NEWARK, NEWARK, UNITED STATES OF AMERICA, April 28, 2022 /EINPresswire.com/ -- The global demand for condition monitoring services is projected to surpass the valuation of US$ 6.79 Bn by 2031 end. As recommended by a replacement Future Market Insights (FMI) report, substantial growth within the condition monitoring service market is principally backed by the expansion of the facility generation industry, which holds an outstanding share of the general market value, closely followed by the chemical and petrochemical industries.

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The automotive, logistics, and petrochemicals industries, in particular, are well within the radar of the potential impact of the virus. Several business executives have halted their manufacturing operations, given the large-scale lockdowns in the majority of countries. As the COVID-19 pandemic spreads, condition monitoring services would see a notable decline in their adoption.

Increasing urbanization and rapid industrialization are creating massive opportunities for key market players in the automotive & transportation industry, thereby bolstering the adoption of condition monitoring services in the global market. On the flip side, the current global coronavirus pandemic is expected to cost the global economy about US$ 1 Tn in 2022, as per the UN Conference on Trade and Development.

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.

Competition Landscape Analysis

The global condition monitoring service market is slightly competitive, with the presence of a moderate number of local and global manufacturers. Key manufacturers such as SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric, and Parker Hannifin Corp. account for nearly half of the share of the overall market. Manufacturers are focusing on strengthening their product portfolio by launching advanced condition monitoring services and collaborating with end-users.

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South Asia Represents Potential Growth Avenues

The demand for condition monitoring services is expected to gain traction in South Asia in the coming years, owing to increasing investments in power generation, and petrochemical industries. Governments in countries such as India, and Indonesia are encouraging private sector players to minimize the power deficit to fulfil maximum power requirements. This, in turn, is underpinning the condition monitoring service market in the region.

More About the Report

The research report analyzes the total sales of condition monitoring services based on volume (units) and value (US$ Mn). The condition monitoring service market is projected based on factors such as global energy consumption, oil & gas industry outlook, wind energy installed capacity, hydropower installed capacity, and natural gas production and consumption in various regions. Also, the report includes a competition analysis section that includes tier structure analysis, market structure analysis, competition development, and other crucial information on condition monitoring service providers.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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