Press release
According to FMI, Condition Monitoring Services Will Reach 6.79 Billion USD: FMI
The demand in the condition monitoring service global market is estimated to reach US$ 6.79 Bn by 2031, exhibiting growth at a CAGR of 9.8% during the forecast period 2022-2031.
Regionally, 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. On the basis of technique, vibration analysis and oil analysis are estimated to emerge as the most remunerative segments, accounting for nearly 55% of the global market share through 2031.
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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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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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