Global condition monitoring system Market Review sales are set to be valued at US$ 3,293.9 Mn in 2021, with a steady long-term projection, according to the latest insights by Future Market Insights. The report estimates the market to expand at 7 to 8% CAGR from 2021 to 2031 Power generation segment, automotive segment, chemical, and petrochemical segments revenue totaled US$ 2,062.1 million for 2021, according to the annual market analysis conducted by Future Market Insights.
Newly released data from Future Market Insights (FMI) has forecast the global demand to increase by year-on-year (YoY) growth of 7.6% in 2021 to a total of 3.8 million units. The vibration analysis segment will grow by 7% to 1.7 million units by 2031
Consistently rising demand from chemical and petrochemical and power generation industries will create prospects for growth of the market through the forecast period. The need for systems to remotely monitor machinery equipment amidst an aging population of factory workers is also a major factor driving the market historical period 2016-2020.
Demand for condition monitoring systems slightly decreased due to shutdowns of various manufacturing plants amid COVID-19-induced restrictions. Although the need to ensure the efficient running of equipment to future proof the operations has resulted in a lesser drop as compared to other product markets.
The benefit of gaining insights in real-time and unexplored data sources throughout the pandemic without being present in the plant has also contributed to higher sales.
Key Takeaways from Market Study
- The global condition monitoring system market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -2.3%.
- The market in South Africa is projected to expand at a CAGR of around 5.3%, while that in Mexico at close to 6.3%, through 2031.
- The market in India and Germany is set to surge at greater than 8% CAGR over the next ten years.
- Sales in the U.S. will continue increasing, accounting for over 80% of demand registered in North America.
- Rising application across various industries will seal China’s dominance in East Asia.
“Aging and depreciation of machinery and continued OPEX-based investments by various industries, primarily incurred on repair and maintenance of machinery are driving the condition monitoring market,” says a Future Market Insights analyst.
The market is understood to be highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks to maintain their market shares. Some of the key players in this industry are 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, AB SKF amongst many others.
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The research report analyzes the demand for condition monitoring systems. The global condition monitoring system market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the market has been analyzed based on product type, application, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and the demand side.
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