NEWARK, Del, July 22, 2022 (GLOBE NEWSWIRE) -- The global condition monitoring service market is anticipated to surpass US$ 3.52 Bn by the end of 2022. Condition monitoring is known as the practice of examining and monitoring the state of equipment and machines to detect changes and variations that may signal the development of a malfunction.
The demand for condition monitoring services is estimated to reach US$ 6.79 Bn by 2031 projecting a CAGR of 9.8% during the forecast period 2022-2031. Escalating emphasis on the integration of condition monitoring software with computerized process control services and maintenance management software is expected to favor the growth in the market.
As per Future Market Insights' latest comparison and review analysis report, it has been projected that North America is anticipated to register robust growth in the global condition monitoring service market, accounting for more than 25% of the total sales by 2022.
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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.
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More Insights into the Condition Monitoring Service Market
According to the analytic report of Future Market Insights, Sweden is projected to dominate the European condition monitoring service market accounting for a significant share between 2022 and 2031.
The surge in renewable energy development and an increasing number of wind turbine installation projects are stalling the growth in the European region, accounting for more than 21.3% of sales by 2022.
The significant use of vibration monitoring services is witnessed in identifying and assessing any changes in the operation of wind turbines. Hence, rising wind energy generation activities in Sweden are expected to bolster the sales in the market.
The U.S. is anticipated to emerge as the most lucrative condition monitoring service market in North America, accounting for more than 25% of the global sales by the end of 2022.
With a significant surge in automobile production, condition monitoring services adoption is advancing to calculate the life of assets, predict failure and help schedule maintenance.
India is estimated to account for 15.2% of sales in the South Asia and Pacific market over the assessment period.
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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
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
5. Global Condition Monitoring Service Market Demand (in Value or Size in US$ Mn) Analysis 2015-2021 and Forecast, 2022-2031
5.1. Historical Market Value (US$ Mn) Analysis, 2015-2021
5.2. Current and Future Market Value (US$ Mn) Projections, 2022-2031
5.2.1. Y-o-Y Growth Trend Analysis
5.2.2. Absolute $ Opportunity Analysis
About FMI- Industrial Automation
The industrial automation division of FMI offers a distinct and pinpoint analysis of the material industry. This elaborate coverage extends from revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, trends, and pricing analysis. Our research studies serve as referencing market guidelines for industrial manufacturers' channel partners and government bodies.
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