The global demand for condition monitoring services market growth 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. Which holds an outstanding share of the general market value, closely followed by the chemical and petrochemical industries.
Particularly conscious of the virus’s potential implications are the petrochemicals, automotive, and logistics industries. Several business CEOs have halted their production activities due to the widespread lockdowns in the majority of the nations.
Global demand for condition monitoring services is increasing as a result of rapid industrialization and expanding urbanisation, which are creating tremendous opportunities for key market players in the automotive and transportation industries. However, the UN Conference on Trade and Development predicts that by 2022, the present global coronavirus epidemic will have cost the world economy about US$1 Tn.
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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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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)
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