Global Condition Monitoring Sensors Market Overview:
Condition monitoring sensors are used to monitor equipment degradation. Typically, an equipment criticality and reliability assessment are performed to identify important equipment and common failure modes. Condition Monitoring Sensors consist of Sensors and Amplifiers. The Sensors continuously visualize the "health status" of facilities and equipment, and detect signs of abnormalities. The Amplifiers easily connect various analog sensors for condition monitoring to IoT.
- Advent of Secure Cloud Computing Platforms Used in Condition Monitoring
- Rising Adoption of Wireless Communication Technology in Machine Condition Monitoring
- Growing Adoption of Automated Condition Monitoring Technologies and Penetration of Smart Factory
- Increasing Disposition Toward Predictive Maintenance
- Reliability Issues in Prediction Capabilities of Machine Condition Monitoring Technology
- Lack of Trained Technical Resources for Data Analysis
- Strategic Partnerships and Collaborations
- Industrial Internet of Things (IIoT) to Unfold New Growth Avenues
- Requirement of Additional Expenses and Difficulties in Retrofitting Existing Systems
Some of the key players profiled in the report are Emerson Electric (United States), General Electric (United States), Honeywell International (United States), Siemens (Germany), National Instruments (United States), SKF (Sweden), ABB (Switzerland), Wilcoxon Sensing Technologies (United States), Parker Hannifin (United States), Rockwell Automation (United States), Schaeffler Technologies AG & Co. KG (Germany), Symphony Azimaai (United States) and Bruel & Kjaer (Denmark). Additionally, following companies can also be profiled that are part of our coverage like Fluke (United States), Balluff GmbH (Germany), Meggitt (United Kingdom), Pcb Piezotronics (United States), Flir Systems (United States), Analog Devices (United States), Machine Saver (United States) and 3Dsignals (Israel). Considering Market by Monitoring Technique, the sub-segment i.e. Vibration Monitoring will boost the Condition Monitoring Sensors market. Considering Market by Industry, the sub-segment i.e. Oil & Gas will boost the Condition Monitoring Sensors market. Considering Market by Monitoring Process, the sub-segment i.e. Online Condition Monitoring will boost the Condition Monitoring Sensors market.
Latest Market Insights:
On 23rd June 2020, ABB is participating in the HPE Discover Virtual Experience event beginning June 23 to unveil a scalable, high-performance wireless condition monitoring solution for large industrial applications.
On 12th April 2021, Siemens is presenting Sitrans SCM IQ, a new Industrial Internet of Things (IIoT) solution for Smart Condition Monitoring, at the Hannover Messe 2021. It enables potential incidents to be detected and prevented at an early stage, thus reducing maintenance costs and downtimes, and increasing plant performance by up to ten percent. The wireless, robust Sitrans MS200 multisensors form the hardware basis for installation on machinery such as pumps, gear units, compressors, and drive trains, where they collect vibration and temperature data.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Condition Monitoring Sensors market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Condition Monitoring Sensors market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Condition Monitoring Sensors Manufacturers, Condition Monitoring Service Providers, Government Organizations, Research Institutes, End-User Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.