Demand for Enhanced Software and Data Analytics Services Bolster the Condition Monitoring Equipment Market
MOUNTAIN VIEW, CA — The condition monitoring equipment market is undergoing a period of stabilization after nearly two years of volatility caused by the global economic situation, turbulent oil prices and geo-political factors. Pockets of opportunities across industries in traditional and emerging markets, in addition to growing user awareness on the benefits of predictive maintenance, have sustained demand.
New analysis from Frost & Sullivan, Analysis of the Global Condition Monitoring Equipment Market, finds the market earned revenues of $1.50 billion in 2014 and estimates this to reach $1.91 billion in 2019. The study covers thermography, lubricating oil analysis and vibration condition monitoring equipment for the oil and gas, power generation, aerospace and defense, manufacturing and process industries.