Market Research Report
Frost Radar in the Condition Monitoring Equipment Market
|Published by||Frost & Sullivan||Product code||923616|
|Published||Content info||38 Pages
Delivery time: 1-2 business days
|Frost Radar in the Condition Monitoring Equipment Market|
|Published: January 22, 2020||Content info: 38 Pages||
A Measurement System to Spark Companies 2 Action (C2A)-Innovation That Fuels New Deal Flow and Growth Pipelines
The condition monitoring (CM) equipment market will undergo a significant transformation over the next 5 to 7 years with the advent of new technologies that are changing customer requirements in connectivity and analytics features, among other equipment specifications. Worth $1.92 billion in 2018, CM equipment market revenues are expected to reach $2.45 billion by 2023 at a CAGR of 5.1%, although revenue trajectory varies among different product segments. In the past, CM equipment vendors spent a significant amount of time explaining the benefits and added value of CM solutions to their customers. This has changed over the past decade. As the trend toward machinery uptime, plant optimization, productivity, and reliability grows, the drive toward predictive maintenance is gathering steam in comparison to preventive maintenance and other walk-around monitoring programs. Customers understand the benefits of the continuous monitoring and analysis of assets, making informed decisions based on the behavior of a component or its vibration signature rather than just arbitrarily replacing asset components based on a predetermined period. The global CM equipment market is going through an evolutionary phase. For example, the recovery of oil and gas prices and digital technology innovations like connectivity and data analytics are driving the adoption of CM equipment in key process industries, such as oil and gas, chemicals, petrochemicals, and refining.
Despite these trends, increased awareness of opportunities across the industry has helped the market grow over the last 3 years. This Frost Radar identifies and analyzes a total of 19 companies and has evaluated them regarding their growth penetration and innovation leadership in the CM equipment market. Companies included are CM product and systems manufacturers, pure-play service providers, and technology start-up companies. The list of CM equipment manufacturers with the greatest market penetration includes Bently Nevada, Meggitt Sensing Systems, Emerson, SKF Condition Monitoring, Brüel & Kjær, Fluke Corporation, Yokogawa, and Rockwell Automation. This Radar also includes medium-sized manufacturers such as FLIR Systems, Inc., ITT Inc., Petasense, Windrock Inc. (Apergy), PROGNOST Systems GmbH, and AMETEK Spectro Scientific. Small manufacturers in this Radar include Nippon Avionics Co. Ltd., Thermo Fisher Scientific, PerkinElmer, Gastops, and Parker Kittiwake.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders, predominantly in the Innovation Index for this market, are recognized as best practice recipient.