Condition Monitoring Service Market

2020 Analysis and Review of Condition Monitoring Service Market by End-use Industry - Oil & Gas, Power Generation, Aerospace & Defense, Automotive & Transportation, Marine, Mining & Metal, Food & Beverage, and Chemical & Petrochemical for 2020 - 2030

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.

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

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.

CONDITION MONITORING SERVICE MARKET TAXONOMY

Technique

  • Vibration Analysis
  • Corrosion Monitoring
  • Infrared Thermography
  • Ultrasound Testing
  • Motor Condition Monitoring
  • Oil Analysis

Operation

  • 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
  • Marine
  • Mining & Metal
  • Food & Beverage
  • Chemical & Petrochemical

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

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Condition Monitoring Service Market