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Condition Monitoring Equipment Market to Surpass $2 Billion Revenue in 2021 Driven by Technology Convergence and Increasing Awareness
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The condition monitoring equipment market will undergo a significant transformation over the next 5 to 7 years with the advent of new technologies changing customer requirements in connectivity and analytics features among other equipment specifications. Worth $1.62 billion in 2016, the market revenues are expected to reach $2.07 billion by 2021 at a CAGR of 5.0%, although revenue trajectory varies among different product segments. The global condition monitoring equipment market is going through an evolutionary phase. The reboot of key oil and gas prices and key technology changes such as connectivity and data analytics have pushed the equipment vendors to rethink and reinvent. Despite these trends, pockets of opportunities across the industry and increased awareness have helped the market surge ahead. This report identifies key opportunities for growth while detailing key challenges and possible threats. The forecast period is from 2017 to 2021, with 2016 as the base year. Research ScopeThis research study focuses on key product categories used in condition monitoring applications across different industries. The product categories include: • Vibration condition monitoring equipment• Thermography equipment• Lubricating oil analysis equipmentThe current market size for 2016 is provided for each segment and forecasted till 2021. Forecasts by end-user markets are also provided for each product category and include:• Oil and Gas• Power Generation• Aerospace & Defense• Automotive & Transportation• Marine• Mining & Metal• Process and manufacturing• Others includes commercial R&D, education, laboratories, plumbing, environment, Heating, ventilation, and air conditioning (HVAC), transportation, and waste water treatment plants.The study highlights industry challenges and growth drivers and restraints from 2017 to 2021 as well as analyzes the market from a geographic perspective. The regions covered in the study include:• North America• Europe• Asia Pacific• Rest of World - Includes Latin America, Middle East, and Africa.Key Questions this Study will Answer:• Is the condition monitoring equipment market growing, how long will it continue to grow and at what rate?• What are the key growth drivers and restraints for the market? Are there any potential future challenges that could restrict growth for this market?• Who are the leading participants and their market share? How has the oil price crisis impacted the condition monitoring equipment market and how does the future look?• Which regions are expected to provide the highest growth potential for the future? Can North America sustain its position as a key revenue contributor in the face of rising global competition?• What are the impacts of convergence technologies such as Big Data and connectivity? How do these influence innovative business models?• Which applications and industries will drive demand for condition monitoring equipment? Will the traditional end-user segments continue to be the largest revenue generators?
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