Frost Radar in the Condition Monitoring Equipment Market
Published on: 22-Jan-2020 | SKU: IA01555-GL-MR_23796

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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 has changed over the past decade. 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 Frost 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. The list of CM equipment manufacturers with the greatest market penetration includes Bently Nevada, Meggitt Sensing Systems, Emerson, SKF Condition Monitoring, Brüel & Kjær, Fluke Corporation, Yokogawa, and Rockwell Automation. This Radar also includes medium-sized manufacturers such as FLIR Systems, Inc., ITT Inc., Petasense, Windrock Inc. (Apergy), PROGNOST Systems GmbH, and AMETEK Spectro Scientific. Small manufacturers in this Radar include Nippon Avionics Co. Ltd., Thermo Fisher Scientific, PerkinElmer, Gastops, and Parker Kittiwake.

The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, 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 recipient.

Industry Overview

The Frost Radar

Frost Radar—Description of Companies Plotted

Frost Radar—Description of Companies Plotted (continued)

Frost Radar—Description of Companies Plotted (continued)

Frost Radar—Description of Companies Plotted (continued)

AMETEK Spectro Scientific

Bently Nevada (Baker Hughes)

Brüel & Kjær Vibro GmbH (B&K)

Emerson

FLIR Systems, Inc.

Fluke Corporation

Gastops

ITT Inc.

Meggitt Sensing Systems

Nippon Avionics Co., Ltd.

Parker Kittiwake

PerkinElmer, Inc.

Petasense Inc.

PROGNOST Systems GmbH

Rockwell Automation

SKF Condition Monitoring

Thermo Fisher Scientific, Inc.

Windrock Inc. (Apergy Corporation)

Yokogawa

The Last Word—Key Takeaways

Legal Disclaimer

Frost Radar—2 Major Indices, 10 Analytical Ingredients, 1 Platform

Frost Radar—2 Major Indices, 10 Analytical Ingredients, 1 Platform (continued)

Frost Radar—C2A

Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform

Growth Index

Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.

  • Market Share (previous 3 years)
    This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years.
  • Revenue Growth (previous 3 years)
    This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™.
  • Growth Pipeline
    This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities.
  • Vision and Strategy
    This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision?
  • Sales and Marketing
    This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.

Innovation Index

Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.

  • INNOVATION SCALABILITY
    This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals.
  • RESEARCH AND DEVELOPMENT
    This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline.
  • PRODUCT PORTFOLIO
    This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue.
  • MEGATRENDS LEVERAGE
    This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline.
  • CUSTOMER ALIGNMENT
    This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.

Significance of Being on the Frost Radar™

Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.

  • GROWTH POTENTIAL
    Your organization has significant future growth potential, which makes it a Company to Action.
  • BEST PRACTICES
    Your organization is well positioned to shape Growth Pipeline™ best practices in your industry.
  • COMPETITIVE INTENSITY
    Your organization is one of the key drivers of competitive intensity in the growth environment.
  • CUSTOMER VALUE
    Your organization has demonstrated the ability to significantly enhance its customer value proposition.
  • PARTNER POTENTIAL
    Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.

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Impacting your company's future growth potential.

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 has changed over the past decade. 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 Frost 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. The list of CM equipment manufacturers with the greatest market penetration includes Bently Nevada, Meggitt Sensing Systems, Emerson, SKF Condition Monitoring, Brüel & Kjær, Fluke Corporation, Yokogawa, and Rockwell Automation. This Radar also includes medium-sized manufacturers such as FLIR Systems, Inc., ITT Inc., Petasense, Windrock Inc. (Apergy), PROGNOST Systems GmbH, and AMETEK Spectro Scientific. Small manufacturers in this Radar include Nippon Avionics Co. Ltd., Thermo Fisher Scientific, PerkinElmer, Gastops, and Parker Kittiwake. The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, 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 recipient.
More Information
New Title Condition Monitoring Equipment Market - Growth Opportunities, Analysis, Forecast, Global,2020
New Subtitle A Measurement System to Spark Companies 2 Action (C2A)—Innovation That Fuels New Deal Flow and Growth Pipelines , Condition Monitoring Equipment Market , Machine Condition Monitoring Market , CM equipment market
Deliverable Type Frost Radar
No Index No
Podcast No
Author Rohit Karthikeyan
Industries Industrial Automation
WIP Number K42C-01-00-00-00
Is Prebook No
GPS Codes 9404-A5,9594,9426

Frost Radar in the Condition Monitoring Equipment Market

Industrial AutomationCondition Monitoring Equipment Market - Growth Opportunities, Analysis, Forecast, Global,2020

A Measurement System to Spark Companies 2 Action (C2A)—Innovation That Fuels New Deal Flow and Growth Pipelines , Condition Monitoring Equipment Market , Machine Condition Monitoring Market , CM equipment market

RELEASE DATE
22-Jan-2020
REGION
Global
Deliverable Type
Frost Radar
Research Code: K42C-01-00-00-00
SKU: IA01555-GL-MR_23796
AvailableYesPDF Download
$4,950.00
In stock
SKU
IA01555-GL-MR_23796