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 Hence outdated maintenance and traditional monitoring process can bring down the overall productivity of the factories significantly.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.
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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.
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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.