The demand in the global condition monitoring service market is projected to reach US$ 6.79 Bn by 2031, exhibiting growth at a CAGR of 9.8% during the forecast period 2022-2031.
Circumstance tracking is a manner of assessing and monitoring the situations of machinery and equipment to identify modifications and versions that would indicate growing fault. Those offerings screen critical parameters including vibration, temperature, and noise that allows you to determine the most fulfilling working nation of machinery.
Similarly, growing emphasis on growing equipment existence, improving production significantly, and lowering downtime are a number of the factors boosting the marketplace. On the lower back of this, the demand for condition monitoring services, especially in the production sector, is expected to surge over the coming years.
Regionally, North America is anticipated to register robust growth in the global condition monitoring service market, accounting for more than 25% of the total sales by 2022. Based on technique, vibration analysis and oil analysis are estimated to emerge as the most remunerative segments, accounting for nearly 55% of the global market share through 2031.
A large upward thrust in the quantity of place of business gadget breakdowns and hard work accidents because of device failure is being witnessed. Because of the increasing machine use time and developing production activities across the globe, the fatalities in the workplace have surged.
Governments in several countries are extensively undertaking several initiatives and launching numerous programs to curb fatalities. For instance, the U.S. Department of Labor has implemented numerous workplace safety regulations such as Republic Act No 11058 under the Occupational Safety and Health Administration (OSHA).
Hence, 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. Driven by this, the sales of condition monitoring services are estimated to surpass US$ 6.79 Bn by the end of 2031.
- 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
- Bruel & Kjaer Vibro GmbH