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Condition Monitoring Service is expected to be worth more than $6.79 billion by 2031: FMI

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The automotive, logistics, and petrochemical industries, in particular, are well aware of the virus’s potential impact. Given the widespread lockdowns in the majority of countries, several business executives have halted their manufacturing operations. Condition monitoring services would see a significant decrease in adoption as the COVID-19 pandemic spreads.

Key Takeaways of Condition Monitoring Service Market Study

  • According to our findings, the portable machine diagnostic segment is shaping the revenue pool of the condition monitoring service market because portable equipment is used to analyse data from sensors, saving time on the job.
  • Integration of condition monitoring software with computerised maintenance management services and process control software is a current trend in the global condition monitoring service market.
  • North America is a significant market for condition monitoring services and is expected to maintain its dominance due to the region’s strong industrial growth and high adoption of the services.
  • In the global condition monitoring service market, over 55% of the revenue comes through vibration analysis and oil analysis segments. A rising focus on maintenance to minimize asset downtime is fueling the deployment of both techniques.

In order to minimize the asset downtime, it is necessary to monitor the assets continuously or in regular intervals, especially in facilities such as power generation and petrochemical plants. Given the criticality of highly accurate results in such facilities, manufacturers are striving to further develop condition monitoring software that can be integrated into the services to record the data.

Competition Landscape Analysis

The global condition monitoring service market is moderately competitive, with a moderate number of local and global manufacturers present. SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric, and Parker Hannifin Corp. account for nearly half of the overall market share. Manufacturers are focusing on expanding their product portfolios through the launch of advanced condition monitoring services and collaboration with end users.

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South Asia Represents Potential Growth Avenues

The demand for condition monitoring services is expected to grow in South Asia in the coming years as investments in the power generation and petrochemical industries increase. Governments in countries such as India and Indonesia are encouraging private sector players to reduce power deficits in order to meet maximum power demands. This, in turn, is supporting the region’s condition monitoring service market.

More About the Report

The research report analyzes the total sales of condition monitoring services based on volume (units) and value (US$ Mn). The condition monitoring service market is projected based on factors such as 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 on condition monitoring service providers.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

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The post Condition Monitoring Service is expected to be worth more than $6.79 billion by 2031: FMI appeared first on Future Market Insights.

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