Future Market Insights has announced the addition of the “Condition Monitoring System Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025" report to their offering.

Valley Cottage, NY -- (SBWire) -- 03/21/2016 --Condition Monitoring System Market: Overview

The growing level of mechanization and automation in the manufacturing sector today has led to increased focus of players towards the efficiency of plant and hence the production processes. Thus it becomes vital to stop unscheduled outages of machines and optimize its performance. Condition monitoring is a process that provides information about the health of a machine by well-timed monitoring of machine condition. High availability of machines is the most significant lever for increasing productivity of a manufacturing unit, therefore it becomes necessary to identify potential sources of errors beforehand. The condition monitoring system intends to predict the mechanical wear and failure of a machine and facilitates preventive maintenance, reduce repair time and hence down time of a machine. Vibration, temperature and noise measurements are the key indicators used in machine condition monitoring. Condition monitoring system acts as an important tool particularly for difficult to reach plant and machines that can only be reached under specific condition such wind turbine and oil & gas plants, so the condition of machine is monitored regularly using online machine condition monitoring system. Other type of condition monitoring systems available are route-based monitoring, portable machine diagnostics, factory assurance test and online machine protection.

Condition Monitoring System Market: Drivers and Restraints

Higher productivity and optimized utilization of resources makes the condition monitoring system market lucrative. Increased automation in manufacturing, increased investment in predictive maintenance strategies and growing machine maintenance solution market is boosting the growth of condition monitoring system market. Also increased investments in chemicals, oil & gas, paper & pulp, heavy equipment and other industries tends to drive the condition monitoring system market.

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On the other hand high cost of condition monitoring systems and unpredictable maintenance periods are restraints to the growth of condition monitoring system market.

Condition Monitoring System Market: Segmentation

On the basis of type of condition monitoring system, the market is segmented as:

Route-Based Monitoring
Portable Machine Diagnostics
Online Machine Monitoring
Online Machine Protection
Factory Assurance Test

On the basis of monitoring technology, the condition monitoring system market is segmented as:

Vibration Analysis
Corrosion monitoring
Lubricant Analysis
Infrared Thermography
Ultrasound Testing
Motor Condition Monitoring

On the basis of sensors and signals, the condition monitoring system market is segmented as:

Accelerometers
Proximity Probes
Tachometers
Thermal Camera
Spectrometer
Temperature Probes

On the basis of application, the condition monitoring system market is segmented as:

Automotive
Chemicals
Renewable Energy
Oil & Gas
Others (Aerospace & Defense, Pulp and paper, Metals & mining, etc.)

Condition Monitoring System Market: Region-wise Outlook

Global condition Monitoring system is expected to encounter significant growth during the forecast period. North America dominates the condition monitoring system market, followed by North America, Europe is the next major market for the condition monitoring systems. Asia Pacific is emerging market for the condition monitoring system, and is anticipated to represent substantial growth during the forecast period, particularly in regions such as China and India. Japan is other significant region and expected to contribute major share in the global condition monitoring system market.

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Condition Monitoring System Market: Key Players

Key Players identified in the condition monitoring system market are

National Instruments Corporation.
Rockwell Automation, Inc.
PRÜFTECHNIK Dieter Busch AG.
Svenska Kullagerfabriken AB (SKF)
Siemens AG
Bachmann electronic GmbH
Brüel & Kjær Vibro GmbH
Parker Kittiwake
ifm electronic gmbh