The condition monitoring services market will undergo a significant transformation over the next 5-8 years with the advent of new technologies changing customer requirements in connectivity and analytics, and with evolving business models featuring among other services specifications. From $1.92 billion in 2017, the market revenues are expected to reach $4.8 billion by 2025 at a CAGR of 12.3%, although the revenue trajectory varies among different service segments.
Improved customer appreciation of the benefits of condition monitoring, wider leverage of standards and certification, reduced condition monitoring equipment prices, and the demand for analytics will underpin growth. Customers are looking to derive actionable insights from their condition monitoring data and require assistance with integrating disparate data and leveraging analytics.
The global condition monitoring equipment market is going through an evolutionary phase. Advancements in connectivity solutions, data processing, analytics, and cloud computing underline the need for integrated service providers. This need is expected to give rise to opportunities for market convergence, as companies that are experienced in areas such as analytics or condition monitoring software may impact the competitive dynamics in this market.
Recovery in oil and gas prices and other key technology changes have pushed service vendors to rethink and reinvent. Despite these challenges, pockets of opportunities across the industry and increased awareness among end users about condition monitoring have helped the market surge ahead. This report identifies key opportunities for growth while detailing key challenges and possible threats. The base year for this study is 2017 and the forecast period is from 2018 to 2025.
This research study focuses on key product-related service categories used in condition monitoring applications across different industries. The product categories include:
- Vibration condition monitoring services
- Thermography services
- Lubricating oil analysis services
- Other services —includes Ultrasound emission services and Motor Current Signature Analysis (MCSA) services
The market size for 2017 is provided for each segment and forecasts are made until 2025. Forecasts by end-user markets are also provided for each product category along with key end-user verticals, including:
- Oil & Gas
- Power Generation
- Aerospace & Defense
- Automotive & Transportation
- Mining & Metal
- Process Industry
- Others—includes commercial R&D, education, laboratories, plumbing, environment, Heating, ventilation, and air conditioning (HVAC), and waste water treatment plants
The study highlights industry challenges and growth drivers and restraints from 2017 to 2025 as well as analyzes the market from a geographic perspective. The regions covered in the study include:
- North America
- Asia Pacific
- Rest of World - Includes Latin America, Middle East, and Africa
The scope of this research study also focuses on different application segments for condition monitoring services, including:
- Initial Services
- Maintenance Services
- IoT Enabled Services
Key Issues Addressed
- Is the condition monitoring services market growing, how long will it continue to grow and at what rate?
- What are the key growth drivers and restraints for the market? Are there any potential future challenges that could restrict growth for this market?
- Who are the leading participants and their market share? How has the oil price crisis impacted the condition monitoring services market and how does the future look? What are the competitive strategies adopted by service providers to increase their market presence?
- Which regions are expected to provide the highest growth potential for the future? Can North America sustain its position as a key revenue contributor in the face of rising global competition?
- What are the impacts of convergence technologies such as Big Data and connectivity? How do these influence innovative business models?
- Which applications and industries will drive demand for condition monitoring equipment? Will the traditional end-user segments continue to be the largest revenue generators?