Global Report on the Condition Monitoring (CM) Equipment Market - Increased Awareness of Opportunities Across the Industry Helping to Drive Market Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 10, 2020--
The “The Global Condition Monitoring Equipment Market” report has been added to ResearchAndMarkets.com’s offering.
The condition monitoring (CM) equipment market will undergo a significant transformation over the next 5 to 7 years with the advent of new technologies that are changing customer requirements in connectivity and analytics features, among other equipment specifications.
Worth $1.92 billion in 2018, CM equipment market revenues are expected to reach $2.45 billion by 2023 at a CAGR of 5.1%, although revenue trajectory varies among different product segments. In the past, CM equipment vendors spent a significant amount of time explaining the benefits and added value of CM solutions to their customers.
This report reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the methodology. The document presents competitive profiles on each of the companies based on their strengths, opportunities, and a small discussion on their positioning.
The author analyzes hundreds of companies in the industry and benchmarks them across 10 criteria, where the leading companies in the industry are then positioned. Industry leaders, predominantly in the Innovation Index for this market, are recognized as best practice recipients.
As the trend toward machinery uptime, plant optimization, productivity, and reliability grows, the drive toward predictive maintenance is gathering steam in comparison to preventive maintenance and other walk-around monitoring programs. Customers understand the benefits of the continuous monitoring and analysis of assets, making informed decisions based on the behavior of a component or its vibration signature rather than just arbitrarily replacing asset components based on a predetermined period.
The global CM equipment market is going through an evolutionary phase. For example, the recovery of oil and gas prices and digital technology innovations like connectivity and data analytics are driving the adoption of CM equipment in key process industries, such as oil and gas, chemicals, petrochemicals, and refining.
Despite these trends, increased awareness of opportunities across the industry has helped the market grow over the last 3 years. This Radar identifies and analyzes a total of 19 companies and has evaluated them regarding their growth penetration and innovation leadership in the CM equipment market.
Companies included are CM product and systems manufacturers, pure-play service providers, and technology start-up companies.
Key Topics Covered:
1. Industry Overview
2. The Radar-Condition Monitoring Equipment Market
3. C2A - Market Participant Profiles
4. The Last Word
For more information about this report visit https://www.researchandmarkets.com/r/7gcwvu
View source version on businesswire.com:https://www.businesswire.com/news/home/20200210005366/en/
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SOURCE: Research and Markets
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PUB: 02/10/2020 05:28 AM/DISC: 02/10/2020 05:28 AM