According to Future Market Insights, global condition monitoring system sales will reach US$ 3,293.9 million in 2021, with a consistent long-term estimate.
From 2021 to 2031, the market is expected to grow at a CAGR of 7 to 8%, according to the analysis. According to Future Market Insights’ annual market analysis, sales for the power generation, automotive, chemical, and petrochemical divisions were US$ 2,062.1 million in 2021.
Increasing demand from the chemical and petrochemical sectors, as well as the power generating industry, will propel the market forward throughout the forecast period. The need for systems to remotely monitor machinery equipment amidst the aging population of factory workers is also a major factor driving the market historical period 2016-2020.
Because of the shutdowns of numerous production sites due to COVID-19-related restrictions, demand for condition monitoring systems has declined slightly. Despite the requirement to ensure the proper operation of equipment to future-proof the operations, they have experienced a smaller reduction than other product marketplaces.
Higher sales have also been attributed to the benefit of receiving insights on real-time and undiscovered data sources throughout the pandemic without being present in the plant.
Key Takeaways from Market Study
Because of the COVID-19 pandemic, the worldwide condition monitoring system market shrank in 2020, with a -2.3 percent growth rate.
By 2031, the market in South Africa is expected to grow at a CAGR of roughly 5.3 percent, while the market in Mexico is expected to grow at a CAGR of close to 6.3 percent.
Over the next ten years, the market in India and Germany is expected to grow at a rate of more than 8%.
Sales in the United States will continue to rise, accounting for more than 80% of demand in North America.
China’s supremacy in East Asia will be cemented by its increasing applicability across numerous industries.
“Aging and depreciation of machinery, as well as continuous OPEX-based investments by various businesses, mostly incurred on machine repair and maintenance,” according to a report.
The market is thought to be extremely consolidated, with a few large firms controlling more than four-fifths of the market. To maintain their market dominance, these companies are likely to invest in new technological breakthroughs and network expansion. 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, and AB SKF are only a few of the major players in this business.