Condition Monitoring Services Was Valued at 45500 Billion US$ In 2020 And Is Projected to Reach 65700 Billion US$ By 2025

Condition Monitoring Services Was Valued at 45500 Billion US$ In 2020 And Is Projected to Reach 65700 Billion US$ By 2025

Auguest 16, 2021, New York, USA – 

Conditioning monitoring is examining a parameter of condition in a type of machinery. It is a type of maintenance strategy to monitor the practical condition of an asset. It is used for extracting the information and how the actual machinery works. An example of conditioning monitoring is oil sampling, vibration analysis, and infrared thermography.

There are 4 major types of conditioning monitoring and they are-

  • Vibration Analysis
  • Lubricant Analysis
  • Acoustic Emission
  • Infrared Thermology

There are various different benefits of conditioning monitoring-

The Vibration analysis can make you understand the level of the degradation and indicate how well or how slowly the machine is operating.

The Lubricant Analysis indicates material loss and helps identify the various parts which needs repairing.

Acoustic Emison indicates the changes in the high-frequency emissions which are indicative of the various cracks.

Infrared Thermology suggests various changes in a machine which could detect a leaking pipe.

The global conditioning monitoring services equipment is going through a highly changed metamorphosis. The advancements in the various connectivity solutions is one of the primary manner in which it is going through an evolutionary phase. This very need is expected to give rise to tremendous market opportunities and which will impact the competitive market dynamics in the long term future in the market.

The Global Conditioning and Monitoring Services Market-

This Services market is expected to reach $4.8 billion by the year 2025 at a CAGR of 12.3%. The market is also expected to reach a significant transformation and a goal oriented solution which will bring various significant benefits to the key players.

The Market drivers for the Conditioning Monitoring services market-

Rising demand of the oil and gas sector is driving the growth of the market.

To reduce the overall downtime there is rising emphasis on accelerating the growth of new and innovative products.

The rapid growth of urbanization and industrialization is going to create rapid job opportunities and the automobile and transport industries are going to be the main markets for the conditioning monitoring system.

Power generation industry is going to dominate the market over the coming years. North America projected to lead the worldwide sales of the Global Conditioning market. The next in line is the European market with the expected share from Germany and the aerospace industry in Germany being one of the highest in terms of the revenue share. Factors such as the increased focus on asset utilization, strict government regulations, personal safety, strict quality controls, and increased focus on the oil, gas, chemicals and food will spur the demand for the conditioning monitoring system market. The prominent players in the market are Emerson Electric, General Electric, Honeywell International, and National Instruments are the major players in the United States Market.

Over more than 55% of the revenues come from the Vibration analysis and Oil analysis in the US and this is expected to be the worldwide condition over the coming years. The Asian Markets are expected to pick the pace and is one of the promising markets for the Conditioning Monitoring System.

The Covid 19 IMPACT on the Global Conditioning Monitoring Services

Though many players have left a lasting impact on the various offerings by the government, the focus is now more on the product launches.

The Oil and Gas sector will create lasting opportunities and in order to meet the rising demand and the supply of the oil and gas industry which will be on the rise, further pushing through offshore and onshore projects.

This ever increasing demand in the offshore activities and the transportation activities is contributing to the ever-increasing need of the pipeline monitoring systems. Also around one-tenth of the operational expenses are spent on the O and M activities and so there are subsequent widening growth avenues for the condition monitoring of the activities.

After the Oil and Gas sector the online condition monitoring will hold the highest share in the market and will provide the real-time data to the operators.

The Market Dynamics of the Global Conditioning Monitoring Services Market-

The demand for the predictive maintenance of the industrial machinery-

Predictive maintenance is getting rapid popularity in the industry. The conditioning monitoring focuses on the real time monitoring of the systems and the predictive maintenance focuses on the detection of the faults in the machinery.

There is a very big opportunity for machine learning and big data analytics-

The advent of machine learning along with the big data analytics is proving to be a good opportunity to transform the conditioning monitoring services market. Machine learning is responsible for the easy benchmarking of the machine performance and so it enables the data transparency and at the same time is responsible for the efficient collaboration of the different assets which enable them to run their business efficiently.

The other top key market players are General Electric, Wilcoxon Sensing Technologies, Symphony Industrial, SKF AB Sweden, Rockwell Automation.

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