Condition Monitoring Software: Introduction
- Condition monitoring software delivers real-time data on plant machinery, vehicles, and equipment with the help of machine monitoring tools, thereby enabling preventive maintenance to significantly reduce downtime
- Machinery integrated with internal sensors can provide real-time data, which is monitored through condition monitoring software and can be utilized to maintain the efficiency of non-machine critical and machine critical assets
- It is employed to monitor the health of machinery at plants such as compressors, hydro and steam turbines, generators, etc., through vibration measurement, temperature tracking, and several other performance parameters
- Demand for condition monitoring software has been gaining traction in the last few years owing to an increase in investment in plants’ efficiency management along with providing safe work environment
- Data generated through condition monitoring software can be utilized to further increase productivity of machinery by increasing machinery lifespan with effective maintenance plan
- Increase in demand for analysis and accurate KPI’s (key performance indicators) is anticipated to drive the condition monitoring software market during the forecast period
Global Condition Monitoring Software Market: Dynamics
Global Condition Monitoring Software Market: Key Drivers
- Increase in demand for preventive maintenance measures and effective tools to reduce the possibilities of damage to expensive machinery is projected to boost the condition monitoring software market during the forecast period
- Rise in investment by major production plants to integrate smart technologies and equipment in order to gain competitive advantage and increase production capacity is anticipated to boost the condition monitoring software market in the next few years
- Manufacturing facilities concerned with safe operating environment are investing heavily to integrate condition monitoring software connected to mobile devices providing real-time data on equipment operations. This is expected to drive the condition monitoring software market during the forecast period.
- Increasing digitization, IoT integration for several equipment, and organizations’ shift toward industry 4.0 are anticipated to offer significant opportunities for the condition monitoring software market in the next few years
- However, higher initial investment associated with replacement and modification of traditional machinery to comply with condition monitoring software is a major factor that is estimated to restrain the condition monitoring software market during the forecast period
Impact of COVID-19 on the Global Condition Monitoring Software Market
- The COVID-19 pandemic affected manufacturing and processing plants across the globe. Major market players operating in the production and export of goods witnessed significant challenges with government imposing strict regulations to control the spread of the virus. This adversely affected the condition monitoring and software market. However, governments across the developed and developing countries are taking initiatives to fuel economic advancement, which in turn is anticipated to drive the development of production plants in several countries, thereby further propelling the condition monitoring software market across the globe.
North America to Hold a Major Share of Global Condition Monitoring Software Market
- In terms of region, the global Condition Monitoring Software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America led the condition monitoring software market in 2020, owing to rapid technological integration and presence of major large and medium production plants in the region
- The U.S. accounted for a prominent share of the condition monitoring software market in the region owing to government initiatives to promote R&D in the manufacturing sector through collaborative efforts of industry leaders. Canada is anticipated to gain larger market share during the forecast period owing to significant demand for condition monitoring software from the oil industry.
- Asia Pacific offers substantial market opportunities for the condition monitoring software market due to expansion of manufacturing units in China, South Korea, Japan, and India
Global Condition Monitoring Software Market: Competition Landscape
The global condition monitoring software market is highly competitive in nature with leading global and regional players competing with each other. Key market players are investing in R&D, product portfolio expansion, mergers, acquisitions, partnerships, and joint ventures to gain competitive advantage. Prominent players in the global condition software market are focusing on untapped growth opportunities across various industry verticals to gain larger market share.
Key players operating in the global condition monitoring software market include:
- ABB Ltd.
- Bachmann Electronic GmbH
- Baker Hughes Company
- Eaton Plc
- Emerson Electric Co.
- Festo Group
- Fluke Corporation
- General Electric
- Honeywell International Inc.
- Meggit PLC
- Parker Hannifin Corp.
- PCE Instruments
- Rockwell Automation, Inc.
- Schaeffler Technologies AG & Co.
- Siemens AG
Global Condition Monitoring Software Market: Research Scope
Global Condition Monitoring Software Market, by Deployment
- Cloud Based
Global Condition Monitoring Software Market, by Application
- Motor Condition Monitoring
- Oil Analysis
- Ultrasound Testing
- Vibration Analysis
- Corrosion Monitoring
- Infrared Thermography
Global Condition Monitoring Software Market, by End-user
- Aerospace and Defense
- Automotive and Transportation
- Chemical and Petrochemical
- Food & Beverage
- Mining and Metal
- Oil and Gas
- Power Generation
Global Condition Monitoring Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.