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Global Condition Monitoring Services Market, Forecast to 2025

Global Condition Monitoring Services Market, Forecast to 2025

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.

Research Scope
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
Marine
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
Europe
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?


  • Executive Summary
    • Key Findings
    • Market Engineering Measurements
    • CEO's Perspective
  • Market Overview
    • What, Why, and How of Condition Monitoring
    • Condition Monitoring for Predictive Maintenance
    • Market Overview-Introduction
    • Market Overview-Market Scope and Geographies Covered
    • Market Definitions
    • Key Questions this Study will Answer
    • Market Segmentation
  • Drivers and Restraints-Total Condition Monitoring Services Market
    • Market Drivers
    • Drivers Explained
    • Market Restraints
    • Restraints Explained
  • Market and Technology Trends
    • Service Trends
    • Who is the End User?
    • Customer Pain Points
    • Technology Trends
    • Remote Condition Monitoring
  • Forecasts and Trends-Total Condition Monitoring Services Market
    • Market Engineering Measurements
      • Table Total Condition Monitoring Services Market: Market Engineering Measurements, Global, 2017
    • Forecast Assumptions
    • Revenue Forecast
      • Table Total Condition Monitoring Services Market: Revenue Forecast, Global, 2016-2025
    • Revenue Forecast Discussion
    • Percent Revenue Forecast by Product Services Segment
      • Table Total Condition Monitoring Services Market: Percent Revenue Forecast by Product Services Segment, Global, 2016-2025
    • Revenue Forecast by Product Services Segment
      • Table Total Condition Monitoring Services Market: Revenue Forecast by Product Services, Global, 2016-2025
    • Revenue Forecast Discussion by Product Services Segment
    • Percent Revenue Forecast by Region
      • Table Total Condition Monitoring Services Market: Percent Revenue Forecast by Region, Global, 2016-2025
    • Revenue Forecast by Region
      • Table Total Condition Monitoring Services Market: Revenue Forecast by Region, Global, 2016-2025
    • Condition Monitoring Service Market-Global Hotspots
    • NA-Percent Revenue Forecast by Country
      • Table Condition Monitoring Services Market: Percent Revenue Forecast by Country, North America, 2016-2025
    • NA-Revenue Forecast by Country
      • Table Condition Monitoring Services Market: Revenue Forecast by Country, North America, 2016-2025
    • Europe-Percent Revenue Forecast by Country
      • Table Condition Monitoring Services Market: Percent Revenue Forecast by Region, Europe, 2016-2025
    • Europe-Revenue Forecast by Country
      • Table Condition Monitoring Services Market: Revenue Forecast by Country, Europe, 2016-2025
    • APAC-Percent Revenue Forecast by Country
      • Table Condition Monitoring Services Market: Percent Revenue Forecast by Region, APAC, 2016-2025
    • APAC-Revenue Forecast by Country
      • Table Condition Monitoring Services Market: Revenue Forecast by Country, APAC, 2016-2025
    • ROW-Percent Revenue Forecast by Region
      • Table Condition Monitoring Services Market: Percent Revenue Forecast by Region, ROW, 2016-2025
    • ROW-Revenue Forecast by Region
      • Table Condition Monitoring Services Market: Revenue Forecast by Region, ROW, 2016-2025
    • Revenue Forecast by Region Discussion
    • Revenue Forecast by Vertical Market
      • Table Total Condition Monitoring Services Market: Revenue Forecast by Vertical Market, Global, 2016-2025
    • Revenue Forecast by Vertical Market Discussion
    • Percent Revenue Forecast by Application
      • Table Total Condition Monitoring Services Market: Percent Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast by Application
      • Table Total Condition Monitoring Services Market: Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast Discussion by Application
  • Market Share and Competitive Analysis-Total Condition Monitoring Services Market
    • Market Share
    • Market Share Analysis
      • Table Total Condition Monitoring Services Market: Company Market Share Analysis of Top 4 Participants, Global, 2017
    • Competitive Environment
    • Top Competitors-SWOT Analysis
    • General Electric Measurement & Control-Bently Nevada
    • Brüel & Kjaer Vibro
    • Emerson
    • SKF Condition Monitoring
    • Rockwell Automation
    • PRÜFTECHNIK
    • Azima DLI
    • FLIR Systems
    • Fluke Corporation
    • Schneider Electric
    • Parker Kittiwake-Part of Parker Hannifin
    • Top Competitors-Startups
    • Competitive Factors and Assessment
  • Growth Opportunities and Companies to Action
    • Transformation in Condition Monitoring Equipment Industry Ecosystem
    • Growth Opportunity-Integration of Condition Monitoring with PAM/CMMS
    • Growth Opportunity-Technology Advancement
    • Growth Opportunity-Big Data Analytics Improving Production Efficiency
    • 5 Major Growth Opportunities for Condition Monitoring
    • Strategic Imperatives for Success and Growth
  • Mega Trends and Industry Convergence Implications
    • Mega Trend Impact on the Condition Monitoring Equipment Market
  • Mega Trend I-Connectivity and Convergence
    • Connectivity and Convergence
    • Big Data Analytics
    • Current Application of Big Data Analytics in Condition Monitoring
    • Evolution of Big Data in Condition Monitoring Applications
    • The Next Evolution-Prescriptive Analytics
    • Snapshot of Manufacturing Versus Other Sectors
    • Opportunities for Big Data and Industrial Condition Monitoring
    • Top 3 Trends Driving Big Data in Condition Monitoring
    • Impact of Big Data on the Global Condition Monitoring Market
    • Big Data Analytics Competitive Factors and Assessment
  • Mega Trend II-Redefining Condition Monitoring with IIoT
    • IIoT-Emerging Themes in the Industrial Environment
    • Need for Real-time Decision-making
    • Industrial Internet of Things (IIoT)
    • Future Architecture
    • The Case for a Unified View
    • Key Enablers for Advanced Data Analytics in the Condition Monitoring Services Market
    • Implications for the Condition Monitoring Market
    • Case Study-Siemens' Remote Maintenance Solution
  • Mega Trend III-Evolving Business Models
    • Typical Business Models
    • Taxonomy of B2B Business Models
    • Service-based Model-Product as a Service, Data as a Service (DaaS), and PaaS
    • Fee-based Model-Pay Per Use, Renting/Leasing, and Subscription Model (Software as a Service (SaaS))
    • Evolving Business Models
    • Case Study-Rolls-Royce
  • Vibration Condition Monitoring Services Segment Analysis
    • Vibration Condition Monitoring Services-Segment Key Findings
    • Market Engineering Measurements
      • Table Vibration Condition Monitoring Services Segment: Market Engineering Measurements, Global, 2017
    • Revenue Forecast
      • Table Vibration Condition Monitoring Services Segment: Revenue Forecast, Global, 2016-2025
    • Revenue Forecast Discussion
    • Percent Revenue Forecast by Region
      • Table Vibration Condition Monitoring Services Segment: Percent Revenue Forecast by Region, Global, 2016-2025
    • Revenue Forecast by Region
      • Table Vibration Condition Monitoring Services Segment: Revenue Forecast by Region, Global, 2016-2025
    • NA-Percent Revenue Forecast by Country
      • Table Vibration Condition Monitoring Services Segment: Percent Revenue Forecast by Country, North America, 2016-2025
    • NA-Revenue Forecast by Country
      • Table Vibration Condition Monitoring Services Segment: Revenue Forecast by Country, North America, 2016-2025
    • Europe-Percent Revenue Forecast by Country
      • Table Vibration Condition Monitoring Services Segment: Percent Revenue Forecast by Country, Europe, 2016-2025
    • Europe-Revenue Forecast by Country
      • Table Vibration Condition Monitoring Services Segment: Revenue Forecast by Country, Europe, 2016-2025
    • APAC-Percent Revenue Forecast by Country
      • Table Vibration Condition Monitoring Services Segment: Percent Revenue Forecast by Country, APAC, 2016-2025
    • APAC-Revenue Forecast by Country
      • Table Vibration Condition Monitoring Services Segment: Revenue Forecast by Country, APAC, 2016-2025
    • ROW-Percent Revenue Forecast by Region
      • Table Vibration Condition Monitoring Services Segment: Percent Revenue Forecast by Region, ROW, 2016-2025
    • ROW-Revenue Forecast by Region
      • Table Vibration Condition Monitoring Services Segment: Revenue Forecast by Region, ROW, 2016-2025
    • Revenue Forecast Discussion by Region
    • Revenue Forecast by Vertical Market
      • Table Vibration Condition Monitoring Services Segment: Revenue Forecast by Vertical Market, Global, 2016-2025
    • Revenue Forecast Discussion by Vertical Market
    • Percent Revenue Forecast by Application
      • Table Vibration Condition Monitoring Services Segment: Percent Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast by Application
      • Table Vibration Condition Monitoring Services Segment: Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast Discussion by Application Market
    • Market Share
    • Market Share Analysis
      • Table Vibration Condition Monitoring Services Segment: Company Market Share Analysis of Top 5 Participants, Global, 2017
    • Competitive Environment
  • Lubricating Oil Analysis Services Segment Analysis
    • Lubricating Oil Analysis Services-Segment Key Findings
    • Market Engineering Measurements
      • Table Lubricating Oil Analysis Services Segment: Market Engineering Measurements, Global, 2017
    • Revenue Forecast
      • Table Lubricating Oil Analysis Services Segment: Revenue Forecast, Global, 2016-2025
    • Revenue Forecast Discussion
    • Percent Revenue Forecast by Region
      • Table Lubricating Oil Analysis Services Segment: Percent Revenue Forecast by Region, Global, 2016-2025
    • Revenue Forecast by Region
      • Table Lubricating Oil Analysis Services Segment: Revenue Forecast by Region, Global, 2016-2025
    • NA-Percent Revenue Forecast by Country
      • Table Lubricating Oil Analysis Services Segment: Percent Revenue Forecast by Country, North America, 2016-2025
    • NA-Revenue Forecast by Country
      • Table Lubricating Oil Analysis Services Segment: Revenue Forecast by Country, North America, 2016-2025
    • Europe-Percent Revenue Forecast by Country
      • Table Lubricating Oil Analysis Services Segment: Percent Revenue Forecast by Country, Europe, 2016-2025
    • Europe-Revenue Forecast by Country
      • Table Lubricating Oil Analysis Services Segment: Revenue Forecast by Country, Europe, 2016-2025
    • APAC-Percent Revenue Forecast by Country
      • Table Lubricating Oil Analysis Services Segment: Percent Revenue Forecast by Country, APAC, 2016-2025
    • APAC-Revenue Forecast by Country
      • Table Lubricating Oil Analysis Services Segment: Revenue Forecast by Country, APAC, 2016-2025
    • ROW-Percent Revenue Forecast by Region
      • Table Lubricating Oil Analysis Services Segment: Percent Revenue Forecast by Region, ROW, 2016-2025
    • ROW-Revenue Forecast by Region
      • Table Lubricating Oil Analysis Services Segment: Revenue Forecast by Region, ROW, 2016-2025
    • Revenue Forecast Discussion by Region
    • Revenue Forecast by Vertical Market
      • Table Lubricating Oil Analysis Services Segment: Revenue Forecast by Vertical Market, Global, 2016-2025
    • Revenue Forecast Discussion by Vertical Market
    • Percent Revenue Forecast by Application
      • Table Lubricating Oil Analysis Services Segment: Percent Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast by Application
      • Table Lubricating Oil Analysis Services Segment: Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast Discussion by Application
    • Market Share
    • Market Share Analysis
      • Table Lubricating Oil Analysis Services Segment: Company Market Share Analysis of Top 4 Participants, Global, 2017
    • Competitive Environment
  • Thermography Services Segment Analysis
    • Thermography Services-Segment Key Findings
    • Market Engineering Measurements
      • Table Thermography Services Segment: Market Engineering Measurements, Global, 2017
    • Revenue Forecast
      • Table Thermography Services Segment: Revenue Forecast, Global, 2016-2025
    • Revenue Forecast Discussion
    • Percent Revenue Forecast by Region
      • Table Thermography Services Segment: Percent Revenue Forecast by Region, Global, 2016-2025
    • Revenue Forecast by Region
      • Table Thermography Services Segment: Revenue Forecast by Region, Global, 2016-2025
    • NA-Percent Revenue Forecast by Country
      • Table Thermography Services Segment: Percent Revenue Forecast by Country, North America, 2016-2025
    • NA-Revenue Forecast by Country
      • Table Thermography Services Segment: Revenue Forecast by Country, North America, 2016-2025
    • Europe-Percent Revenue Forecast by Country
      • Table Thermography Services Segment: Percent Revenue Forecast by Country, Europe, 2016-2025
    • Europe-Revenue Forecast by Country
      • Table Thermography Services Segment: Revenue Forecast by Country, Europe, 2016-2025
    • APAC-Percent Revenue Forecast by Country
      • Table Thermography Services Segment: Percent Revenue Forecast by Country, APAC, 2016-2025
    • APAC-Revenue Forecast by Country
      • Table Thermography Services Segment: Revenue Forecast by Country, APAC, 2016-2025
    • ROW-Percent Revenue Forecast by Region
      • Table Thermography Services Segment: Percent Revenue Forecast by Region, ROW, 2016-2025
    • ROW-Revenue Forecast by Region
      • Table Thermography Services Segment: Revenue Forecast by Region, ROW, 2016-2025
    • Revenue Forecast Discussion by Region
    • Revenue Forecast by Vertical Market
      • Table Thermography Services Segment: Revenue Forecast by Vertical Market, Global, 2016-2025
    • Revenue Forecast Discussion by Vertical Market
    • Percent Revenue Forecast by Application
      • Table Thermography Services Segment: Percent Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast by Application
      • Table Thermography Services Segment: Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast Discussion by Application
    • Market Share
    • Market Share Analysis
      • Table Thermography Services Segment: Company Market Share Analysis of Top 3 Participants, Global, 2017
    • Competitive Environment
  • Other Services Segment Analysis
    • Other Services-Segment Key Findings
    • Market Engineering Measurements
      • Table Other Services Segment: Market Engineering Measurements, Global, 2017
    • Revenue Forecast
      • Table Other Services Segment: Revenue Forecast, Global, 2016-2025
    • Revenue Forecast Discussion
    • Percent Revenue Forecast by Region
      • Table Other Services Segment: Percent Revenue Forecast by Region, Global, 2016-2025
    • Revenue Forecast by Region
      • Table Other Services Segment: Revenue Forecast by Region, Global, 2016-2025
    • NA-Percent Revenue Forecast by Country
      • Table Other Services Segment: Percent Revenue Forecast by Country, North America, 2016-2025
    • NA-Revenue Forecast by Country
      • Table Other Services Segment: Revenue Forecast by Country, North America, 2016-2025
    • Europe-Percent Revenue Forecast by Country
      • Table Other Services Segment: Percent Revenue Forecast by Country, Europe, 2016-2025
    • Europe-Revenue Forecast by Country
      • Table Other Services Segment: Revenue Forecast by Country, Europe, 2016-2025
    • APAC-Percent Revenue Forecast by Country
      • Table Other Services Segment: Percent Revenue Forecast by Country, APAC, 2016-2025
    • APAC-Revenue Forecast by Country
      • Table Other Services Segment: Revenue Forecast by Country, APAC, 2016-2025
    • ROW-Percent Revenue Forecast by Region
      • Table Other Services Segment: Percent Revenue Forecast by Region, ROW, 2016-2025
    • ROW-Revenue Forecast by Region
      • Table Other Services Segment: Revenue Forecast by Region, ROW, 2016-2025
    • Revenue Forecast Discussion by Region
    • Revenue Forecast by Vertical Market
      • Table Other Services Segment: Revenue Forecast by Vertical Market, Global, 2016-2025
    • Revenue Forecast Discussion by Vertical Market
    • Percent Revenue Forecast by Application
      • Table Other Services Segment: Percent Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast by Application
      • Table Other Services Segment: Revenue Forecast by Application, Global, 2016-2025
    • Revenue Forecast Discussion by Application
    • Market Share
    • Market Share Analysis
      • Table Other Services Segment: Company Market Share Analysis of Top 4 Participants, Global, 2017
    • Competitive Environment
  • The Last Word
    • The Last Word-4 Big Predictions
  • Appendix
    • Market Engineering Methodology
    • Additional Source of Information on Condition Monitoring
    • List of Companies in "Others"
    • Partial List of Companies Interviewed

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