DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Machine Condition Monitoring Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Monitoring Technique; Offering; Deployment; Monitoring Process; and End User, and Country" report has been added to ResearchAndMarkets.com's offering.
The APAC machine condition monitoring market was valued at US$ 596.1 million in 2019 and is expected to grow at a CAGR of 6.7% during the forecast period to reach US$ 988.3 million by 2027
The developing countries such as India, Japan, and South Korea are experiencing substantial growth in the number of manufacturing plants in various industries. The deployment of large reciprocating machineries has been surging over the past few years in the above mentioned countries. Increasing industrialization in the developing countries is catalyzing the adoption of newer machinery in the modern manufacturing facilities, which, in turn is propelling the demand for machine condition monitoring solutions.
The key industries such as aerospace & defense, automotive, oil & gas, manufacturing, power generation, and food & beverage majorly demand for condition monitoring solutions. These industries utilize higher volumes of rotating machines, which experience considerable vibration, corrosion, temperature difference, and oil seepage, which ultimately cause failure in the system if the problem prevails for an extended period. With an objective to avoid such downtime and monetary loss, the end users in the developing countries are procuring condition monitoring solutions, which is propelling the growth of the APAC machine condition monitoring market.
The region comprises around 60% of the world's population, i.e. over 4.4 billion people with more than 45 countries. The constant population rise has led to a significant demand for electricity, which has resulted in increased investments in power transmission systems. To meet the ever-increasing electricity demand, governments of the respective economies are investing heavily in their power generation infrastructure, which is expected to boost the growth of the machine condition monitoring market.
The implementation of lockdown due to the outbreak of COVID-19 across APAC after March 2019 has negatively impacted the economic activity throughout the region. The factory activities in Japan contracted drastically in March, signifying that the world's third-largest economy is possibly already in recession.
A sharp decline in business and economic activity across Asia in March due to COVID-19 outbreak, has affected the export from countries such as Japan and South Korea overshadowing a moderate enhancement in China. Manufacturing indicators also slumped in Vietnam, Indonesia, and the Philippines, as per the Purchasing Managers' Index surveys. China's factory activity enhanced marginally more than anticipated in March after plunging a month earlier; however, the growth was minimal, signifying an intense pressure on businesses owing to a decline in domestic and export demand.
While factories in China slowly resumed operations after extended shutdowns and a reduction in COVID-19 cases enabled the country to begin relaxing travel restrictions, activity in South Korea contracted at its fastest pace in 11 years as several of the country's trading partners imposed dramatic actions to control the virus' spread.
Rockwell Automation, SKF, General Electric Co., Emerson Electric, and National Instruments are among the key players in the APAC machine condition monitoring market.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Machine Condition Monitoring Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Asia Pacific - PEST Analysis
4.3 Ecosystem Analysis
5. Machine Condition Monitoring Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand for Automated Solutions in Manufacturing Facilities
5.1.2 Accentuating Awareness among End Users in Developing Countries
5.2 Market Restraints
5.2.1 Maintenance and Lifespan of Machine Condition Monitoring Systems
5.3 Market Opportunities
5.3.1 Increasing Adoption of Wireless Technologies
5.4 Future Trends
5.4.1 Embedded Sensors and Smart Wireless Communication to Revolutionize the Market
5.5 Impact Analysis of Drivers and Restraints
6. Machine Condition Monitoring Market - APAC Analysis
6.1 APAC Machine Condition Monitoring Market Overview
6.2 Machine Condition Monitoring Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Machine Condition Monitoring Market Analysis - By Monitoring Technique
7.2 Machine Condition Monitoring Market, By Monitoring Technique (2019 and 2027)
7.3 Vibration Monitoring
7.3.2 Vibration Monitoring: Machine Condition Monitoring Market - Revenue and Forecast to 2027 (US$ Million)
7.5 Oil Analysis
7.6 Corrosion Monitoring
7.7 Ultrasound Emission
7.8 Motor Current Analysis
8. Machine Condition Monitoring Market Analysis - By Offering
8.2 Machine Condition Monitoring Market, By Offering (2019 and 2027)
8.3.2 Hardware: Machine Condition Monitoring Market - Revenue and Forecast to 2027 (US$ Million)
8.3.3 Vibration Sensors
8.3.4 Proximity Probes
8.3.6 Infrared Sensors
8.3.8 Ultrasound Detectors
8.3.9 Corrosion Probes
8.4.1 Software: Machine Condition Monitoring Market - Revenue and Forecast to 2027 (US$ Million)
8.4.2 Data Integrator
8.4.3 Diagnosis Reporting
8.4.4 Order Tracking Analysis
8.4.5 Parameter Calculation
9. Machine Condition Monitoring Market Analysis - By Deployment Type
9.2 Machine Condition Monitoring Market, By Deployment Type (2019 and 2027)
9.3.2 Cloud: Machine Condition Monitoring Market - Revenue and Forecast to 2027 (US$ Million)
10. Machine Condition Monitoring Market Analysis - By Monitoring Process
10.2 Machine Condition Monitoring Market, By Monitoring Process (2019 and 2027)
10.3 Online Condition Monitoring
10.3.2 Online Condition Monitoring: Machine Condition Monitoring Market - Revenue and Forecast to 2027 (US$ Million)
10.4 Portable Condition Monitoring
11. Machine Condition Monitoring Market Analysis - By End User
11.2 Machine Condition Monitoring Market, By End User (2019 and 2027)
11.3 Oil & Gas
11.3.2 Oil & Gas: Machine Condition Monitoring Market - Revenue and Forecast to 2027 (US$ Million)
11.4 Power Generation
11.6 Aerospace & Defense
11.7 Food & Beverage
12. Machine Condition Monitoring Market Analysis - By Country
13. Impact of Coronavirus Outbreak
13.1 Impact of COVID-19 Pandemic On APAC Machine Condition Monitoring Market
13.1.1 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
14. Company Profiles
14.1 Key Facts
14.2 Business Description
14.3 Products and Services
14.4 Financial Overview
14.5 SWOT Analysis
14.6 Key Developments
- Honeywell International Inc.
- Schaeffler Technologies AG & Co. KG
- General Electric Company
- Emerson Electric Co.
- Parker Hannifin Corporation
- Rockwell Automation Inc.
- ALS Limited
- National Instrument Corporation
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