Market Size of Thermography Condition Monitoring Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thermography Condition Monitoring Equipment Market Analysis
The Global Thermography Condition Monitoring Equipment Market is expected to register a CAGR of around 5.5% during the forecast period. The thermography condition monitoring equipment uses a thermal imager to detect radiation in the form of heat coming from an object. Thermography plays a crucial role, and it is a valuable tool for condition monitoring and preventive maintenance.
- The thermography condition monitoring equipment prevents unforeseen breakdowns that could disrupt production, interrupt power, or even cause a fire. The infrared thermography process detects the energy emitted from an object and detects heat-related issues before they become a disaster for all, thus driving the market's growth.
- The benefits of the thermography condition monitoring equipment include 24/7 remote monitoring, reduction in unplanned downtime, early warnings of potential (serious) failures, support ongoing reliability, reduction in maintenance cost, and risk reduction with fewer inspections at confined and remote assets. The thermography condition monitoring equipment lowers the stress level of maintenance staff in process industries.
- Condition monitoring supports various goals for manufacturers, including reducing and eliminating unplanned machine downtime, optimizing machine health and performance, improving quality and reducing scrap parts, driving a higher-performing maintenance program based on accurate machine data, and enabling automation based on real-time machine condition data.
- The Internet of Things (IoT) is driving the demand for condition monitoring equipment. The IoT is set to change condition monitoring as devices can connect and communicate. This indicates that connected smart machines in different locations can communicate to provide a joined-up comparison between systems. Preventative maintenance ensures employees' safety and promotes safer working conditions by inspecting and fixing items before they breakdown. Condition monitoring means that owners can plan maintenance before failure occurs that could pose a threat to employees working nearby.
- The epidemic has caused a sharp fall in the number of businesses all over the world that have crucial assets for manufacturing goods and services. Since manufacturing activity is low, companies are tempted to eliminate maintenance, resulting in high prices in the coming future. Due to the COVID-19 pandemic, the global supply chain and demand for thermography condition monitoring equipment were disrupted, severely impacting market adoption. Globally, countries have noticed a shortage of condition monitoring equipment due to the production stoppage during the pandemic.
Thermography Condition Monitoring Equipment Industry Segmentation
Condition monitoring (CM) is a maintenance approach that predicts machine health and safety through the combination of machine sensor data that measures vibration and other parameters in real time. The Global Thermography Condition Monitoring Equipment Market is segmented by End-user Industry (Oil & Gas, Power Generation, Process & Manufacturing, Aerospace & Defense, Automotive & Transportation) and by Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By End-user Industry | |
| Oil & Gas | |
| Power Generation | |
| Process & Manufacturing | |
| Aerospace & Defense | |
| Automotive & Transportation | |
| Other End-user Verticals (Marine, Mining, Metal, etc) |
| By Geography | ||||||
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| Latin America | ||||||
| Middle East and Africa |
Thermography Condition Monitoring Equipment Market Size Summary
The global thermography condition monitoring equipment market is poised for steady growth, driven by its critical role in preventive maintenance and condition monitoring. This equipment utilizes thermal imaging to detect heat radiation from objects, helping to prevent unforeseen breakdowns that could disrupt production or pose safety risks. The technology offers numerous benefits, including continuous remote monitoring, reduced unplanned downtime, and early warnings of potential failures, which collectively enhance operational reliability and reduce maintenance costs. The integration of the Internet of Things (IoT) is further propelling market demand, as it enables connected devices to communicate and provide real-time data for proactive maintenance. This capability is particularly valuable in industries such as oil and gas, where equipment operates in harsh environments and requires constant monitoring to avoid costly shutdowns and ensure safety.
The market landscape is competitive, with key players like SKF, Parker Hannifin Corp, and Rockwell Automation, Inc. actively contributing to advancements in condition monitoring solutions. Recent collaborations, such as those between SKF and Amazon Web Services, have focused on integrating machine learning and artificial intelligence to enhance predictive maintenance capabilities. These innovations aim to improve the reliability of critical machinery across various sectors, including manufacturing and offshore oil exploration. The demand for thermography condition monitoring equipment is further bolstered by its ability to provide real-time insights into machine health, enabling manufacturers to optimize performance and reduce operational risks. As industries continue to prioritize safety and efficiency, the market for thermography condition monitoring equipment is expected to expand, offering significant opportunities for growth and innovation.
Thermography Condition Monitoring Equipment Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of COVID-19 on the Thermography Condition Monitoring Equipment Market
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2. MARKET SEGMENTATION
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2.1 By End-user Industry
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2.1.1 Oil & Gas
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2.1.2 Power Generation
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2.1.3 Process & Manufacturing
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2.1.4 Aerospace & Defense
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2.1.5 Automotive & Transportation
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2.1.6 Other End-user Verticals (Marine, Mining, Metal, etc)
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2.2 By Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 Germany
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2.2.2.3 France
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2.2.2.4 Rest of Europe
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2.2.3 Asia Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Rest of Asia Pacific
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2.2.4 Latin America
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2.2.5 Middle East and Africa
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Thermography Condition Monitoring Equipment Market Size FAQs
What is the current Thermography Condition Monitoring Equipment Market size?
The Thermography Condition Monitoring Equipment Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Thermography Condition Monitoring Equipment Market?
National Instruments Corp, Schaeffler India Limited, Fluke Corporation, SKF and Rockwell Automation, Inc. are the major companies operating in the Thermography Condition Monitoring Equipment Market.
