The global demand for condition monitoring services is projected to surpass the valuation of US$ 6.79 Bn by 2031 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 global market. On the flip side, the current global coronavirus pandemic is expected to cost global economy about US$ 1 Tn in 2022, as per the UN Conference on Trade and Development.
The automotive, logistics, and petrochemicals 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 majority of countries. As the COVID-19 pandemic spreads, condition monitoring services would see a notable decline in their adoption.
2016-2021 Condition Monitoring Service Market Outlook in Comparison to 2022-2031 Growth Forecast
According to Future Market Insights (FMI), the global condition monitoring service market totaled US$ 3.29 Bn in 2021, expanding at a CAGR of 4.0% between 2016 and 2021. The sales of condition monitoring services are estimated to increase by 1.9x between 2022 and 2031.
Condition monitoring is a process of assessing and monitoring the conditions of machineries and equipment to identify changes and variations that could indicate developing fault. These services monitor critical parameters such as vibration, temperature, and noise in order to determine the optimal operating state of machineries.
Further, rising emphasis on increasing machinery life, enhancing production quality, and reducing downtime are some of the factors boosting the market. On the back of this, the demand for condition monitoring services, especially in manufacturing sector, is estimated to surge over the coming years.
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 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 the asset downtime is fueling the deployment of both the techniques.
Competition Landscape Analysis :-
The global condition monitoring service market is slightly competitive, with the presence of 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.
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