The global condition monitoring service market is anticipated at USD 3.5 billion in 2022. Demand is likely to remain high for condition monitoring services during the assessment period. This is due to the increased machine failures in different industries and garnering USD 9.7 billion in 2033, recording a CAGR of 9.8% from 2023 to 2033. The market is likely to secure USD 3.8 billion in 2023.
Data Points | Key Statistics |
---|---|
Condition Monitoring Service Market Size Value in 2023 | USD 3.8 billion |
Condition Monitoring Service Market Market Forecast Value in 2033 | USD 9.7 billion |
Global Growth Rate | 9.8% |
Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Condition Monitoring Service Industry:
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Historical CAGR (2018 to 2022) | 4.2% |
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Forecasted CAGR (2023 to 2033) | 9.8% |
According to Future Market Insights (FMI), the global condition monitoring service market totalled USD 3.5 billion in 2022 expanding at a CAGR of 4.2% between 2018 and 2022. The sales of condition monitoring services are estimated to increase by 1.9x between 2023 and 2033.
Condition monitoring is a process of assessing and monitoring the conditions of machinery and equipment to identify changes and variations that could indicate a developing fault. These services monitor critical parameters such as vibration, temperature, and noise in order to determine the optimal operating state of machinery.
Rising emphasis on increasing machinery life, enhancing production quality, and reducing downtime are some of the factors boosting the market. The demand for condition monitoring services, especially in the manufacturing sector, is estimated to surge over the coming years.
Growing Emphasis on Workplace Safety Boost the Condition Monitoring Service Market
A significant rise in the number of workplace machine breakdowns and labor injuries due to machine failure is being witnessed. The fatalities in the workplace have surged due to the increasing machine use time and growing production activities across the globe.
Governments in several countries are extensively undertaking a number of initiatives and launching numerous programs to curb fatalities. For instance, the United States Department of Labor has implemented numerous workplace safety regulations such as Republic Act No 11058 under the Occupational Safety and Health Administration (OSHA).
Manufacturers across industries such as oil & gas, automotive, chemical, and food & beverage are adopting condition monitoring services to comply with such regulations and prevent loss due to machine breakdown. The sales of condition monitoring services are estimated to surpass USD 6.79 billion by the end of 2033.
Expansion of the Power Generation Sector Affects the Condition Monitoring Service Market
The power generation sector is witnessing robust growth with rapid industrialization and increasing demand for energy across the manufacturing industry. Governments across the globe are focusing on developing new power generation infrastructures to meet the demand for energy.
For instance, in 2022, the Indian Government announced the construction of new nuclear power in Chennai, with a power generation capacity of 500 MW. Governments and several industrial players are adopting condition monitoring services to ensure that equipment and machinery are unaffected by power cuts as the establishment of these power generation plants is increasing.
A multiplicity of such developments, especially across India, China, and Russia are expected to favor the growth in the market. As per FMI, the global condition monitoring service market is anticipated to expand at a CAGR of 9.8% over the forecast period 2023 to 2033.
Growing Wind Energy Generation Activities to Spur the Vibration Monitoring Service Sales
As per Future Market Insights, Sweden is anticipated to account for a significant share in the Europe condition monitoring service market between 2023 and 2033.
Increasing renewable energy development and a growing number of wind turbine installation projects are favoring the growth in the country. For instance, the rate of wind turbine installation across Sweden was 1 in 2 weeks in 2019.
Vibration monitoring services are extensively used for assessing and identifying any changes in the operation of wind turbines. Hence, rising wind energy generation activities in Sweden are expected to bolster sales in the market.
FMI estimates, the Europe condition monitoring service market will account for more than 21.6% of the sales by 2023.
Rising Automobile Production and Sales to Fuel the Demand for Advanced Condition Monitoring Services
FMI states that the United States is estimated to emerge as the most lucrative condition monitoring service market in North America, accounting for more than 25.5% of global sales by the end of 2023.
Growing production and sales of automotive vehicles are one of the factors facilitating the growth in the market. According to the Bureau of Transportation Statistics, around 10.93 Million passenger cars and commercial vehicles were manufactured across the United States in 2019.
Leading automakers are increasingly adopting advanced condition monitoring services to calculate the life of assets, predict failure, and help schedule maintenance with rising automobile production. This is anticipated to augment the sales of condition-monitoring services in the United States.
Increasing Oil and Gas Exploration Activities to Accelerate the Sales of Remote Vibration Monitoring Services
India is projected to register rapid growth in South Asia and Pacific markets over the assessment period. Sales in South Asia and Pacific are estimated to account for 15.7% of the condition monitoring service sales in 2023, reveals FMI.
The government in India is focusing on increasing oil and gas exploration activities as demand for fuel and petroleum products continues to surge. For instance, in 2021, the Indian Government announced its plan to invest USD 2.86 billion in increasing upstream oil and gas production activities to drill over 120 oil exploration wells by 2022.
Increasing workplace safety concerns across offshore oil and gas plants are encouraging industry players to adopt remote vibration monitoring services. The growth of the condition monitoring service market in India is expected to bolster for predictive maintenance and identifying the components increasing machinery downtime.
Increasing Application Across Diverse Industries to Boost the Demand for Vibration Monitoring Service
On the basis of technique, the vibration analysis segment is expected to account for a significant share in the global condition monitoring service market from 2023 to 2033, states FMI.
Vibration monitoring services are increasingly being adopted across automotive, power generation, and mining & metal industries. Growth in the segment is attributable to their ability to predict possible deformities in the equipment and machineries.
This technique is extensively used to plan maintenance, enhance asset efficiency, and avoid unscheduled standstill, thereby, favoring the growth in the segment.
Preference for Portable Machines to Augment the Growth in the Condition Monitoring Service Market
As per Future Market Insights, the portable machine diagnostics segment is projected to dominate the market, creating incremental opportunities of more than USD 1 billion by the end of 2023.
Portable machine diagnostics are mobile, lightweight, easy to use, fast, and highly capable in collecting data about machine problems and analyzing them. It is increasingly being preferred for accurate measurements of performance and equipment conditions over handheld devices.
This is expected to spur the sales of condition monitoring services across the portable machine diagnostics segment.
Increasing Penetration of Automated Technologies to Propel the Demand for Condition Monitoring
FMI reveals that the automotive and transportation industry is estimated to account for a significant value share between 2023 and 2033.
Growing penetration of the Industry 4.0 trend and increasing adoption of automated technologies across the automotive and logistics sector has substantially accelerated the incidence of machine failure resulting in a halt of production.
Industry players are adopting condition monitoring services such as oil analysis and vibration analysis for scheduling their routine maintenance. This is bolstering the demand in the segment.
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. For instance,
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Attribute | Details |
---|---|
Growth Rate | CAGR of 9.8% from 2023 to 2033 |
Market Value in 2023 | USD 3.5 billion |
Market Value in 2033 | USD9.8 billion |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | Technique, Operation, End-use Industry, Region |
Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
Key Companies Profiled | Schaeffler Technologies AG & Co.; Marketing Strategy; 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 |
The market is valued at USD 3.5 billion in 2023.
The market is expected to reach USD 9.7 billion by 2033.
The market is expected to grow at a CAGR of 9.8% through 2033.
The vibration analysis segment is expected to account for a significant share in the market.
The portable machine diagnostics segment is projected to dominate the market.
Industrial Automation
December 2022
REP-GB-2006
250 pages
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