Which holds an outstanding share of the general market value, closely followed by the chemical and petrochemical industries. The global demand for condition monitoring services is projected to surpass the valuation of US$ 6.79 Bn by 2031 end. As recommended by a replacement Future Market Insights (FMI) report, substantial growth within the condition monitoring service market is principally backed by the expansion of the facility generation industry.
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 the majority of countries.
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.
Request a sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-11280
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. 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.
Click Link For Customization Report @ https://www.futuremarketinsights.com/customization-available/rep-gb-11280
Condition Monitoring System Market by Category
By Technique:
- Corrosion Monitoring
- Infrared Thermography
- Motor Condition Monitoring
- Oil Analysis
- Ultrasound Testing
- Vibration Analysis
By Application:
- Aerospace and Defense
- Automotive and Transportation
- Chemical and Petrochemical
- Food & Beverage
- Marine
- Mining and Metal
- Oil and Gas
- Power Generation
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Reach Our Expert For More Information @
https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-11280
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.
Explore wide-ranging Coverage of FMI’s Industrial Automation Market Insights Landscape
Hammer Mill Market : The global hammer mill market size stood at around US$ 641.3 Mn in 2021 and is expected to expand at a CAGR of 4.3% to reach a valuation of US$ 1,016 Mn by 2032.
Construction Anchors Market : The global construction anchors market os anticipated to reach a valuation of US$ 10.9 Bn in 2022. With sales growing at a CAGR of 6.0%, the total construction anchors market size will reach US$ 19.5 Bn by 2032.
Pipes Market : The global pipes market reached a valuation of US$ 127.2 Bn in 2021 and is estimated grow at a CAGR of 5.4%, surpassing US$ 225.5 Bn by 2032.
Stacker Crane Market : The global stacker crane market size reached a valuation of US$ 976 Mn in 2021 and is likely to touch a valuation of US$ 1 Bn in 2022.
Solar Invertor Market : The global solar invertor market is forecast to grow year-on-year by 5.0% in 2022, reaching a valuation of about US$ 11 Bn in 2022.
Water Treatment System Market: Water treatment market stood at US$ 66,094 Mn in 2022 and is slated to increase at a CAGR of 6.8% to reach a valuation of US$ 111,922 Mn by the end of their forecast period
Facility Management Services Market: Facility management services market is expected to increase at a CAGR of 12.6% during the forecast period, from US$ 42.2 billion in 2021 to US$ 76.3 billion in 2026
Test and Measurement Equipment Market: The global test and measurement equipment market is predicted to witness a moderate CAGR of 5.6% during the forecast period of 2022 to 2032.
About Future Market Insights Inc.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 9-years.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/
LinkedIn| Twitter| Blogs