It has become imperative for the companies to act proactively in order to respond to rising global competition. This creates the need to adopt solutions that can help reduce downtime and cost and increase the lifespan of assets. Smart condition monitoring offers a predictive approach to asset maintenance by ensuring optimum performance, while keeping asset downtime at minimum level. In order to optimize productivity, it is essential to monitor and record updates of the functioning of assets such as fans, pumps, motors, gearboxes, and compressors. Smart condition monitoring solutions help companies monitor functioning of assets and provides feedback immediately if any abnormal change in the functioning of an asset is noticed. In this way, smart condition monitoring not only defines the current status of an asset but also notifies about anticipated issues, when they can occur and from which component issues might arise.
Use of complex and technologically advanced equipment being used in the factories is increasing day by day. Hence outdated maintenance and traditional monitoring process can bring down the overall productivity of the factories significantly. This next generation equipment maintenance and monitoring strategy is likely to help organizations have control over their production capacity and other processes, while reducing operational uncertainty. Thus the companies are compelled to adopt the smart condition monitoring solutions to optimize their manufacturing practices. This is expected to drive the global smart condition monitoring market significantly. However, high cost of these solutions is expected to restrict its adoption among small & medium sized enterprises during the forecast period.
The global smart condition monitoring market can be segmented based on component, enterprise size, industry vertical, and region. In terms of component, the market can be divided into hardware, software, and services. The services segment can be further divided into implementation & integration, consulting, and maintenance & operation. Based on enterprise size, the global smart condition monitoring market can be bifurcated into small & medium sized enterprises and large enterprises. Large enterprises are expected to have a larger share in the global smart condition monitoring market throughout the forecast period. This is because of the fact that the large enterprises are investing a significant amount of their budget in automating their business processes. In terms of industry vertical, the market can be segmented into chemicals, energy & utilities, food & beverage, automotive, manufacturing, and others.
In terms of region, the global smart condition monitoring market can be classified into North America, Europe, Middle East & Africa, Asia Pacific, and South America. North America is expected to constitute a dominant share if the global market throughout the forecast period. This is mainly due to significant adoption of smart manufacturing processes among enterprises in the region. In Europe, increasing number of enterprises is a primary factor supporting the growth of the smart condition monitoring market. Countries such as Germany and France are expected to hold significant share of the smart condition monitoring market in Europe. The smart condition monitoring market in Asia Pacific is projected to grow more rapidly than in other regions due to rise in the number of manufacturing plants in Asia Pacific. Smart condition monitoring market in Middle East & Africa and South America is also expected to grow at the significant rate due to increasing smart manufacturing market in these regions.
Key players operating in the global smart condition monitoring market include Rexnord Corporation, Mitsubishi Electric Corporation, Tinymesh Radiocrafts India LLP, Matt Pender Automation & Control Ltd., Schaeffler Technologies AG & Co. KG, and Fluke Corporation. They are focusing on providing customized solutions and services to their customers to build long-term relationship and retain their market position.
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.