Energy Sector touted as Leading End User in Condition Monitoring System Market: Future Market Insights

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 the latest insights by Future Market Insights.

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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.

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 have 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.

Condition Monitoring System Market

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.

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“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.

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
The Middle East and Africa (MEA)

Competitive Landscape

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.

Find More Valuable Insights

The research report analyzes the demand for the 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
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, supply-side and demand sides.

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1046

About Industrial Automation Division at Future Market Insights

The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offers comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery used across the manufacturing sector. The team also conducts distinctive analyses about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as a budding industry

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