The global condition monitoring service market is expected to be valued at USD 3.5 billion in 2022, with demand remaining strong throughout the assessment period due to rising machine failures across various industries. The market is projected to reach USD 9.7 billion by 2033, recording a CAGR of 9.8% from 2023 to 2033. In 2023, the market is anticipated to secure a valuation of approximately USD 3.8 billion.
According to Future Market Insights (FMI), the global condition monitoring service market was valued at USD 3.5 billion in 2022, expanding at a CAGR of 4.2% from 2018 to 2022. Sales of condition monitoring services are expected to grow 1.9x between 2023 and 2033.
Condition monitoring involves assessing and tracking machinery and equipment conditions to detect changes or variations that could signal potential faults. These services monitor critical parameters like vibration, temperature, and noise to ensure machinery operates at optimal levels.
Key drivers for market growth include the increasing focus on extending machinery lifespan, improving production quality, and minimizing downtime. Demand for these services, particularly in the manufacturing sector, is projected to rise significantly in the coming years.
Key Takeaways
- Since these services track vital characteristics like temperature, vibration and noise identification, these properties drive the market growth.
- Increased emphasis on extending machinery life, decreasing downtime, and enhancing product quality have propelled reasonable growth in the market.
- According to FMI analysis, demand for condition monitoring services especially in the industrial sector is expected to rise in the future years.
- The dramatic increase in the unfortunate incidents due to workplace machine failures and labor injuries caused by equipment failure has led to the drastic inclination toward condition monitoring services.
- Increased machine usage time and accelerated industrial activities throughout the world resulted in heightened workplace death which drove the world’s attention to condition monitoring services.
- The North American region is projected to register robust growth in the global condition monitoring service market, accounting for more than 25% of the total sales by 2022.
Competitive Landscape
Schaeffler Technologies AG & Co., Kirloskar Brothers Ltd, Siemens AG, Honeywell International Inc., ABB Ltd., Emerson Electric Co., Rockwell Automation, Inc., Fluke Corporation, Parker Hannifin Corp., General Electric, Festo Group, AB SKF, Fuji Electric, Eaton Plc, Meggit PLC, PCE Instruments, AIMIL ltd., Bachmann Electronic GmbH, Ingeteam, Bruel & Kjaer Vibro GmbH are some of the key companies profiled in the full version of the report.
Key companies in the global condition monitoring service market are focusing on launching novel products and services to expand their service portfolio. Some of the players are also aiming at mergers and acquisitions to gain a competitive edge.
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
Report Preview: https://www.futuremarketinsights.com/reports/condition-monitoring-service-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube