Global condition monitoring system sales are set to be valued at US$ 3,293.9 Mn in 2021

Condition Monitoring System Market Newly released data from Future Market Insights (FMI) has forecast the global demand to increase by year-on-year (YoY) growth of 7.6% in 2021 to total 3.8 million units. The vibration analysis segment will grow by 7% to 1.7 million units by 2031, while the demand in the infrared thermography segment will increase by 8.4% CAGR to hit 786,550 units over the assessment period.

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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 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 monitor machinery equipment amidst aging population of factory workers. Also, a major factor driving the market historical period 2016-2020.

Demand for condition monitoring system slightly decreased because of 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.

Condition Monitoring System Market Key Takeaways from FMI’s Study

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 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 will 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 machineries, 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 Middle East and Africa (MEA)

Competitive Landscape

The market is understood to be highly merged, with key players accounting for over 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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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 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 side.

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