Condition Monitoring Service Market to Click US$ 3 Bn in 2023
Industrial executives have been in the hunt for a reliable maintenance service that aids mitigate risks and boosts return on investment (ROI). Maintenance professionals and reliability engineers are significantly familiarized with the optimum balance of reliability, unit safety, and economies of scale. Condition monitoring service are a novel approach to predictive machinery maintenance. They enable technicians to gather and analyze chunks of information easily. For industries, wherein compensating for damage is cost-prohibitive, condition monitoring service are a favorable option. The global market value of condition monitoring service will surpass US$ 3 Bn in 2023. As per FMI’s study, this number is expected to increase at a stellar pace through 2030.
CONDITION MONITORING SERVICE MARKET - KEY RESEARCH FINDINGS
- The global condition monitoring service crossed its US$ 2 Bn mark in 2019.
- The market is expected to register a CAGR of 9.6% over the forecast period (2020-2030), on the back of rising need to alleviate risks and enhance return on investment (ROI).
- Portable machine diagnostics continue to shape market revenue pool; online machine monitoring to witness adoption upsurge.
- Vibration analysis would remain the preferred the technique for predictive maintenance; oil analysis to gain momentum.
- Players in condition monitoring market substantially invest in power generation and chemical & petrochemical industries for meaningful returns.
- The intensifying need to achieve enhanced production efficiency, decreased downtime, and regulatory compliance would drive the deployment of condition monitoring service.
- North America continue to engage market players; South Asia to reflect potential growth prospects.
KEY FACTORS SHAPING THE CONDITION MONITORING SERVICE MARKET
Portable Machine Diagnostics Stay Atop
Portable machine diagnostics provide precise outcomes on machinery performance and conditions with improved reliability versus handheld gadgets. Given their mobility, they are utilized on various elements of equipment without being connected to a specific detail of a system. Route-based monitoring, on the other hand, is an instant monitoring approach to spot liable areas in the equipment. That being said, the operation delivers rough estimates, thus, its adoption is likely to decline in the years ahead.
Market Players Turning to IoT Technology
Internet of Things (IoT) has enabled improved level of accurate surveillance and immediate optimum response to physical components in the system. The new-age technology allows condition monitoring service to be employed on all sorts of assets across every vertical, thereby, establishing a tech-driven framework that would offer worthwhile business prospects. IoT-backed condition monitoring systems aid industrial executives to achieve decreased downtime, greater production efficacy, and regulatory compliance. In view of the Industrial 4.0, these future-ready solutions are becoming crucial in providing data for smart factory applications including, digital twins, and predictive maintenance (PdM).
A Downturn Ahead Due to Coronavirus Pandemic
According to the UN Conference on Trade and Development, the coronavirus (COVID-19) pandemic is expected to cost global economy about US$ 1 Tn in 2020. Industries, especially petrochemicals, logistics, and automotive, are in the front lines of the possible effects of the virus. Myriads of industrial executives have stopped their manufacturing processes, owing to the large-scale lockdowns in majority of regions worldwide. As the coronavirus pandemic spreads, condition monitoring service would witness a marked drop in their deployment.
CONDITION MONITORING SERVICE MARKET STRUCTURE ANALYSIS
- The global condition monitoring service market is fairly consolidated, with limited number of players actively operating.
- Leading players account for around half of total condition monitoring service market revenues.
- Key market players such as Siemens AG are focusing on expansion of their product footprint and strategic collaborations with end-use industries.
- Market players are striving to develop condition monitoring software that can be coupled with the service to collect data.
Market Value in 2020
US$ 2.4 Bn
Technique, Operation, End Use
North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA
SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric, Parker Hannifin Corp., Schaeffler Technologies AG & Co., Kirloskar Brothers Ltd., and Emerson Electric Co.
Portable Machine Diagnostics to Shape Revenue Growth
Portable machine diagnostics deliver accurate measurements on equipment conditions and performance with greater reliability compared to handheld devices. Owing to their mobility, they are deployed on several components of machinery without being connected to a particular detail of a system. By 2023, portable machine diagnostics would enter the billion-dollar club, as per the study. Route-based monitoring is an immediate monitoring method to identify vulnerable areas in the machinery. However, the operation provides rough estimates, as such, its application is expected to dip in the near term.
North America at Driver’s Seat, South Asia to Reflect Potential Opportunities
North America leads the aerospace and defense industries as well as oil & gas industry. Tech-driven transformations hovering around cybersecurity and efficient monitoring of maritime and aerospace systems are gaining pace. Demand for high-accuracy and real-time in these verticals is propelling the condition monitoring service market in North America. Market players in the region are following M&A, and allocating substantial capital to R&D in aerospace and defense. South Asia also holds meaningful business prospects, given surging investments in power generation, and petrochemical industries. Governments in the region are urging private sector players to achieve power efficiency, thereby, fueling the need for condition monitoring service.
* This data is only a representation. Actual data may vary and will be available in report.
IoT-enabled Condition Monitoring Service to Gather Center Stage
Internet of Things (IoT) has enabled greater scale of precise monitoring and real-time optimum response to physical equipment in the system. The innovative technology allows condition monitoring service to be executed on all kinds of assets across every industry, thus, creating tech model that is unlock lucrative business opportunities. IoT-enabled condition monitoring systems help industrials in ensuring better production efficacy, reduced downtime, and regulatory compliance. Amidst the Industrial 4.0, these future-proof IoT testing equipment are becoming essential in delivering data for smart factory use cases such as predictive maintenance (PdM), and digital twin technology.
High preference for vibration analysis
Oil analysis to gain traction
Portable machine diagnostics remain highly preferable
Route based monitoring to pick pace
Power generation sector remains key end user
Application in chemical & petrochemical industry on stable rise
How Growth will Unfold
The ability of vibrational analysis to predict possible deformities makes it a preferable technique to enhance asset efficiency, plan maintenance, and avoid unscheduled standstill. About 7 out of 10 players in condition monitoring service market are investing in vibrational analysis. On the other hand, devising a proper oil analysis framework is essential in sustaining plant operations. FMI finds that inefficient lubrication methods result in over 50% of machinery and bearing deformities. Consequently, market players are also shifting capital investments toward oil analysis technique.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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A recent market study published by Future Market Insights (FMI) on the condition monitoring service market includes the global industry analysis of 2015-2019 & opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. Our analysts conduct thorough research on the historical as well as current growth parameters of the market to obtain growth prospects with maximum precision.
Condition Monitoring Service Market Taxonomy
- Vibration Analysis
- Corrosion Monitoring
- Infrared Thermography
- Ultrasound Testing
- Motor Condition Monitoring
- Oil Analysis
- Route Based Monitoring
- Portable Machine Diagnostics
- Online Machine Monitoring
- Online Machine Protection
- Factory Assurance Test
End Use Industry
- Oil & Gas
- Power Generation
- Aerospace & Defense
- Automotive & Transportation
- Mining & Metal
- Food & Beverage
- Chemical & Petrochemical
- North America
- Latin America
- East Asia
- South Asia
The report initiates with the executive summary of the market, which includes a summary of the key findings and statistics of the market. It also includes the demand & supply-side trends pertaining to the market.
In this chapter, readers can find the definition and a detailed taxonomy of the market, which will help them understand the basic information about the market. Along with this, comprehensive information about is provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the market report.
The market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed industry trends are provided in this section.
This section includes successful factors and strategies adopted by key market participants.
This section explains the global market value analysis and forecast for the condition monitoring service market for the forecast period of 2020-2030. This chapter includes a detailed analysis of the historical market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and incremental $ opportunity for the forecast period (2019-2029). Along with this, pricing analysis of the market at the regional level has been provided in this section. This section also explains the global market volume analysis and forecast for the market during the forecast period of 2020-2030.
This chapter explains key macroeconomic factors that are expected to influence the growth of the market over the forecast period. Along with the macroeconomic factors, this section also highlights the value chain, supply chain, forecast factors, and value chain analysis for the market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Based on Technique, the market is segmented into vibration analysis, corrosion monitoring, infrared thermography, ultrasound testing, motor condition monitoring, oil analysis. In this chapter, readers can find information about the key trends and developments in the market and market attractiveness analysis based on Technique.
Based on Operation, the market is segmented into route based monitoring, portable machine diagnostics, online machine monitoring, online machine protection, and factory assurance Test. In this chapter, readers can find information about the key trends and developments in the market and market attractiveness analysis based on Operation.
This chapter provides details about the market based on end-use industry and has been classified into oil & gas, power generation, aerospace & defense, automotive & transportation, marine, mining & metal, food & beverage, and chemical & petrochemical.
This chapter explains how the market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
This chapter includes a detailed analysis of the growth of the North America market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on application and countries in North America.
This chapter provides the growth scenario of the market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.
Important growth prospects of the market based on its End Uses in several countries such as the Germany, Italy, France, the U.K., Spain, Nordic, Russia, and the Rest of Europe are included in this chapter.
This chapter highlights the growth of the market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand the key factors that are responsible for the growth of the market in East Asia.
This chapter highlights the growth of the market in South Asia by focusing on India, ASEAN, and Rest South Asia. This section also helps readers understand the key factors that are responsible for the growth of the condition monitoring service market in South Asia.
This chapter highlights the growth of the market by focusing on Oceania. This section also helps readers understand the key factors that are responsible for the growth of the market in Australia and New Zealand.
This chapter highlights the growth of the market in the Middle East & Africa by focusing on Turkey, GCC Countries, South Africa, and Rest of Middle East & Africa. This section also helps readers understand the key factors that are responsible for the growth of the market in the Middle East & Africa.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the condition monitoring service market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are as SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc, Meggit PLC, General Electric, Parker Hannifin Corp., Schaeffler Technologies AG & Co., Kirloskar Brothers Ltd., Emerson Electric Co., and others.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the condition monitoring service market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the condition monitoring service market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Procurement Heads
- Sales Executives
- Raw Material Suppliers
- Industry Experts
- End Uses
- Current market dynamics and challenges
- Yesteryear trends
- Market characteristics
- Market performance and growth quadrants
- Competition structure and market structure
- Strategic growth initiatives
- Near-term and long-term market growth prospects
- Market segment splits and authenticity
- Opinions on market projections and validity of assumptions
- Industry Publications
- Industry Associations
- International Trade Association
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits