Condition Monitoring for Electrical Equipment Market - Global Forecast to 2030
The Condition Monitoring for Electrical Equipment market is anticipated to grow from USD 2,245.81 million in 2024 to USD 3,304.31 million by 2030 with a CAGR of 6.8 % during 2025-2030. The Condition Monitoring for Electrical Equipment Market is expected to grow primarily due to the increasing trend towards predictive maintenance in industries worldwide. With companies working towards reducing unplanned downtime, lowering repair costs, and extending asset life, the demand for monitoring technologies with the ability to detect issues before they cause failure is increasing. Condition monitoring systems allow for real-time monitoring of equipment performance, enabling timely interventions and ensuring the safe operation of mission-critical assets such as motors, transformers, and switchgears. This shift from reactive to predictive maintenance enables businesses to gain higher operational efficiency and increase the life of electrical equipment.
Based on the offering segment, the Condition Monitoring for Electrical Equipment market has been categorized as hardware, software and services. Demand for Condition Monitoring of Electrical Equipment increases because of developments in hardware, software, and services. Hardware like sensors and IoT-based devices allow for real-time data collection and monitoring, offering vital insights into the health of the equipment. Software-based solutions leverage AI and machine learning to analyze this data, forecasting potential failures and optimizing maintenance schedules. Further, expansion in the services that incorporate installation, integration, and constant support helps the systems be seamlessly adopted and operated. Cumulatively, the services help industries enhance operating efficiency, decrease downtime, and prolong asset lifespan, fueling market growth.
In End User segment, the Condition Monitoring for Electrical Equipment market has been segmented as oil & gas, power generation, metals & mining, chemicals, chemicals, automotive, food & beverage, marine, other end users. Applications of Condition Monitoring of Electrical Equipment are on the rise in many industries such as oil & gas, power generation, metals & mining, chemicals, automotive, food & beverages, and marine owing to growing requirements for operating reliability and economic benefits. These industries rely heavily on critical electrical equipment, and even brief downtime translates into high downtime and safety risk. Condition monitoring systems enable issues to be detected early, enabling optimal performance, minimizing unexpected failure, and prolonging asset life. Considering the pursuit of efficiency, safety, and compliance with regulation, industries across the world are adopting such solutions in an attempt to reduce risk and operating costs.
A few of the players operating in the Condition Monitoring for Electrical Equipment market include GE Vernova (US), Rockwell Automation (US), SKF (Sweden), Honeywell Internation (US), Siemens (Germany) and among others.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQs)
- What is the current size of the Condition Monitoring for Electrical Equipment Market?
- What trends could be witnessed over the next five to ten years?
- What are the major drivers for the Condition Monitoring for Electrical Equipment Market?
- Which is the largest segment by End User during the forecasted period in the Condition Monitoring for Electrical Equipment Market?
- Which is the fastest-growing region during the forecasted period in the Condition Monitoring for Electrical Equipment Market?
- What will be the revenue pockets for the Condition Monitoring for Electrical Equipment Market in the next five years?
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1. INTRODUCTION
1.1. OBJECTIVE OF THE STUDY
1.2. MARKET DEFINITION
1.3. INCLUSIONS AND EXCLUSIONS
1.4. MARKET SCOPE
1.4.1. MARKET SEGMENTATION
1.4.2. REGIONAL SCOPE
1.5. YEARS CONSIDERED
1.6. CURRENCY
1.7. LIMITATIONS
1.8. STAKEHOLDERS
2. RESEARCH METHODOLOGY
2.1. RESEARCH DATA
2.2. MARKET BREAKDOWN AND DATA TRIANGULATION
2.2.1. SECONDARY DATA
2.2.1.1. KEY DATA FROM SECONDARY SOURCES
2.2.2. PRIMARY DATA
2.2.2.1. KEY DATA FROM PRIMARY SOURCES
2.2.2.2. KEY INDUSTRY INSIGHTS
2.2.2.3. BREAKDOWN OF PRIMARY INTERVIEWS
2.3. MARKET SIZE ESTIMATION
2.3.1. BOTTOM-UP APPROACH
2.3.2. TOP-DOWN APPROACH
2.3.3. DEMAND SIDE ANALYSIS
2.3.3.1. ASSUMPTIONS FOR DEMAND SIDE ANALYSIS
2.3.3.2. DEMAND SIDE CALCULATION
2.3.4. SUPPLY-SIDE ANALYSIS
2.3.4.1. ASSUMPTIONS FOR SUPPLY SIDE ANALYSIS
2.3.4.2. SUPPLY-SIDE CALCULATION
2.4. FORECAST
2.4.1. RESEARCH ASSUMPTIONS
2.4.2. LIMITATIONS OF RESEARCH
2.4.3. RISK ASSESSMENT
3. EXECUTIVE SUMMARY
4. PREMIUM INSIGHTS
5. MARKET OVERVIEW
5.1. INTRODUCTION
5.2. MARKET DYNAMICS
5.2.1. DRIVERS
5.2.2. RESTRAINTS
5.2.3. OPPORTUNITIES
5.2.4. CHALLENGES
5.3. CASE STUDY ANALYSIS
5.4. TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
5.5. VALUE/SUPPLY CHAIN ANALYSIS
5.6. ECOSYSTEM
5.7. PRICING ANALYSIS
5.8. REGULATORY LANDSCAPE
5.8.1. REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.8.2. REGULATORY FRAMEWORK
5.9. PORTER’S FIVE FORCES ANALYSIS
5.10. KEY STAKEHOLDERS AND BUYING CRITERIA
5.10.1. KEY STAKEHOLDERS IN BUYING PROCESS
5.10.2. BUYING CRITERIA
6. CONDITION MONITORING FOR ELECTRICAL EQUIPMENT MARKET, BY EQUIPMENT
(Value (USD Million) – 2021, 2022, 2023, 2024, 2025-e, 2030-f)
6.1. INTRODUCTION
6.2. TRANSFORMERS
6.3. SWITCHGEAR
6.4. ELECTRIC MOTORS
6.5. OTHERS
7. CONDITION MONITORING FOR ELECTRICAL EQUIPMENT MARKET, BY TECHNIQUE
(Value (USD Million) – 2021, 2022, 2023, 2024, 2025-e, 2030-f)
7.1. INTRODUCTION
7.2. VIBRATION MONITORING
7.3. OIL ANALYSIS
7.4. PARTIAL DISCHARGE MONITORING
7.5. ULTRASOUND MONITORING
7.6. THERMOGRAPHY
8. CONDITION MONITORING FOR ELECTRICAL EQUIPMENT MARKET, BY OFFERING
(Value (USD Million) – 2021, 2022, 2023, 2024, 2025-e, 2030-f)
8.1. INTRODUCTION
8.2. HARDWARE
8.3. SOFTWARE
8.4. SERVICES
9. CONDITION MONITORING FOR ELECTRICAL EQUIPMENT MARKET, BY DEPLOYMENT MODE
(Value (USD Million) – 2021, 2022, 2023, 2024, 2025-e, 2030-f)
9.1. INTRODUCTION
9.2. ON-PREMISES
9.3. CLOUD
10. CONDITION MONITORING FOR ELECTRICAL EQUIPMENT MARKET, BY TYPE
(Value (USD Million) – 2021, 2022, 2023, 2024, 2025-e, 2030-f)
10.1. INTRODUCTION
10.2. PORTABLE
10.3. ONLINE
11. CONDITION MONITORING FOR ELECTRICAL EQUIPMENT MARKET, BY END USER
(Value (USD Million) – 2021, 2022, 2023, 2024, 2025-e, 2030-f)
11.1. INTRODUCTION
11.2. OIL & GAS
11.3. POWER GENERATION
11.4. METALS & MINING
11.5. CHEMICALS
11.6. AUTOMOTIVE
11.7. FOOD & BEVERAGE
11.8. MARINE
11.9. OTHER INDUSTRIES
12. CONDITION MONITORING FOR ELECTRICAL EQUIPMENT MARKET, BY REGION
(Value (USD Million) – 2021, 2022, 2023, 2024, 2025-e, 2030-f)
12.1. INTRODUCTION
12.2. NORTH AMERICA
12.2.1. BY EQUIPMENT
12.2.2. BY TECHNIQUE
12.2.3. BY OFFERING
12.2.4. BY DEPLOYMENT MODE
12.2.5. BY TYPE
12.2.6. BY INDUSTRY
12.2.7. BY COUNTRY
12.2.7.1. US
12.2.7.1.1. BY END USER
12.2.7.2. CANADA
12.2.7.3. MEXICO
12.3. ASIA PACIFIC
12.3.1. BY EQUIPMENT
12.3.2. BY TECHNIQUE
12.3.3. BY OFFERING
12.3.4. BY DEPLOYMENT MODE
12.3.5. BY TYPE
12.3.6. BY INDUSTRY
12.3.7. BY COUNTRY
12.3.7.1. CHINA
12.3.7.1.1. BY END USER
12.3.7.2. SOUTH KOREA
12.3.7.3. INDIA
12.3.7.4. JAPAN
12.3.7.5. REST OF ASIA PACIFIC
12.4. EUROPE
12.4.1. BY EQUIPMENT
12.4.2. BY TECHNIQUE
12.4.3. BY OFFERING
12.4.4. BY DEPLOYMENT MODE
12.4.5. BY TYPE
12.4.6. BY INDUSTRY
12.4.7. BY COUNTRY
12.4.7.1. GERMANY
12.4.7.1.1. BY END USER
12.4.7.2. UK
12.4.7.3. FRANCE
12.4.7.4. ITALY
12.4.7.5. NORWAY
12.4.7.6. REST OF EUROPE
12.5. SOUTH AMERICA
12.5.1. BY EQUIPMENT
12.5.2. BY TECHNIQUE
12.5.3. BY OFFERING
12.5.4. BY DEPLOYMENT MODE
12.5.5. BY TYPE
12.5.6. BY INDUSTRY
12.5.7. BY COUNTRY
12.5.7.1. BRAZIL
12.5.7.1.1. BY END USER
12.5.7.2. ARGENTINA
12.5.7.3. REST OF SOUTH AMERICA
12.6. MIDDLE EAST & AFRICA
12.6.1. BY EQUIPMENT
12.6.2. BY TECHNIQUE
12.6.3. BY OFFERING
12.6.4. BY DEPLOYMENT MODE
12.6.5. BY TYPE
12.6.6. BY INDUSTRY
12.6.7. BY COUNTRY
12.6.7.1. GCC
12.6.7.1.1.1. BY END USER
12.6.7.1.2. SAUDI ARABIA
12.6.7.1.3. UAE
12.6.7.1.4. REST OF GCC
12.6.7.2. SOUTH AFRICA
12.6.7.3. EGYPT
12.6.7.4. REST OF MIDDLE EAST AND AFRICA
13. COMPETITIVE LANDSCAPE
13.1. KEY PLAYER STRATEGIES OVERVIEW
13.2. MARKET SHARE ANALYSIS OF KEY PLAYERS, 2024
13.2.1. LIST OF KEY PLAYERS, BY END USER
13.3. REVENUE ANALYSIS OF TOP 5 PLAYERS, 2020-2024
13.4. COMPETITIVE SCENARIO AND TRENDS
13.5. COMPANY VALUATION AND FINANCIAL METRICS
13.6. COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
13.6.1. STARS
13.6.2. EMERGING LEADERS
13.6.3. PERVASIVE PLAYERS
13.6.4. PARTICIPANTS
13.6.5. COMPANY FOOTPRINT: KEY PLAYERS, 2024
13.6.5.1. Company Footprint
13.6.5.2. Type Footprint
13.6.5.3. Region Footprint
14. COMPANY PROFILES
14.1. ROCKWELL AUTOMATION
14.1.1. Business Overview
14.1.2. Products Offered
14.1.3. Recent Developments
14.1.4. MnM view
14.1.4.1. Key strategies/right to win
14.1.4.2. Strategic choices made
14.1.4.3. Weaknesses and competitive threats
14.2. GE VERNOVA
14.3. SKF
14.4. HONEYWELL INTERNATIONAL INC
14.5. ABB
14.6. SIEMENS
14.7. SCHNEIDER ELECTRIC
14.8. FLUKE CORPORATION
14.9. OMICRON
14.10. BAKER HUGHES COMPANY
15. APPENDIX
15.1. INSIGHTS OF INDUSTRY EXPERTS
15.2. DISCUSSION GUIDE
15.3. KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
15.4. CUSTOMIZATION OPTIONS
15.5. RELATED REPORTS
15.6. AUTHOR DETAILS
Growth opportunities and latent adjacency in Condition Monitoring for Electrical Equipment Market