Global condition monitoring system sales will 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 totalled US$ 2,062.1 million for 2021, according to the annual market analysis conducted by Future Market Insights.
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 the ageing population of factory workers is also a major factor driving the market historical period 2016-2020.
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Demand for condition monitoring systems slightly decreased because of 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 have resulted in a lesser drop as compared to other product markets.
The benefit of gaining insights into real-time and unexplored data sources throughout the pandemic without being present in the plant has also contributed to higher sales.
- The global condition monitoring system market witnessed a slump in 2020 because of 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 machineries, are driving the condition monitoring market,” says a Future Market Insights analyst.
Condition Monitoring System Market by Category
- Corrosion Monitoring
- Infrared Thermography
- Motor Condition Monitoring
- Oil Analysis
- Ultrasound Testing
- Vibration Analysis
The market is understood to be highly consolidated, with key players accounting for more than four-fifths of the market share. These players are likely to invest in new technology developments and the 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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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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