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Data-driven Services to Redefine Condition Monitoring by 2020
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The end of the mining super cycle in Australia, completion of large LNG project buildouts, and decline in some manufacturing segments have weakened the demand for condition monitoring solutions. However, over the medium and long term, the normalisation of activity in key verticals and the increased demand for data-driven services will sustain growth between 2016 and 2020. Improved customer appreciation of the benefits of condition monitoring, wider leverage of standards and certification, reduced condition monitoring equipment prices, and demand for analytics will underpin growth. Customers are looking to derive actionable insights from their condition monitoring data and require assistance with integrating disparate data and leveraging analytics.Advancements in connectivity solutions, data processing, analytics, and cloud computing underline the need for integrated solutions providers. This is expected to give rise to opportunities for market convergence, as companies that are experienced in areas such as analytics or condition monitoring software may impact the competitive dynamics in this market.This study provides trends and segmentation of the Australian condition monitoring solutions market by product versus service, by type of condition monitoring (vibration monitoring, lubricating oil analysis, thermography, ultrasound, and electrical), by portable versus online monitoring, and by major verticals (mining, oil & gas, utilities, manufacturing & other process industries, and others). Analysis is provided of key drivers and restraints, demand trends and customer pain points, service trends, technology trends (in relation to hardware, analytics, user interface, communication, and integration) and the role of Industrial Internet of Things (IIoT) in redefining condition monitoring for the future. The competitive structure of the industry is outlined with commentary on tiers of competition, leading companies, barriers to entry, competitive factors, and examples of home-grown innovators.The study period is 2015 to 2020, with 2016 as base year and 2017 to 2020 as the forecast period.Key Questions This Study Will Answer• What are the key growth drivers and restraints for the market? Are there any future challenges that will restrict the growth of this market?• What is the size and growth forecast for the Australian market? What factors will underpin this forecast?• How is the market segmented by vertical and by type of solution?• What technology, demand, and service trends are likely to impact the opportunity moving forward?• Who are the leading solutions providers and what competitive tools provide differentiation in this market?• What opportunities exist for solutions providers seeking to leverage IIoT in this market?
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