The global demand for condition monitoring services is projected to surpass the valuation of over US$4 Bn by 2030 end. As suggested by a new Future Market Insights (FMI) report, substantial growth in the condition monitoring service market is mainly backed by the growth of the power generation industry, which holds a prominent share of the overall market value, closely followed by the chemical and petrochemical industries.
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Increasing urbanisation and rapid industrialisation are creating massive opportunities for key market players in the automotive & transportation industry, thereby bolstering the adoption of condition monitoring services in global market. On the flip side, the current global coronavirus pandemic is expected to cost global economy about US$ 1 Tn in 2020, 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.
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.
How Growth will Unfold
The ability of vibrational analysis to predict possible deformities makes it a preferable technique to enhance asset efficiency, plan maintenance, and avoid unscheduled standstill. About 7 out of 10 players in condition monitoring service market are investing in vibrational analysis. On the other hand, devising a proper oil analysis framework is essential in sustaining plant operations.
FMI finds that inefficient lubrication methods result in over 50% of machinery and bearing deformities. Consequently, market players are also shifting capital investments toward oil analysis technique.
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CONDITION MONITORING SERVICE MARKET TAXONOMY
- Vibration Analysis
- Corrosion Monitoring
- Infrared Thermography
- Ultrasound Testing
- Motor Condition Monitoring
- Oil Analysis
- Route Based Monitoring
- Portable Machine Diagnostics
- Online Machine Monitoring
- Online Machine Protection
- Factory Assurance Test
End Use Industry
- Oil & Gas
- Power Generation
- Aerospace & Defense
- Automotive & Transportation
- Mining & Metal
- Food & Beverage
- Chemical & Petrochemical
- North America
- Latin America
- East Asia
- South Asia
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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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.