July 22, 2022 08:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
Valley Cottage, New York, UNITED STATES
NEWARK, Del, July 22, 2022 (GLOBE NEWSWIRE) -- The global condition monitoring service market is anticipated to surpass US$ 3.52 Bn by the end of 2022. Condition monitoring is known as the practice of examining and monitoring the state of equipment and machines to detect changes and variations that may signal the development of a malfunction.
The demand for condition monitoring services is estimated to reach US$ 6.79 Bn by 2031 projecting a CAGR of 9.8% during the forecast period 2022-2031. Escalating emphasis on the integration of condition monitoring software with computerized process control services and maintenance management software is expected to favor the growth in the market.
As per Future Market Insights' latest comparison and review analysis report, it has been projected that 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.
Request a sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-11280
Schaeffler Technologies AG & Co., Kirloskar Brothers Ltd, Siemens AG, Honeywell International Inc., ABB Ltd., Emerson Electric Co., 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, Ingeteam, Bruel & Kjaer Vibro GmbH are some of the key companies profiled in the full version of the report.
Key companies in the global condition monitoring service market are focusing on launching novel products and services to expand their service portfolio. Some of the players are also aiming at mergers and acquisitions to gain a competitive edge.
Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-11280
More Insights into the Condition Monitoring Service Market
According to the analytic report of Future Market Insights, Sweden is projected to dominate the European condition monitoring service market accounting for a significant share between 2022 and 2031.
The surge in renewable energy development and an increasing number of wind turbine installation projects are stalling the growth in the European region, accounting for more than 21.3% of sales by 2022.
The significant use of vibration monitoring services is witnessed in identifying and assessing any changes in the operation of wind turbines. Hence, rising wind energy generation activities in Sweden are expected to bolster the sales in the market.
The U.S. is anticipated to emerge as the most lucrative condition monitoring service market in North America, accounting for more than 25% of the global sales by the end of 2022.
With a significant surge in automobile production, condition monitoring services adoption is advancing to calculate the life of assets, predict failure and help schedule maintenance.
India is estimated to account for 15.2% of sales in the South Asia and Pacific market over the assessment period.
Ask For Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-11280
Condition Monitoring Service Market by Category
Buy Now@ https://www.futuremarketinsights.com/checkout/11280
Table of Content 1. Executive Summary
3.1. Key Trends Impacting the Market
5. Global Condition Monitoring Service Market Demand (in Value or Size in US$ Mn) Analysis 2015-2021 and Forecast, 2022-2031
5.1. Historical Market Value (US$ Mn) Analysis, 2015-2021
5.2. Current and Future Market Value (US$ Mn) Projections, 2022-2031
The industrial automation division of FMI offers a distinct and pinpoint analysis of the material industry. This elaborate coverage extends from revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, trends, and pricing analysis. Our research studies serve as referencing market guidelines for industrial manufacturers' channel partners and government bodies.
Have a Look at Related Research Reports of Industrial Automation
EUV Lithography Market Forecast: The global EUV Lithography sales were valued at around US$ 4,648.6 Mn by the end of 2021. The market is projected to register 21.5% CAGR between 2022 and 2029 reach a value of US$ 22,978.6 Mn by 2029
Loader Bucket Market Demand: The loader buckets market is expected to register steady growth, expanding at 4.6% CAGR between 2022 and 2029.
Industrial Robot Controllers Market Outlook: The global industrial robot controller market is expected to exceed US$ 909.9 Mn by the end of 2022.
Contact and Convective Dryers Market Growth: The global contact & convective dryers market is estimated to top US$ 199.1 Mn by 2022. Growing emphasis on drying across industries as an imperative process for the sustenance of product quality is favoring the growth in the market
Oil and Gas Valves Market Analysis: The global oil & gas valves market is expected to surpass US$ 12.5 Bn by the end of 2022. Demand for oil & gas valves in the global market is projected to surge at 3.5% CAGR during the forecast period 2022-2029
Turbidimeter Market Trends: The Global Turbidimeter Market to grow with an year-on-year growth of 5.6% in 2022 reaching a value of about US$ 641.8 Mn by 2022 end. The global business is anticipated to witness a considerable value CAGR of 4.0% during the period of 2022 and 2029
Milk Tank Cooling System Market Type: The Global Milk Tank Cooling System Market is expected to grow with a year-on-year growth of 3.2% in 2022 reaching a value of about US$ 656.7 Mn by 2022 end
U.S. Hitter Based Hand Tools Market Size: The U.S. hitter-based hand tools market is expected to register year-on-year growth of 3.3% in 2022 reaching a value of about US$ 562.1 Mn.
Dewatering Pumps Market Sales: The dewatering pumps market is expected to grow at year-on-year rate of 5.3%, reaching a value of about US$ 6.9 Bn by 2022.
Fire Hydrant System Market Share: The global fire hydrant system market is forecasted to be valued at US$ 1,344.2 Million in 2022. During the forecast period ranging from 2022-2032, sales of Fire Hydrant Systems are expected to grow at a CAGR of 3.2%, to be valued at US$ 1,846.3 Million.
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 9-years.
Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, USA T: +1-845-579-5705 Report: https://www.futuremarketinsights.com/reports/condition-monitoring-service-market For Sales Enquiries: sales@futuremarketinsights.com Browse latest Market Reports: https://www.futuremarketinsights.com/reports LinkedIn| Twitter| Blogs