Condition Monitoring Service Market is anticipated to touch a value of nearly US$ 6.79 Billion in the year 2031

The global demand for condition monitoring services is projected to surpass the valuation of US$ 6.79 Billion 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.

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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.

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.

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.

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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.

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.

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
  • MEA

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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