The market for condition monitoring services reached US$ 3.29 billion in 2021, growing at a CAGR of 4.0% from 2016 to 2021. Between 2022 and 2031, it is predicted that the sales of condition monitoring services will increase by 1.9x.
In order to spot changes and variations that might point to a developing fault, condition monitoring involves evaluating and tracking the conditions of machinery and equipment. In order to ascertain the ideal operating state of machinery, these services keep an eye on vital parameters like vibration, temperature, and noise.
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.
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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.
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.
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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.
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 power deficit to fulfil maximum power requirements. This, in turn, is underpinning the condition monitoring service market in the region.
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