market 129
12.3 EUROPE 131
12.3.1 GERMANY 131
12.3.1.1 Increasing implementation of Industry 4.0 to transform the machine condition monitoring market 131
12.3.2 U.K. 131
12.3.2.1 Investments in the nuclear power plants offer growth opportunities for the machine condition monitoring market 131
12.3.3 FRANCE 132
12.3.3.1 Growing aerospace industry in France supporting the growth of machine condition monitoring market 132
12.3.4 REST OF EUROPE 132
12.3.4.1 Metals and mining industry driving the growth of the machine condition monitoring market 132

12.4 APAC 134
12.4.1 CHINA 135
12.4.1.1 Machine condition monitoring capitalizing on the increasing automation in the manufacturing industries in China 135
12.4.2 JAPAN 135
12.4.2.1 Automation in the automotive industry to offer growth prospects for the machine condition monitoring market in Japan 135
12.4.3 INDIA 135
12.4.3.1 Make in India initiative by the Indian government 135
12.4.4 REST OF APAC 136
12.4.4.1 Rapidly developing shipping and offshore industry expected to drive the machine condition monitoring market 136
12.5 ROW 137
12.5.1 MIDDLE EAST 137
12.5.1.1 Huge oil reserves in the Middle East to provide huge opportunities for the machine condition monitoring market 137
12.5.2 SOUTH AMERICA 138
12.5.2.1 Investments from emerging Asian economies in South America for industrial setup 138
12.5.3 AFRICA 138
12.5.3.1 Availability of natural resources holds opportunities for rapid industrialization 138
13 COMPETITIVE LANDSCAPE 140
13.1 OVERVIEW 140
13.2 RANKING ANALYSIS OF THE PLAYERS IN THE MACHINE CONDITION MONITORING MARKET 141
13.3 COMPETITIVE SITUATION AND TRENDS 142
13.3.1 NEW PRODUCT LAUNCHES 143
13.3.2 ACQUISITIONS & CONTRACTS 144
13.3.3 AGREEMENTS, COLLABORATIONS, & PARTNERSHIPS 145

14 COMPANY PROFILES 146
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
14.1 INTRODUCTION 146
14.2 EMERSON ELECTRIC CO. 147
14.3 GENERAL ELECTRIC 150
14.4 HONEYWELL INTERNATIONAL INC. 153
14.5 NATIONAL INSTRUMENTS CORP. 156
14.6 SKF AB 159
14.7 ALS LTD. 162
14.8 MEGGITT PLC 164
14.9 PARKER HANNIFIN CORP. 166
14.10 ROCKWELL AUTOMATION, INC. 168
14.11 SCHAEFFLER AG 170
14.12 AZIMA DLI CORP. 172
14.13 BRUEL & KJAER VIBRO GMBH 174
*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
15 APPENDIX 176
15.1 INSIGHTS OF INDUSTRY EXPERTS 176
15.2 DISCUSSION GUIDE 177
15.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 180
15.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 182
15.5 AVAILABLE CUSTOMIZATIONS 184
15.6 RELATED REPORTS 185