Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, MCA), Deployment (On Premise, Cloud), Monitoring Process (Online, Portable), Offering, Industry, and Region - Global Forecast to 2024

Table of Contents

1 INTRODUCTION 18

1.1 OBJECTIVES OF THE STUDY 18
1.2 DEFINITION 18
1.3 SCOPE OF THE STUDY 19
1.3.1 MARKETS COVERED 19
1.3.2 YEARS CONSIDERED FOR THE STUDY 19
1.4 CURRENCY 20
1.5 PACKAGE SIZE 20
1.6 LIMITATIONS 20
1.7 STAKEHOLDERS 20

2 RESEARCH METHODOLOGY 21

2.1 RESEARCH DATA 21
2.1.1 SECONDARY DATA 22
2.1.1.1 Secondary sources 22
2.1.2 PRIMARY DATA 23
2.1.2.1 Primary sources 23
2.1.3 SECONDARY AND PRIMARY RESEARCH 24
2.1.3.1 Key industry insights 25
2.1.3.2 Breakdown of primaries 25
2.2 MARKET SIZE ESTIMATION 26
2.2.1 BOTTOM-UP APPROACH 26
2.2.2 TOP-DOWN APPROACH 27
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 29
2.4 RESEARCH ASSUMPTION 30

3 EXECUTIVE SUMMARY 31
4 PREMIUM INSIGHTS 38

4.1 MACHINE CONDITION MONITORING MARKET OPPORTUNITIES 38
4.2 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY 38
4.3 MACHINE CONDITION MONITORING MARKET, BY OFFERING 39
4.4 MACHINE CONDITION MONITORING MARKET, BY HARDWARE TYPE 40
4.5 MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE 41
4.6 MACHINE CONDITION MONITORING MARKET, BY DEPLOYMENT TYPE 41
4.7 MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA,
BY INDUSTRY AND COUNTRY 42
4.8 MACHINE CONDITION MONITORING MARKET, BY GEOGRAPHY 43

5 MARKET OVERVIEW 44

5.1 INTRODUCTION 44
5.2 MARKET DYNAMICS 44
5.2.1 DRIVERS 45
5.2.1.1 Development of a secure cloud computing platform 45
5.2.1.2 Increased use of wireless communication technology for condition monitoring of equipment 45
5.2.1.3 Inclination of end users toward predictive maintenance 46
5.2.1.4 Adoption of automated condition monitoring technologies 46
5.2.2 RESTRAINTS 47
5.2.2.1 Lack of trained technical resources for data analysis 47
5.2.2.2 Lack of trust in prediction capabilities of machine condition monitoring technology 47
5.2.3 OPPORTUNITIES 47
5.2.3.1 Advent of Big Data analytics 47
5.2.3.2 Strategic partnership and collaboration 48
5.2.4 CHALLENGES 48
5.2.4.1 Incurrence of additional expenses and complexities in retrofitting existing systems 48
5.2.4.2 Availability of expertise at remote locations 48

6 INDUSTRY TRENDS 49

6.1 INTRODUCTION 49
6.2 VALUE CHAIN ANALYSIS 49
6.3 REGULATORY STANDARDS 51
6.3.1 API 51
6.3.2 ASTM 51
6.3.3 ISO 52
6.3.4 MIMOSA 53

7 IOT IN MACHINE CONDITION MONITORING MARKET 54

7.1 INTRODUCTION 54
7.1.1 MACHINE CONDITION MONITORING TECHNIQUES 54
7.2 MACHINE CONDITION MONITORING: IOT PLATFORM 55
7.2.1 ADVANCEMENTS IN CLOUD COMPUTING TECHNOLOGY 56
7.2.2 DIGITIZATION AND INDUSTRIAL INTERNET OF THINGS (IIOT) TO OPEN NEW GROWTH AVENUES 57
7.3 BENEFITS OF CLOUD-BASED CONDITION MONITORING 57
7.4 FUTURE TRENDS 58
7.4.1 MULTI-PARAMETER CONDITION MONITORING 58
7.4.2 CLOUD-BASED PREDICTIVE MAINTENANCE (MAINTENANCE–AS–A–SERVICE) 58
7.4.3 SMART MAINTENANCE FOR SMART FACTORIES 59
7.5 MAJOR COMPANIES OFFERING CLOUD-BASED CONDITION MONITORING SERVICES 60
7.6 DEVELOPMENT OF IOT PLATFORM 60
7.7 LIST OF RECENT DEVELOPMENTS IN MACHINE CONDITION MONITORING MARKET RELATED TO IOT 61

8 MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE 63

8.1 INTRODUCTION 64
8.2 VIBRATION MONITORING 66
8.2.1 DEFECTS DETECTED BY VIBRATION MONITORING 67
8.3 THERMOGRAPHY 69
8.3.1 DEFECTS DETECTED BY THERMOGRAPHY 69
8.4 OIL ANALYSIS 71
8.4.1 DEFECTS DETECTED BY OIL ANALYSIS 71
8.5 CORROSION MONITORING 74
8.5.1 DEFECTS DETECTED BY CORROSION MONITORING 74
8.6 ULTRASOUND EMISSION MONITORING 76
8.6.1 DEFECTS DETECTED BY ULTRASOUND EMISSION MONITORING 76
8.7 MOTOR CURRENT ANALYSIS 78
8.7.1 DEFECTS DETECTED BY MOTOR CURRENT ANALYSIS 78

9 MACHINE CONDITION MONITORING MARKET, BY OFFERING 81

9.1 INTRODUCTION 82
9.2 HARDWARE 83
9.2.1 VIBRATION SENSORS AND ANALYZERS 84
9.2.1.1 Accelerometers 84
9.2.1.2 Proximity probes 84
9.2.1.3 Tachometers 85
9.2.2 INFRARED SENSORS 85
9.2.2.1 Thermal infrared sensors 85
9.2.2.2 Quantum infrared sensors 85
9.2.3 SPECTROMETERS 85
9.2.3.1 Infrared spectrometers 85
9.2.3.2 Ultraviolet spectrometers 86
9.2.3.3 Atomic spectrometers 86
9.2.3.4 Mass spectrometers 86
9.2.4 ULTRASOUND DETECTORS 86
9.2.4.1 Sound pressure meters 86
9.2.4.2 Stethoscopes 86
9.2.4.3 Ultrasound leak detectors 87
9.2.5 SPECTRUM ANALYZERS 87
9.2.5.1 Swept spectrum analyzers 87
9.2.5.2 Real-time spectrum analyzers 87
9.2.6 CORROSION PROBES 87
9.2.7 OTHERS 87
9.3 SOFTWARE 88
9.3.1 DATA INTEGRATION 88
9.3.2 DIAGNOSTIC REPORTING 88
9.3.3 ORDER TRACKING 88
9.3.4 PARAMETER CALCULATION 88

10 MACHINE CONDITION MONITORING MARKET, BY DEPLOYMENT TYPE 89

10.1 INTRODUCTION 90
10.2 ON PREMISE 90
10.2.1 ON PREMISE DEPLOYMENT HELD LARGER MARKET SIZE 90
10.3 CLOUD 91
10.3.1 MARKET FOR CLOUD-BASED CONDITION MONITORING SOLUTIONS EXPECTED TO GROW AT HIGHER RATE IN COMING YEARS 91

11 MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS 92

11.1 INTRODUCTION 93
11.2 ONLINE CONDITION MONITORING 94
11.2.1 REAL-TIME MACHINERY HEALTH INFORMATION FOR OPERATORS AND MAINTENANCE 94
11.3 PORTABLE CONDITION MONITORING 96
11.3.1 A COST-EFFECTIVE CONDITION MONITORING PROCESS 96

12 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY 99

12.1 INTRODUCTION 100
12.2 OIL & GAS 102
12.3 POWER GENERATION 104
12.4 METALS & MINING 106
12.5 CHEMICALS 108
12.6 AUTOMOTIVE 111
12.7 AEROSPACE & DEFENSE 112
12.8 FOOD & BEVERAGES 115
12.9 MARINE 116
12.10 OTHERS 119

13 REGIONAL ANALYSIS 121

13.1 INTRODUCTION 122
13.2 NORTH AMERICA 124
13.2.1 NORTH AMERICA: A LUCRATIVE MARKET FOR MACHINE CONDITION MONITORING SOLUTIONS 124
13.2.2 US 128
13.2.2.1 Leading country in the North American machine condition monitoring market 128
13.2.3 CANADA 128
13.2.3.1 Lower demand for machine condition monitoring solutions than that of in US 128
13.2.4 MEXICO 128
13.2.4.1 Likely to grow at the highest CAGR in the North American machine condition monitoring market 128
13.3 EUROPE 129
13.3.1 EUROPE—ONE OF THE EARLY ADOPTER OF INDUSTRY 4.0 129
13.3.2 GERMANY 133
13.3.2.1 Dominating country in European machine condition monitoring market 133
13.3.3 UK 133
13.3.3.1 Energy and power industry in UK driving demand for machine condition monitoring solutions 133
13.3.4 FRANCE 133
13.3.4.1 Strong economy expected to drive future growth 133
13.3.5 REST OF EUROPE 134
13.3.5.1 Metals & mining industry driving machine condition monitoring market growth 134
13.4 APAC 134
13.4.1 APAC: RISING DEMAND FOR MACHINE CONDITION MONITORING SOLUTIONS FOR LOWERING OPERATIONAL COSTS IN INDUSTRIES 134
13.4.2 CHINA 138
13.4.2.1 Financial and strategic involvement of government driving market growth 138
13.4.3 JAPAN 138
13.4.3.1 Significant growth in automotive industry driving demand for condition-based monitoring in Japan 138
13.4.4 INDIA 138
13.4.4.1 Proactive initiatives of Indian government accelerating market growth 138
13.4.5 REST OF APAC 139
13.4.5.1 Australia—an emerging market for machine condition monitoring 139
13.5 REST OF THE WORLD (ROW) 139
13.5.1 ROW: DEVELOPING MACHINE CONDITION MONITORING MARKET 139
13.5.2 MIDDLE EAST 141
13.5.2.1 Huge oil reserves driving machine condition monitoring market growth 141
13.5.3 SOUTH AMERICA 141
13.5.3.1 Investment in manufacturing industry by emerging Asian economies 141
13.5.4 AFRICA 142
13.5.4.1 Availability of natural resources providing opportunity for rapid growth of mining and oil & gas industries 142

14 COMPETITIVE LANDSCAPE 143

14.1 OVERVIEW 143
14.2 MARKET RANKING ANALYSIS 144
14.3 COMPETITIVE SITUATIONS AND TRENDS 146
14.3.1 PRODUCT LAUNCHES AND DEVELOPMENTS (2015–2017) 147
14.3.2 CONTRACTS, PARTNERSHIPS, AND AGREEMENTS (2015–2017) 147
14.3.3 MERGERS, ACQUISITIONS, AND COLLABORATIONS (2015–2017) 149
14.3.4 EXPANSIONS (2017) 149

15 COMPANY PROFILES 150

15.1 KEY PLAYERS 150
15.1.1 EMERSON ELECTRIC 150
15.1.2 GENERAL ELECTRIC 154
15.1.3 HONEYWELL 157
15.1.4 NATIONAL INSTRUMENTS 160
15.1.5 SKF 163
15.1.6 ALS LTD. 166
15.1.7 MEGGITT 168
15.1.8 PARKER HANNIFIN 171
15.1.9 ROCKWELL AUTOMATION 173
15.1.10 SCHAEFFLER 175
15.1.11 AZIMA DLI 178
15.1.12 BRUEL & KJAER 180
15.1.13 FLUKE CORPORATION 182
15.1.14 PRUFTECHNIK DIETER BUSCH 184
15.1.15 PCB PIEZOTRONICS 186
15.2 OTHER PROMINENT PLAYERS 188
15.2.1 FLIR SYSTEMS 188
15.2.2 SPM INSTRUMENT 188
15.2.3 ANALOG DEVICES 189
15.3 POTENTIAL STARTUPS 190
15.3.1 MACHINE SAVER 190
15.3.2 3DSIGNALS 190
15.3.3 LOGILUBE 191
15.3.4 PETASENSE 191
15.3.5 SENSEYE 192
15.3.6 UPTAKE CANADA 192
15.3.7 SPACETIME INSIGHT 193
16 APPENDIX 194

LIST OF TABLES

TABLE 1 MACHINE CONDITION MONITORING MARKET, BY OFFERING, 2015–2024 32
TABLE 2 MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE,
2015–2024 (USD MILLION) 65
TABLE 3 MACHINE CONDITION MONITORING MARKET FOR VIBRATION MONITORING TECHNIQUE, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 67
TABLE 4 MACHINE CONDITION MONITORING MARKET FOR VIBRATION MONITORING TECHNIQUE, BY INDUSTRY, 2015–2024 (USD MILLION) 68
TABLE 5 MACHINE CONDITION MONITORING MARKET FOR VIBRATION MONITORING TECHNIQUE, BY REGION, 2015–2024 (USD MILLION) 69
TABLE 6 MACHINE CONDITION MONITORING MARKET FOR THERMOGRAPHY TECHNIQUE, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 70
TABLE 7 MACHINE CONDITION MONITORING MARKET FOR THERMOGRAPHY TECHNIQUE, BY INDUSTRY, 2015–2024 (USD MILLION) 70
TABLE 8 MACHINE CONDITION MONITORING MARKET FOR THERMOGRAPHY TECHNIQUE, BY REGION, 2015–2024 (USD MILLION) 71
TABLE 9 MACHINE CONDITION MONITORING MARKET FOR OIL ANALYSIS TECHNIQUE,
BY MONITORING PROCESS, 2015–2024 (USD MILLION) 72
TABLE 10 MACHINE CONDITION MONITORING MARKET FOR OIL ANALYSIS TECHNIQUE,
BY INDUSTRY, 2015–2024 (USD MILLION) 72
TABLE 11 MACHINE CONDITION MONITORING MARKET FOR OIL ANALYSIS TECHNIQUE,
BY REGION, 2015–2024 (USD MILLION) 73
TABLE 12 MACHINE CONDITION MONITORING MARKET FOR CORROSION MONITORING TECHNIQUE, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 74
TABLE 13 MACHINE CONDITION MONITORING MARKET FOR CORROSION MONITORING TECHNIQUE, BY INDUSTRY, 2015–2024 (USD MILLION) 75
TABLE 14 MACHINE CONDITION MONITORING MARKET FOR CORROSION MONITORING TECHNIQUE, BY REGION, 2015–2024 (USD MILLION) 75
TABLE 15 MACHINE CONDITION MONITORING MARKET FOR ULTRASOUND EMISSION MONITORING TECHNIQUE, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 76
TABLE 16 MACHINE CONDITION MONITORING MARKET FOR ULTRASOUND EMISSION MONITORING TECHNIQUE, BY INDUSTRY, 2015–2024 (USD MILLION) 77
TABLE 17 MACHINE CONDITION MONITORING MARKET FOR ULTRASOUND EMISSION MONITORING TECHNIQUE, BY REGION, 2015–2024 (USD MILLION) 77
TABLE 18 MACHINE CONDITION MONITORING MARKET FOR MOTOR CURRENT ANALYSIS TECHNIQUE, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 79
TABLE 19 MACHINE CONDITION MONITORING MARKET FOR MOTOR CURRENT ANALYSIS TECHNIQUE, BY INDUSTRY, 2015–2024 (USD MILLION) 79
TABLE 20 MACHINE CONDITION MONITORING MARKET FOR MOTOR CURRENT ANALYSIS TECHNIQUE, BY REGION, 2015–2024 (USD MILLION) 80
TABLE 21 MACHINE CONDITION MONITORING MARKET, BY HARDWARE,
2015–2024 (USD MILLION) 83
TABLE 22 MACHINE CONDITION MONITORING MARKET, BY DEPLOYMENT TYPE,
2015–2024 (USD MILLION) 90
TABLE 23 MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS,
2015–2024 (USD MILLION) 93
TABLE 24 ONLINE MACHINE CONDITION MONITORING MARKET , BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 94
TABLE 25 ONLINE MACHINE CONDITION MONITORING MARKET , BY INDUSTRY,
2015–2024 (USD MILLION) 95
TABLE 26 PORTABLE MACHINE CONDITION MONITORING MARKET ,
BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 97
TABLE 27 PORTABLE MACHINE CONDITION MONITORING MARKET , BY INDUSTRY,
2015–2024 (USD MILLION) 97
TABLE 28 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY,
2015–2024 (USD MILLION) 101
TABLE 29 MACHINE CONDITION MONITORING MARKET FOR OIL & GAS INDUSTRY,
BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 103
TABLE 30 MACHINE CONDITION MONITORING MARKET FOR OIL & GAS INDUSTRY,
BY MONITORING PROCESS, 2015–2024 (USD MILLION) 103
TABLE 31 MACHINE CONDITION MONITORING MARKET FOR OIL & GAS INDUSTRY,
BY REGION, 2015–2024 (USD MILLION) 104
TABLE 32 MACHINE CONDITION MONITORING MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 105
TABLE 33 MACHINE CONDITION MONITORING MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 105
TABLE 34 MACHINE CONDITION MONITORING MARKET FOR POWER GENERATION INDUSTRY, BY REGION, 2015–2024 (USD MILLION) 106
TABLE 35 MACHINE CONDITION MONITORING MARKET FOR METALS & MINING INDUSTRY, BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 107
TABLE 36 MACHINE CONDITION MONITORING MARKET FOR METALS & MINING INDUSTRY, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 107
TABLE 37 MACHINE CONDITION MONITORING MARKET FOR METALS & MINING INDUSTRY, BY REGION, 2015–2024 (USD MILLION) 108
TABLE 38 MACHINE CONDITION MONITORING MARKET FOR CHEMICALS INDUSTRY,
BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 109
TABLE 39 MACHINE CONDITION MONITORING MARKET FOR CHEMICALS INDUSTRY,
BY MONITORING PROCESS, 2015–2024 (USD MILLION) 110
TABLE 40 MACHINE CONDITION MONITORING MARKET FOR CHEMICALS INDUSTRY,
BY REGION, 2015–2024 (USD MILLION) 110
TABLE 41 MACHINE CONDITION MONITORING MARKET FOR AUTOMOTIVE INDUSTRY,
BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 111
TABLE 42 MACHINE CONDITION MONITORING MARKET FOR AUTOMOTIVE INDUSTRY,
BY MONITORING PROCESS, 2015–2024 (USD MILLION) 112
TABLE 43 MACHINE CONDITION MONITORING MARKET FOR AUTOMOTIVE INDUSTRY,
BY REGION, 2015–2024 (USD MILLION) 112
TABLE 44 MACHINE CONDITION MONITORING MARKET FOR AEROSPACE & DEFENSE INDUSTRY, BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 113
TABLE 45 MACHINE CONDITION MONITORING MARKET FOR AEROSPACE & DEFENSE INDUSTRY, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 113
TABLE 46 MACHINE CONDITION MONITORING MARKET FOR AEROSPACE & DEFENSE INDUSTRY, BY REGION, 2015–2024 (USD MILLION) 114
TABLE 47 MACHINE CONDITION MONITORING MARKET FOR FOOD & BEVERAGES INDUSTRY, BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 115
TABLE 48 MACHINE CONDITION MONITORING MARKET FOR FOOD & BEVERAGES INDUSTRY, BY MONITORING PROCESS, 2015–2024 (USD MILLION) 116
TABLE 49 MACHINE CONDITION MONITORING MARKET FOR FOOD & BEVERAGES INDUSTRY, BY REGION, 2015–2024 (USD MILLION) 116
TABLE 50 MACHINE CONDITION MONITORING MARKET FOR MARINE INDUSTRY,
BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 117
TABLE 51 MACHINE CONDITION MONITORING MARKET FOR MARINE INDUSTRY,
BY MONITORING PROCESS, 2015–2024 (USD MILLION) 117
TABLE 52 MACHINE CONDITION MONITORING MARKET FOR MARINE INDUSTRY,
BY REGION, 2015–2024 (USD MILLION) 118
TABLE 53 MACHINE CONDITION MONITORING MARKET FOR OTHER INDUSTRIES,
BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 119
TABLE 54 MACHINE CONDITION MONITORING MARKET FOR OTHER INDUSTRIES,
BY MONITORING PROCESS, 2015–2024 (USD MILLION) 120
TABLE 55 MACHINE CONDITION MONITORING MARKET FOR OTHER INDUSTRIES, BY REGION, 2015–2024 (USD MILLION) 120
TABLE 56 MACHINE CONDITION MONITORING MARKET, BY REGION, 2015–2024
(USD MILLION) 123
TABLE 57 MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA, BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 126
TABLE 58 MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA, BY INDUSTRY, 2015–2024 (USD MILLION) 127
TABLE 59 MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA, BY COUNTRY, 2015–2024 (USD MILLION) 127
TABLE 60 MACHINE CONDITION MONITORING MARKET IN EUROPE, BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 131
TABLE 61 MACHINE CONDITION MONITORING MARKET IN EUROPE, BY INDUSTRY,
2015–2024 (USD MILLION) 132
TABLE 62 MACHINE CONDITION MONITORING MARKET IN EUROPE, BY COUNTRY,
2015–2024 (USD MILLION) 132
TABLE 63 MACHINE CONDITION MONITORING MARKET IN APAC, BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 136
TABLE 64 MACHINE CONDITION MONITORING MARKET IN APAC, BY INDUSTRY,
2015–2024 (USD MILLION) 136
TABLE 65 MACHINE CONDITION MONITORING MARKET IN APAC, BY COUNTRY,
2015–2024 (USD MILLION) 137
TABLE 66 MACHINE CONDITION MONITORING MARKET IN ROW, BY MONITORING TECHNIQUE, 2015–2024 (USD MILLION) 139
TABLE 67 MACHINE CONDITION MONITORING MARKET IN ROW, BY INDUSTRY,
2015–2024 (USD MILLION) 140
TABLE 68 MACHINE CONDITION MONITORING MARKET IN ROW, BY REGION,
2015–2024 (USD MILLION) 141
TABLE 69 RANKING OF TOP 5 MARKET PLAYERS, 2017 144

LIST OF FIGURES

FIGURE 1 MACHINE CONDITION MONITORING MARKET SEGMENTATION 19
FIGURE 2 MACHINE CONDITION MONITORING MARKET: RESEARCH DESIGN 21
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 27
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 28
FIGURE 5 DATA TRIANGULATION 29
FIGURE 6 HARDWARE SEGMENT TO ACCOUNT
FOR LARGER MARKET SIZE DURING 2018–2023 32
FIGURE 7 VIBRATION MONITORING TECHNIQUE TO HOLD LARGEST SIZE OF MACHINE CONDITION MONITORING MARKET BETWEEN 2018 AND 2024 33
FIGURE 8 MACHINE CONDITION MONITORING MARKET FOR AUTOMOTIVE INDUSTRY EXPECTED TO GROW AT HIGHEST CAGR BETWEEN 2018 AND 2024 34
FIGURE 9 ON PREMISE DEPLOYMENT HELD LARGER SIZE OF MACHINE CONDITION MONITORING MARKET BETWEEN 2018 AND 2024 35
FIGURE 10 MARKET FOR ONLINE CONDITION MONITORING SOLUTIONS TO GROW AT HIGHER RATE BETWEEN 2018 AND 2024 36
FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF MACHINE CONDITION MONITORING MARKET IN 2017 37
FIGURE 12 ATTRACTIVE OPPORTUNITIES IN MACHINE CONDITION MONITORING MARKET BETWEEN 2018 AND 2024 38
FIGURE 13 OIL & GAS INDUSTRY TO HOLD THE LARGEST MARKET SIZE IN MACHINE CONDITION MONITORING MARKET DURING FORECAST PERIOD 38
FIGURE 14 HARDWARE SEGMENT TO HOLD LARGER SHARE OF MACHINE CONDITION MONITORING MARKET IN 2018 39
FIGURE 15 VIBRATION SENSORS & ANALYZERS TO DOMINATE MACHINE CONDITION MONITORING MARKET IN TERMS OF SIZE BETWEEN 2018 AND 2024 40
FIGURE 16 MARKET FOR MOTOR CURRENT ANALYSIS TO GROW AT HIGHEST CAGR BETWEEN 2018 AND 2024 41
FIGURE 17 MARKET FOR CLOUD-BASED MACHINE MONITORING SOLUTIONS EXPECTED TO GROW AT HIGHER RATE BETWEEN 2018 AND 2024 41
FIGURE 18 US TO HOLD LARGEST SIZE OF NORTH AMERICAN MACHINE CONDITION MONITORING MARKET IN 2018 42
FIGURE 19 NORTH AMERICA TO HOLD THE LARGEST SHARE OF THE MACHINE CONDITION MONITORING MARKET BETWEEN 2018 AND 2024 43
FIGURE 20 MACHINE CONDITION MONITORING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 44
FIGURE 21 VALUE CHAIN ANALYSIS: MAJOR VALUE IS ADDED DURING MANUFACTURING AND SYSTEM INTEGRATION STAGES 49
FIGURE 22 DECREASING COST OF IOT SENSORS TO ACCELERATE IOT ADOPTION IN COMING YEARS 54
FIGURE 23 VIBRATION MONITORING—FAST-GROWING TECHNIQUE 55
FIGURE 24 APPLICATION OF IOT PLATFORM FOR CONDITION MONITORING 55
FIGURE 25 INDUSTRIAL DEVELOPMENT MODEL 56
FIGURE 26 IOT SERVICE ARCHITECTURE 57
FIGURE 27 DATA EXCHANGE IN CLOUD-BASED MAINTENANCE FRAMEWORK 59
FIGURE 28 ARCHITECTURE OF IBM WATSON FOR MACHINE CONDITION MONITORING 61
FIGURE 29 MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE 64
FIGURE 30 VIBRATION MONITORING TECHNIQUE EXPECTED TO ACCOUNT FOR LARGEST SIZE OF MACHINE CONDITION MONITORING MARKET DURING FORECAST PERIOD 65
FIGURE 31 OIL & GAS INDUSTRY EXPECTED TO ACCOUNT FOR LARGEST SIZE OF VIBRATION MONITORING MARKET BETWEEN 2018 AND 2024 68
FIGURE 32 APAC TO EXHIBIT HIGHEST CAGR IN MACHINE CONDITION MONITORING MARKET FOR OIL ANALYSIS TECHNIQUE DURING 2018–2024 73
FIGURE 33 ONLINE CONDITION MONITORING EXPECTED TO DOMINATE MARKET FOR MOTOR CURRENT ANALYSIS EQUIPMENT BETWEEN 2018 AND 2024 78
FIGURE 34 MACHINE CONDITION MONITORING MARKET, BY OFFERING 82
FIGURE 35 MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS 93
FIGURE 36 VIBRATION MONITORING TO ACCOUNT FOR LARGER MARKET SIZE BETWEEN
2018 AND 2024 96
FIGURE 37 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY 100
FIGURE 38 VIBRATION MONITORING TECHNIQUE EXPECTED TO ACCOUNT FOR LARGEST SIZE OF MACHINE CONDITION MONITORING MARKET FOR OIL & GAS INDUSTRY DURING FORECAST PERIOD 102
FIGURE 39 MOTOR CURRENT ANALYSIS TECHNIQUE TO EXHIBIT HIGHEST CAGR IN MACHINE CONDITION MONITORING MARKET FOR CHEMICALS INDUSTRY DURING FORECAST PERIOD 109
FIGURE 40 NORTH AMERICA TO DOMINATE MACHINE CONDITION MONITORING MARKET IN TERMS OF SIZE FOR AEROSPACE AND DEFENSE INDUSTRY DURING FORECAST PERIOD 114
FIGURE 41 APAC LIKELY TO COMMAND MACHINE CONDITION MONITORING MARKET FOR MARINE INDUSTRY DURING 2018–2024 118
FIGURE 42 MACHINE CONDITION MONITORING MARKET IN INDIA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 122
FIGURE 43 NORTH AMERICA HELD LARGEST SHARE OF MACHINE CONDITION MONITORING MARKET IN 2017 123
FIGURE 44 NORTH AMERICA: MACHINE CONDITION MONITORING MARKET SNAPSHOT 125
FIGURE 45 NORTH AMERICAN MACHINE CONDITION MONITORING MARKET FOR MOTOR CURRENT ANALYSIS TECHNIQUE TO GROW AT HIGHEST CAGR BETWEEN 2018 AND 2024 126
FIGURE 46 EUROPE: MACHINE CONDITION MONITORING MARKET SNAPSHOT 130
FIGURE 47 VIBRATION MONITORING TECHNIQUE TO ACCOUNT FOR LARGEST SIZE OF MACHINE CONDITION MONITORING MARKET IN EUROPE DURING FORECAST PERIOD 131
FIGURE 48 APAC: MACHINE CONDITION MONITORING MARKET SNAPSHOT 135
FIGURE 49 MACHINE CONDITION MONITORING MARKET IN INDIA EXPECTED TO GROW AT HIGHEST CAGR BETWEEN 2018 AND 2024 137
FIGURE 50 MIDDLE EAST EXPECTED TO ACCOUNT FOR LARGEST SIZE OF MACHINE CONDITION MONITORING MARKET IN ROW BETWEEN 2018 AND 2024 140
FIGURE 51 ORGANIC AND INORGANIC STRATEGIES ADOPTED BY COMPANIES IN MACHINE CONDITION MONITORING MARKET 143
FIGURE 52 BATTLE FOR MARKET SHARE: PRODUCT LAUNCHES/DEVELOPMENTS— KEY STRATEGIES 146
FIGURE 53 EMERSON ELECTRIC: COMPANY SNAPSHOT 150
FIGURE 54 GENERAL ELECTRIC: COMPANY SNAPSHOT 154
FIGURE 55 HONEYWELL: COMPANY SNAPSHOT 157
FIGURE 56 NATIONAL INSTRUMENTS: COMPANY SNAPSHOT 160
FIGURE 57 SKF: COMPANY SNAPSHOT 163
FIGURE 58 ALS LTD.: COMPANY SNAPSHOT 166
FIGURE 59 MEGGITT: COMPANY SNAPSHOT 168
FIGURE 60 PARKER HANNIFIN: COMPANY SNAPSHOT 171
FIGURE 61 ROCKWELL AUTOMATION: COMPANY SNAPSHOT 173
FIGURE 62 SCHAEFFLER: COMPANY SNAPSHOT 175

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