The condition monitoring system market is poised to reach a significant valuation of USD 3,776.1 million by the year 2023. Future Market Insights predicts robust growth for the market, projecting a compound annual growth rate (CAGR) of 7.7% from 2023 to 2033, ultimately reaching an impressive value of USD 7,928.7 million.
A Condition Monitoring System (CMS) is a technology-driven solution designed to monitor the health and performance of machinery and equipment in real-time or at regular intervals. It employs various sensors, data acquisition devices, and software algorithms to collect, analyze, and interpret data related to the operating condition of assets.
The surge in demand for advanced diagnostics aimed at assessing the health of machinery is a key driver propelling market expansion. Manufacturers across various industries are increasingly turning to condition monitoring equipment to enhance, monitor, and manage the performance of their machinery effectively. This trend is fueled by the need to minimize downtime, optimize maintenance schedules, and improve overall operational efficiency.
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Condition monitoring system manufacturers focus on software innovations to boost profitability
Manufacturers in the condition monitoring system industry are strategically focusing on software developments to enhance their profit margins and stay competitive in the market. These companies are dedicated to introducing new products, securing lucrative supply contracts, and forging strategic partnerships with other providers of industrial automation solutions to bolster their product offerings and cater to the expanding customer base.
For example, in February 2021, ABB Ltd collaborated with its partners as part of the FLEMING research project to develop a cutting-edge solution capable of detecting faults in medium-voltage switchgears using infrared cameras and artificial intelligence. This innovative approach enables the implementation of condition-based monitoring systems, enhancing the efficiency of fault detection and maintenance processes.
Similarly, in May 2017, Honeywell and SKF embarked on a joint pilot project aimed at harnessing the potential of Internet of Things (IoT) solutions. Leveraging SKF’s expertise in bearings, lubrication, and condition monitoring alongside Honeywell’s proficiency in data consolidation and software development, the pilot project sought to develop innovative IoT solutions to address industry challenges and meet evolving customer needs.
Key Players
- Schaeffler Technologies AG & Co.
- Kirloskar Brothers Ltd.
- Siemens AG
- Honeywell International Inc.
- ABB Ltd.
- Emerson Electric Co.
- Rockwell Automation, Inc.
- Fluke Corporation
- Parker Hannifin Corp.
- General Electric
- Festo Group
- AB SKF
- Fuji Electric
- Eaton Plc
- Meggitt PLC
- PCE Instruments
- AIMIL ltd.
- Bachmann Electronic GmbH
- Ingeteam
- Bruel & Kjaer Vibro GmbH
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Key segments
By Technique:
- Corrosion Monitoring
- Infrared Thermography
- Motor Condition Monitoring
- Oil Analysis
- Ultrasound Testing
- Vibration Analysis
By Application:
- Aerospace and Defense
- Automotive and Transportation
- Chemical and Petrochemical
- Food & Beverage
- Marine
- Mining and Metal
- Oil and Gas
- Power Generation
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
