Condition Monitoring Service Market is anticipated to touch a value of nearly US$ 6.79 Billion in the year 2031
The global demand for condition monitoring services is projected to surpass the valuation of US$ 6.79 Billion by 2031 end. As suggested by a new Future Market Insights (FMI) report, substantial growth in the condition monitoring service market is mainly backed by the growth of the power generation industry, which holds a prominent share of the overall market value, closely followed by the chemical and petrochemical industries.
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 global market. On the flip side, the current global
coronavirus pandemic is expected to cost global economy about US$ 1 Tn in 2022,
as per the UN Conference on Trade and Development.
Get | Download Sample Copy with Graphs & List of
Figures @
https://www.futuremarketinsights.com/reports/sample/rep-gb-11280
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 majority of countries. As the COVID-19
pandemic spreads, condition monitoring services would see a notable decline in
their adoption.
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
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. Rising focus on
maintenance in order to minimize the asset downtime is fueling the
deployment of both the techniques.
Competition Landscape Analysis
The global condition monitoring service market is slightly
competitive, with the presence of 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 deficit in power in order to fulfill maximum power requirements. This, in
turn, is underpinning the condition monitoring service market in the region.
More About the Report
The research report analyzes the total sales of condition
monitoring services on the basis of volume (units) and value (US$ Mn). The
condition monitoring service market is projected on the basis of factors such
global energy consumption, oil & gas industry outlook, wind energy
installed capacity, hydropower installed capacity, and natural gas production
and consumption in various regions. Also, the report includes a competition
analysis section that includes tier structure analysis, market structure
analysis, competition development, and other crucial information of condition
monitoring service providers.
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
Comments
Post a Comment