The global demand for condition monitoring services is projected to surpass the valuation of US$ 9.7 Billion by 2033 end. As suggested by a new Future Market Insights (FMI) report, substantial growth in the condition monitoring service market is mainly backed by the growth of the power generation industry, which holds a prominent share of the overall market value, closely followed by the chemical and petrochemical industries.
Increasing urbanization and rapid industrialization are creating massive opportunities for key market players in the automotive & transportation industry, thereby bolstering the adoption of condition-monitoring services in the global market. On the flip side, the current global coronavirus pandemic is expected to cost the global economy about US$ 1 Tn in 2022, as per the UN Conference on Trade and Development.
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The automotive, logistics, and petrochemical industries, in particular, are well within the radar of the potential impact of the virus. Several business executives have halted their manufacturing operations, given the large-scale lockdowns in the majority of countries. As the COVID-19 pandemic spreads, condition monitoring services will see a notable decline in their adoption.
Key Takeaways of Condition Monitoring Service Market Study
- According to our research, the portable machine diagnostic segment is shaping the revenue pool of the condition monitoring service market as the portable equipment is used to analyze data from the sensors, saving time of operation.
- In the current scenario, integration of condition monitoring software with computerized maintenance management services & process control software is an emerging trend in the global condition monitoring service market.
- North America is a prominent market for condition monitoring services and is expected to continue its hegemony, owing to its strong industrial growth and high adoption of the services in the region.
- In the global condition monitoring service market, over 55% of the revenue comes through vibration analysis and oil analysis segments. Rising focus on maintenance in order to minimize asset downtime is fueling the deployment of both techniques.
Competition Landscape Analysis
The global condition monitoring service market is slightly competitive, with the presence of a moderate number of local and global manufacturers. Key manufacturers such as SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric, and Parker Hannifin Corp. account for nearly half of the share of the overall market. Manufacturers are focusing on strengthening their product portfolio by launching advanced condition-monitoring services and collaborating with end users.
South Asia Represents Potential Growth Avenues
The demand for condition monitoring services is expected to gain traction in South Asia in the coming years, owing to increasing investments in power generation, and petrochemical industries. Governments in countries such as India, and Indonesia are encouraging private sector players to minimize the deficit in power in order to fulfill maximum power requirements. This, in turn, is underpinning the condition monitoring service market in the region
More About the Report
The research report analyzes the total sales of condition monitoring services on the basis of volume (units) and value (US$ Mn). The condition monitoring service market is projected on the basis of factors such global energy consumption, oil & gas industry outlook, wind energy installed capacity, hydropower installed capacity, and natural gas production and consumption in various regions. Also, the report includes a competition analysis section that includes tier structure analysis, market structure analysis, competition development, and other crucial information of condition monitoring service providers.
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Condition Monitoring Service Market by Category
By Technique:
- Vibration Analysis
- Corrosion Monitoring
- Infrared Thermography
- Ultrasound Testing
- Motor Condition Monitoring
- Oil Analysis
By Operation:
- Route Based Monitoring
- Portable Machine Diagnostics
- Online Machine Monitoring
- Online Machine Protection
- Factory Assurance Test
By End Use Industry:
- Oil & Gas
- Power Generation
- Aerospace & Defense
- Automotive & Transportation
- Marine
- Mining & Metal
- Food & Beverage
- Chemical & Petrochemical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- META
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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