Various factors are driving the interest for condition monitoring systems across industries. For instance, these systems are used to allow the maintenance and other actions to prevent consequential damages and thereby avoiding any catastrophic failures to the machinery equipment.
Over the years, key players in the market have been collaborating with automation solution providers to enrich the features of the system.
Global condition monitoring system sales are set to be valued at US$ 3,293.9 Mn in 2021, with a steady long-term projection, according to 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.
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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.
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 aging population of factory workers is also a major factor driving the market historical period 2016-2020.
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.
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