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

 Published On: Nov, 2016 |    No of Pages: 189 |  Published By: MarketsandMarkets | Format: PDF
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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 AND 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 smart factory or Industry 4.0 trend 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 Limited 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 93
9.4 METALS & MINING 95
9.4.1 DEVELOPMENT OF CONVEYOR CONDITION MONITORING SYSTEMS TO DETECT CONVEYOR FAULTS IN THE MINING INDUSTRY 95
9.5 CHEMICALS 98
9.5.1 DIGITALIZATION OF PLANT OPERATIONS INCREASES PRODUCTIVITY OF CHEMICAL PLANTS 98
9.6 AUTOMOTIVE 100
9.6.1 INDUSTRIAL INTERNET OF THINGS (IIOT) DRIVES INNOVATION IN AUTOMOBILE MANUFACTURING 101
9.7 AEROSPACE & DEFENSE 103
9.7.1 ARTIFICIAL INTELLIGENCE IN MONITORING AIRCRAFT MANUFACTURING 103
9.8 FOOD & BEVERAGES 105
9.8.1 REAL-TIME PROCESS MONITORING IN FOOD & BEVERAGES MANUFACTURING 106
9.9 MARINE 107
9.9.1 EFFECTIVE PREDICTIVE MAINTENANCE FOR SHIP MANUFACTURING 107
9.10 OTHERS 110
9.10.1 CEMENT INDUSTRY 110
9.10.2 HEALTHCARE 110
9.10.3 PULP & PAPER 110
9.10.4 SEMICONDUCTOR & ELECTRONICS 110

10 MARKET ANALYSIS, BY MONITORING PROCESS 113
10.1 INTRODUCTION 114
10.2 ONLINE CONDITION MONITORING 115
10.2.1 CLOUD COMPUTING GAINING IMPORTANCE IN ONLINE CONDITION MONITORING 115
10.3 PORTABLE CONDITION MONITORING 117
10.3.1 PORTABLE MONITORING: A COST EFFECTIVE CONDITION MONITORING PROCESS 117

11 CLOUD-BASED CONDITION MONITORING MARKET 119
11.1 INTRODUCTION 119
11.2 NEED FOR CLOUD-BASED CONDITION MONITORING 119
11.3 BENEFITS OF CLOUD-BASED CONDITION MONITORING 120
11.4 MAJOR CLOUD-BASED CONDITION MONITORING SERVICES OUTSOURCED 121
11.4.1 REMOTE OPERATION MONITORING 121
11.4.2 ANALYTICS AS A SERVICE 122
11.5 FUTURE TRENDS OF CLOUD-BASED CONDITION MONITORING 122
11.5.1 MULTI-PARAMETER CONDITION MONITORING 122
11.5.2 CLOUD-BASED PREDICTIVE MAINTENANCE(MAINTENANCE-AS-A-SERVICE) 123
11.5.3 SMART MAINTENANCE FOR SMART FACTORIES 123
11.6 CHALLENGES FOR CLOUD-BASED CONDITION MONITORING 124
11.6.1 APPREHENSIONS ABOUT DATA SECURITY 124
11.6.2 ABSENCE OF INFRASTRUCTURE FOR CLOUD IN EMERGING ECONOMIES 125
11.7 MAJOR COMPANIES OFFERING CLOUD-BASED CONDITION MONITORING SERVICES 125

12 MARKET ANALYSIS, BY GEOGRAPHY 126
12.1 INTRODUCTION 127
12.2 NORTH AMERICA 128
12.2.1 U.S. 129
12.2.1.1 New product launches in the lubricating oil analysis market 130
12.2.2 CANADA 130
12.2.2.1 Increasing demand for machine condition monitoring systems in the oil & gas industry 130
12.2.3 MEXICO 130
12.2.3.1 Large industrial automation market expected to drive machine condition monitoring market 130
12.3 EUROPE 132
12.3.1 GERMANY 132
12.3.1.1 Increasing implementation of Industry 4.0 to transform the machine condition monitoring market 132
12.3.2 U.K. 132
12.3.2.1 Investments in nuclear power plants offer growth opportunities for the machine condition monitoring market 132
12.3.3 FRANCE 133
12.3.3.1 Growing aerospace industry in France supporting growth of the machine condition monitoring market 133
12.3.4 REST OF EUROPE 133
12.3.4.1 Metals & mining industry driving growth of the machine condition monitoring market 133
12.4 APAC 135
12.4.1 CHINA 136
12.4.1.1 Machine condition monitoring capitalizing on increasing automation in manufacturing industries 136
12.4.2 JAPAN 136
12.4.2.1 Automation in the automotive industry to offer growth prospects for the machine condition monitoring market 136
12.4.3 INDIA 136
12.4.3.1 Make in India initiative by the Indian government 136
12.4.4 REST OF APAC 137
12.4.4.1 Rapidly developing shipping and offshore industry expected to drive the machine condition monitoring market 137
12.5 ROW 138
12.5.1 MIDDLE EAST 138
12.5.1.1 Huge oil reserves in the Middle East to provide opportunities for the machine condition monitoring market 138
12.5.2 SOUTH AMERICA 139
12.5.2.1 Investments in industry by emerging Asian economies 139
12.5.3 AFRICA 139
12.5.3.1 Availability of natural resources holds opportunities for rapid industrialization 139

13 COMPETITIVE LANDSCAPE 141
13.1 OVERVIEW 141
13.2 RANKING ANALYSIS OF THE PLAYERS IN THE MACHINE CONDITION MONITORING MARKET 142
13.3 COMPETITIVE SITUATION AND TRENDS 143
13.3.1 NEW PRODUCT LAUNCHES 144
13.3.2 ACQUISITIONS AND CONTRACTS 145
13.3.3 AGREEMENTS, COLLABORATIONS AND PARTNERSHIPS 146

14 COMPANY PROFILES 147 (Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Ratio Analysis, MnM View)*
14.1 INTRODUCTION 147
14.2 EMERSON ELECTRIC CO. 148
14.3 GENERAL ELECTRIC 151
14.4 HONEYWELL INTERNATIONAL INC. 154
14.5 NATIONAL INSTRUMENTS CORP. 157
14.6 SKF AB 160
14.7 ALS LTD. 163
14.8 MEGGITT PLC 165
14.9 PARKER HANNIFIN CORP. 167
14.10 ROCKWELL AUTOMATION, INC. 169
14.11 SCHAEFFLER AG 171
14.12 AZIMA DLI CORP. 173
14.13 BRUEL & KJAER VIBRO GMBH 175

*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 177
15.1 INSIGHTS OF INDUSTRY EXPERTS 177
15.2 DISCUSSION GUIDE 178
15.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 181
15.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 183
15.5 AVAILABLE CUSTOMIZATIONS 185
15.6 RELATED REPORTS 186
15.7 AUTHOR DETAILS 187

LIST OF TABLES

TABLE 1 MACHINE CONDITION MONITORING MARKET IN TERMS OF VALUE AND VOLUME, 2013–2022 61
TABLE 2 MACHINE CONDITION MONITORING MARKET, BY MONITORING TYPE, 2013–2022 (USD MILLION) 61
TABLE 3 MARKET FOR VIBRATION MONITORING , BY INDUSTRY, 2013–2022 (USD MILLION) 63
TABLE 4 MARKET FOR VIBRATION MONITORING, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 64
TABLE 5 MARKET FOR VIBRATION MONITORING , BY REGION, 2013–2022 (USD MILLION) 64
TABLE 6 MARKET FOR THERMOGRAPHY, BY INDUSTRY, 2013–2022 (USD MILLION) 66
TABLE 7 MARKET FOR THERMOGRAPHY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 66
TABLE 8 MARKET FOR THERMOGRAPHY, BY REGION, 2013–2022 (USD MILLION) 67
TABLE 9 MARKET FOR LUBRICATING OIL ANALYSIS, BY INDUSTRY, 2013–2022 (USD MILLION) 69
TABLE 10 MARKET FOR LUBRICATING OIL ANALYSIS, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 69
TABLE 11 MARKET FOR LUBRICATING OIL ANALYSIS, BY REGION, 2013–2022 (USD MILLION) 70
TABLE 12 MARKET FOR CORROSION MONITORING, BY INDUSTRY, 2013–2022 (USD MILLION) 71
TABLE 13 MARKET FOR CORROSION MONITORING, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 72
TABLE 14 MARKET FOR CORROSION MONITORING, BY REGION, 2013–2022 (USD MILLION) 72
TABLE 15 MARKET FOR ULTRASOUND EMISSION, BY INDUSTRY, 2013–2022 (USD MILLION) 74
TABLE 16 MARKET FOR ULTRASOUND EMISSION, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 74
TABLE 17 MARKET FOR ULTRASOUND EMISSION, BY REGION, 2013–2022 (USD MILLION) 75
TABLE 18 MARKET FOR MCSA, BY INDUSTRY, 2013–2022 (USD MILLION) 76
TABLE 19 MARKET FOR MCSA, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 77
TABLE 20 MARKET FOR MCSA, BY REGION, 2013–2022 (USD MILLION) 77
TABLE 21 MACHINE CONDITION MONITORING MARKET, BY OFFERING, 2013–2022 (USD MILLION) 79
TABLE 22 MACHINE CONDITION MONITORING MARKET FOR HARDWARE, BY TYPE, 2013–2022 (USD MILLION) 81
TABLE 23 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY, 2013–2022 (USD MILLION) 89
TABLE 24 MACHINE CONDITION MONITORING MARKET FOR THE OIL & GAS INDUSTRY, BY MONITORING TYPE, 2013–2022 (USD MILLION) 91
TABLE 25 MACHINE CONDITION MONITORING MARKET FOR THE OIL & GAS INDUSTRY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 92
TABLE 26 MACHINE CONDITION MONITORING MARKET FOR THE OIL & GAS INDUSTRY, BY REGION, 2013–2022 (USD MILLION) 92
TABLE 27 MACHINE CONDITION MONITORING MARKET FOR THE ENERGY & POWER INDUSTRY, BY MONITORING TYPE, 2013–2022 (USD MILLION) 93
TABLE 28 MACHINE CONDITION MONITORING MARKET FOR THE ENERGY & POWER INDUSTRY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 94
TABLE 29 MACHINE CONDITION MONITORING MARKET FOR THE ENERGY & POWER INDUSTRY, BY REGION, 2013–2022 (USD MILLION) 95
TABLE 30 MACHINE CONDITION MONITORING MARKET FOR THE METALS & MINING INDUSTRY, BY MONITORING TYPE, 2013–2022 (USD MILLION) 96
TABLE 31 MACHINE CONDITION MONITORING MARKET FOR THE METALS & MINING INDUSTRY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 96
TABLE 32 MACHINE CONDITION MONITORING MARKET FOR THE METALS & MINING INDUSTRY, BY REGION, 2013–2022 (USD MILLION) 97
TABLE 33 MACHINE CONDITION MONITORING MARKET FOR THE CHEMICALS INDUSTRY, BY MONITORING TYPE, 2013–2022 (USD MILLION) 98
TABLE 34 MACHINE CONDITION MONITORING MARKET FOR THE CHEMICALS INDUSTRY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 99
TABLE 35 MACHINE CONDITION MONITORING MARKET FOR THE CHEMICALS INDUSTRY, BY REGION, 2013–2022 (USD MILLION) 100
TABLE 36 MACHINE CONDITION MONITORING MARKET FOR THE AUTOMOTIVE INDUSTRY, BY MONITORING TYPE, 2013–2022 (USD MILLION) 101
TABLE 37 MACHINE CONDITION MONITORING MARKET FOR THE AUTOMOTIVE INDUSTRY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 101
TABLE 38 MACHINE CONDITION MONITORING MARKET FOR THE AUTOMOTIVE INDUSTRY, BY REGION, 2013–2022 (USD MILLION) 102
TABLE 39 MACHINE CONDITION MONITORING MARKET FOR THE AEROSPACE & DEFENSE INDUSTRY, BY MONITORING TYPE, 2013–2022 (USD MILLION) 103
TABLE 40 MACHINE CONDITION MONITORING MARKET FOR THE AEROSPACE & DEFENSE INDUSTRY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 104
TABLE 41 MACHINE CONDITION MONITORING MARKET FOR THE AEROSPACE & DEFENSE INDUSTRY, BY REGION, 2013–2022 (USD MILLION) 105
TABLE 42 MACHINE CONDITION MONITORING MARKET FOR THE FOOD & BEVERAGES INDUSTRY, BY MONITORING TYPE, 2013–2022 (USD MILLION) 106
TABLE 43 MACHINE CONDITION MONITORING MARKET FOR THE FOOD & BEVERAGES INDUSTRY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 106
TABLE 44 MACHINE CONDITION MONITORING MARKET FOR THE FOOD & BEVERAGES INDUSTRY, BY REGION, 2013–2022 (USD MILLION) 107
TABLE 45 MACHINE CONDITION MONITORING MARKET FOR THE MARINE INDUSTRY, BY MONITORING TYPE, 2013–2022 (USD MILLION) 108
TABLE 46 MACHINE CONDITION MONITORING MARKET FOR THE MARINE INDUSTRY, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 109
TABLE 47 MACHINE CONDITION MONITORING MARKET FOR THE MARINE INDUSTRY, BY REGION, 2013–2022 (USD MILLION) 109
TABLE 48 MACHINE CONDITION MONITORING MARKET FOR THE OTHER INDUSTRIES, BY MONITORING TYPE, 2013–2022 (USD MILLION) 111
TABLE 49 MACHINE CONDITION MONITORING MARKET FOR THE OTHER INDUSTRIES, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 111
TABLE 50 MACHINE CONDITION MONITORING MARKET FOR THE OTHER INDUSTRIES, BY REGION, 2013–2022 (USD MILLION) 112
TABLE 51 MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS, 2013–2022 (USD MILLION) 114
TABLE 52 ONLINE CONDITION MONITORING MARKET, BY MONITORING TYPE, 2013–2022 (USD MILLION) 115
TABLE 53 ONLINE CONDITION MONITORING MARKET, BY INDUSTRY, 2013–2022 (USD MILLION) 116
TABLE 54 PORTABLE CONDITION MONITORING MARKET, BY MONITORING TYPE, 2013–2022 (USD MILLION) 117
TABLE 55 PORTABLE CONDITION MONITORING MARKET, BY INDUSTRY, 2013–2022 (USD MILLION) 118
TABLE 56 MACHINE CONDITION MONITORING MARKET, BY REGION, 2013–2022 (USD MILLION) 127
TABLE 57 MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA, BY COUNTRY, 2013–2022 (USD MILLION) 131
TABLE 58 MACHINE CONDITION MONITORING MARKET IN EUROPE, BY COUNTRY, 2013–2022 (USD MILLION) 134
TABLE 59 MACHINE CONDITION MONITORING MARKET IN APAC, BY COUNTRY, 2013–2022 (USD MILLION) 138
TABLE 60 MACHINE CONDITION MONITORING MARKET IN ROW, BY REGION, 2013–2022 (USD MILLION) 140
TABLE 61 RANKING OF THE TOP 5 PLAYERS IN THE MACHINE CONDITION MONITORING MARKET, 2015 142
TABLE 62 NEW PRODUCT LAUNCHES, 2014–2016 144
TABLE 63 ACQUISITIONS AND CONTRACTS, 2014–2016 145
TABLE 64 AGREEMENTS, COLLABORATIONS AND PARTNERSHIPS, 2014–2016 146

LIST OF FIGURES

FIGURE 1 SEGMENTATION OF THE MACHINE CONDITION MONITORING MARKET 18
FIGURE 2 MACHINE CONDITION MONITORING MARKET: RESEARCH DESIGN 21
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 26
FIGURE 4 TOP-DOWN APPROACH TO ARRIVE AT THE MARKET SIZE 27
FIGURE 5 DATA TRIANGULATION 28
FIGURE 6 SEGMENTATION OF THE MACHINE CONDITION MONITORING MARKET 30
FIGURE 7 SNAPSHOT OF THE MACHINE CONDITION MONITORING MARKET (2016 VS. 2022): VIBRATION MONITORING TO HOLD THE LARGEST SHARE OF THE MARKET IN 2016 31
FIGURE 8 MACHINE CONDITION MONITORING MARKET FOR SOFTWARE EXPECTED TO GROW AT THE HIGHEST RATE BETWEEN 2016 AND 2022 32
FIGURE 9 MACHINE CONDITION MONITORING MARKET FOR THE AUTOMOTIVE AND AEROSPACE & DEFENSE INDUSTRIES EXPECTED TO GROW AT A HIGH RATE BETWEEN 2016 AND 2022 33
FIGURE 10 MARKET FOR ONLINE CONDITION MONITORING TO GROW AT THE HIGHEST RATE BETWEEN 2016 AND 2022 34
FIGURE 11 NORTH AMERICA TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET IN 2016 34
FIGURE 12 ATTRACTIVE OPPORTUNITIES IN THE MACHINE CONDITION MONITORING MARKET BETWEEN 2016 AND 2022 36
FIGURE 13 MACHINE CONDITION MONITORING MARKET FOR MOTOR CURRENT SIGNATURE ANALYSIS EXPECTED TO GROW AT THE HIGHEST RATE BETWEEN 2016 AND 2022 36
FIGURE 14 HARDWARE EXPECTED TO LEAD THE MACHINE CONDITION MONITORING MARKET DURING THE FORECAST PERIOD 37
FIGURE 15 ONLINE CONDITION MONITORING TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET IN 2016 37
FIGURE 16 OIL & GAS INDUSTRY EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF THE GLOBAL MACHINE CONDITION MONITORING MARKET IN 2016 38
FIGURE 17 U.S. LIKELY TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET IN 2016 39
FIGURE 18 MACHINE CONDITION MONITORING MARKET, BY GEOGRAPHY 43
FIGURE 19 DROC: MACHINE CONDITION MONITORING MARKET, 2016 44
FIGURE 20 VALUE CHAIN ANALYSIS: MAJOR VALUE IS ADDED DURING THE MANUFACTURING AND SYSTEM INTEGRATION STAGES 49
FIGURE 21 MACHINE CONDITION MONITORING MARKET: PORTER’S FIVE FORCES ANALYSIS, 2016 50
FIGURE 22 BARGAINING POWER OF SUPPLIERS EXPECTED TO HAVE A HIGH IMPACT ON THE MARKET 51
FIGURE 23 HIGH QUALITY OF RAW MATERIALS TO HAVE A SIGNIFICANT IMPACT ON THE BARGAINING POWER OF SUPPLIERS 51
FIGURE 24 MODERATE CONSUMER ADOPTION TO HAVE A MEDIUM IMPACT ON THE BARGAINING POWER OF BUYERS 52
FIGURE 25 INCREASING REQUIREMENT FOR ROBUST R&D UNITS TO HAVE A MEDIUM IMPACT ON THE THREAT OF NEW ENTRANTS 53
FIGURE 26 NO DIRECT SUBSTITUTE LEADING TO LOW IMPACT OF THE THREAT OF SUBSTITUTES ON THE MARKET 54
FIGURE 27 MODERATE NUMBER OF SUPPLIERS LEADING TO MEDIUM IMPACT OF COMPETITION 55
FIGURE 28 MARKET SEGMENTATION, BY MONITORING TYPE 60
FIGURE 29 WARNING SIGNS OF MACHINE FAILURE 63
FIGURE 30 NORTH AMERICA EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF THE VIBRATION MONITORING MARKET BETWEEN 2016 AND 2022 65
FIGURE 31 MARKET FOR THERMOGRAPHY IN APAC EXPECTED TO GROW AT THE HIGHEST RATE DURING THE FORECAST PERIOD 67
FIGURE 32 MARKET FOR LUBRICATING OIL ANALYSIS IN APAC EXPECTED TO GROW AT THE HIGHEST CAGR BETWEEN 2016 AND 2022 70
FIGURE 33 OIL & GAS INDUSTRY EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF THE CORROSION MONITORING MARKET DURING THE FORECAST PERIOD 72
FIGURE 34 ONLINE CONDITION MONITORING TO DOMINATE THE MARKET FOR ULTRASOUND EMISSION BETWEEN 2016 AND 2022 75
FIGURE 35 MACHINE CONDITION MONITORING MARKET, BY OFFERING 79
FIGURE 36 HARDWARE TO ACCOUNT FOR THE LARGEST MARKET SHARE DURING FORECAST PERIOD 80
FIGURE 37 MACHINE CONDITION MONITORING MARKET, BY HARDWARE 80
FIGURE 38 VIBRATION SENSORS EXPECTED TO ACCOUNT FOR THE LARGEST MARKET SHARE BETWEEN 2016 AND 2022 81
FIGURE 39 MACHINE CONDITION MONITORING MARKET, BY SOFTWARE 86
FIGURE 40 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY 88
FIGURE 41 VIBRATION MONITORING EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET FOR THE OIL & GAS INDUSTRY DURING THE FORECAST PERIOD 91
FIGURE 42 ONLINE CONDITION MONITORING TO DOMINATE THE MACHINE CONDITION MONITORING MARKET FOR THE ENERGY & POWER INDUSTRY BETWEEN 2016 AND 2022 94
FIGURE 43 ONLINE CONDITION MONITORING TO DOMINATE THE MACHINE CONDITION MONITORING MARKET FOR THE METALS & MINING INDUSTRY DURING THE FORECAST PERIOD 97
FIGURE 44 NORTH AMERICA TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET FOR THE CHEMICALS INDUSTRY DURING THE FORECAST PERIOD 99
FIGURE 45 ONLINE CONDITION MONITORING TO DOMINATE THE MACHINE CONDITION MONITORING MARKET FOR THE AUTOMOTIVE INDUSTRY DURING THE FORECAST PERIOD 102
FIGURE 46 NORTH AMERICA EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET FOR THE AEROSPACE & DEFENSE INDUSTRY DURING THE FORECAST PERIOD 104
FIGURE 47 VIBRATION MONITORING TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET FOR THE MARINE INDUSTRY DURING THE FORECAST PERIOD 108
FIGURE 48 ONLINE CONDITION MONITORING TO DOMINATE THE MACHINE CONDITION MONITORING MARKET FOR THE OTHER INDUSTRIES BETWEEN 2016 AND 2022 112
FIGURE 49 MARKET SEGMENTATION, BY MONITORING PROCESS 114
FIGURE 50 VIBRATION MONITORING TO ACCOUNT FOR THE LARGEST MARKET SHARE BETWEEN 2016 AND 2022 116
FIGURE 51 PORTABLE CONDITION MONITORING MARKET FOR THE AUTOMOTIVE INDUSTRY EXPECTED TO GROW AT THE HIGHEST RATE BETWEEN 2016 AND 2022 118
FIGURE 52 OVERVIEW OF CLOUD-BASED CONDITION MONITORING 120
FIGURE 53 OVERVIEW OF CLOUD-BASED REMOTE OPERATION MONITORING 121
FIGURE 54 DATA EXCHANGE IN THE CLOUD-BASED MAINTENANCE FRAMEWORK 123
FIGURE 55 TRANSFORMATION OF THE TRADITIONAL AUTOMATION LAYER THROUGH CLOUD 124
FIGURE 56 MACHINE CONDITION MONITORING MARKET IN INDIA TO GROW AT THE HIGHEST RATE DURING THE FORECAST PERIOD 127
FIGURE 57 SNAPSHOT OF THE MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA 129
FIGURE 58 U.S. TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA DURING THE FORECAST PERIOD 131
FIGURE 59 GERMANY TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET IN EUROPE BETWEEN 2016 AND 2022 134
FIGURE 60 SNAPSHOT OF THE MACHINE CONDITION MONITORING MARKET IN APAC 135
FIGURE 61 MACHINE CONDITION MONITORING MARKET IN INDIA EXPECTED TO GROW AT THE HIGHEST RATE BETWEEN 2016 AND 2022 137
FIGURE 62 MIDDLE EAST EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET IN ROW BETWEEN 2016 AND 2022 139
FIGURE 63 COMPANIES ADOPTED NEW PRODUCT LAUNCHES AS A KEY GROWTH STRATEGY BETWEEN 2014 AND 2016 141
FIGURE 64 BATTLE FOR MARKET SHARE: NEW PRODUCT LAUNCHES WAS THE KEY STRATEGY 143
FIGURE 65 GEOGRAPHIC REVENUE MIX OF KEY MARKET PLAYERS (2015) 147
FIGURE 66 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT 148
FIGURE 67 EMERSON ELECTRIC CO.: SWOT ANALYSIS 150
FIGURE 68 GENERAL ELECTRIC: COMPANY SNAPSHOT 151
FIGURE 69 GENERAL ELECTRIC: SWOT ANALYSIS 153
FIGURE 70 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT 154
FIGURE 71 HONEYWELL INTERNATIONAL INC.: SWOT ANALYSIS 156
FIGURE 72 NATIONAL INSTRUMENTS CORP.: COMPANY SNAPSHOT 157
FIGURE 73 NATIONAL INSTRUMENTS CORP.: SWOT ANALYSIS 159
FIGURE 74 SKF AB: COMPANY SNAPSHOT 160
FIGURE 75 SKF AB: SWOT ANALYSIS 162
FIGURE 76 ALS LTD.: COMPANY SNAPSHOT 163
FIGURE 77 MEGGITT PLC: COMPANY SNAPSHOT 165
FIGURE 78 PARKER HANNIFIN CORP.: COMPANY SNAPSHOT 167
FIGURE 79 ROCKWELL AUTOMATION INC.: COMPANY SNAPSHOT 169
FIGURE 80 SCHAEFFLER AG: COMPANY SNAPSHOT 171

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