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Global condition monitoring system sales are set to be valued at US$ 3,293.9 Mn in 2021
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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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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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