Rising significance of high-accuracy results in petrochemical and power generation facilities is predominantly favoring the demand for condition monitoring services. With more manufacturers willing to develop condition monitoring software to be later integrated with services to record data, global condition monitoring service market will exhibit a strong growth outlook in the near future.
Condition monitoring services continue to be in demand with increasing need for predictive maintenance and soaring awareness among manufacturers about the benefits of portable machine diagnostics. Upsurge in adoption by maritime, aerospace, and cybersecurity sectors is prominently sustaining revenue generation channels. A new Future Market Insights (FMI) study however concludes that the market will face severe ramifications in 2020 and near term due to the challenges induced by COVID-19 pandemic.
“Developments in IoT-enabled condition monitoring services will be crucial in shaping the value pool of global condition monitoring service market. The global market revenues would reach US$ 4 Bn by the end of 2030,” says the FMI study.
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Condition Monitoring Service Market – Key Takeaways
- Portable machine diagnostics remain sought-after on the back of time efficiency.
- Vibration analysis and oil analysis remain key applications, accounting for a collective revenue share of 55% in market.
- South Asian markets will attract sizeable investments in the power generation sector.
- Market in North America continues to lead, prominently upheld by defense, and oil & gas industries.
Condition Monitoring Service Market – Key Driving Factors
- Governments of emerging economies are encouraging private players in power sector, which remains a major growth influencer.
- Integration of IoT and Industrial 4.0 is significantly in favor of the overall market growth.
- Strict regulations associated with operations in critical end-use industries is also a driver for global market growth.
Condition Monitoring Service Market – Key Constraint
- The route-based condition monitoring operation is capable of providing only rough estimates, thereby limiting adoption rate.
Anticipated Market Impact of Coronavirus Outbreak
According to the United Nations, the coronavirus pandemic is anticipated to cost the global economy approximately US$ 1 Tn during 2020 alone. A number of industrial sectors including automotive, petrochemical, and logistics are anticipated to be significantly affected by the virus, with large portions of manufacturing processes in shutdown. As the pandemic spreads, and large-scale lockdowns continue, the adoption of condition monitoring service is expected to decline substantially.
Explore the global condition monitoring service market report with 168 illustrative figures, 41 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11280
Key players in the condition monitoring service market are Parker Hannifin Corp., SKF, General Electric, Fuji Electric, Meggit plc, Siemens AG, Honeywell International Inc., and ABB. Majority of these players are investing in expanding their product portfolios with the launch of advanced condition monitoring services, along with collaborations with end users.
More About the Report
The FMI’s market research report of 300 pages offers comprehensive insights on condition monitoring service market. The market is analyzed on the basis of technique (vibration analysis, corrosion monitoring, infrared thermography, ultrasound testing, motor condition monitoring, and oil analysis), operation (route based monitoring, portable machine diagnostics, online machine monitoring, online machine protection, and factory assurance test) and end use industry (oil & gas, power generation, aerospace & defense, automotive & transportation, marine, mining & metal, food & beverage, and chemical & petrochemical), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
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