According to the most recent Future Market Insights data, global condition monitoring system sales are expected to reach US$ 3,293.9 million in 2021, with a steady long-term projection.
According to the report, the market will grow at a 7 to 8% CAGR from 2021 to 2031. According to Future Market Insights’ annual market analysis, revenue for the power generation, automotive, chemical, and petrochemical segments will total US$ 2,062.1 million in 2021.
Consistently rising demand from the chemical and petrochemical industries, as well as the power generation industry, will create opportunities for market growth over the forecast period. A major factor driving the market historical period 2016-2020 is the need for systems to remotely monitor machinery equipment in the face of an ageing population of factory workers.
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Demand for condition monitoring system slightly decreased due to shutdowns of various manufacturing plants amid COVID-19 induced restrictions. Although the need to ensure 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 actually 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 the South Africa is projected to expand at a CAGR of around 5.3%, while that in the Mexico at close to 6.3%, through 2031.
- The market in India and Germany are 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.
Competitive Landscape
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 in order 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.
Find More Valuable Insights
The research report analyzes demand for condition monitoring system. 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 on the basis of 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, supply side and demand side.
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Key Questions Answered in Condition Monitoring System Market Study
- What is the condition monitoring system market value? Condition monitoring system market will total US$ 3,579.8 Mn by the end of 2021.
- What is the condition monitoring system market demand outlook for 2021-2031? FMI has projected the demand for condition monitoring systems to total US$ 7,383.7 Mn by the end of 2031. The market has been forecast to exhibit a CAGR of 7.5% between 2021 and 2031
- What are the key trends shaping condition monitoring system market? There is considerably increasing focus on improving overall performance of condition monitoring systems to enable them detect faults in real time. This is a key trend in the market, which also is encouraging strategic collaborations among leading players
- Which is the highest grossing condition monitoring system market? North America currently holds dominance, accounting for over 24% of the condition monitoring system market in 2021. The U.S. currently leads the North America market, with revenue expected to reach US$ 586.4 Mn by 2031.
- Which is the high demand operating type in the condition monitoring system market? Portable machine diagnostics operating type for condition monitoring systems is expected to account for more than 30% of revenue generated by 2031.
- Which is the top-selling technique in the condition monitoring system market? Vibration analysis technique will remain top-selling technique in the market, accounting for over 64% of revenue generated by 2031.
- Which are some of the leading companies offering condition monitoring system? Some of the leading companies manufacturing Condition Monitoring System 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, Festo Group, AB SKF, Fuji Electric, Eaton Plc, Meggit Plc, PCE Instruments, AIMIL Ltd., Bachmann Electronic GmbH, Ingeteam, Bruel & Kjaer Vibro GmbH, and others. As per FMI, over 58% of the market share is currently covered by the top 10 players.
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Condition Monitoring System Market by Category
By Technique:
- Corrosion Monitoring
- Infrared Thermography
- Motor Condition Monitoring
- Oil Analysis
- Ultrasound Testing
- Vibration Analysis
By Application:
- Aerospace and Defense
- Automotive and Transportation
- Chemical and Petrochemical
- Food & Beverage
- Marine
- Mining and Metal
- Oil and Gas
- Power Generation
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights, Inc.
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