Condition Monitoring System Market is Forecasted to Reach US$ 3.6 billion in 2027, Says Stratview Research

The global condition monitoring system market is projected to witness a growth rate of 4.3% annually from 2021 to 2027, with an anticipated size of US$ 3.6 billion by 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global condition monitoring system market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2027: US$ 3.6 billion
Growth (CAGR): 4.3% during 2021-2027
Forecast Period: 2021-2027
Trend Period: 2015-2019
Base Year: 2020
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Condition Monitoring System Market:
The global condition monitoring system market is segmented based on monitoring technique type, end-use industry type, product type, deployment type, and region.

Based on end-use industry type - The condition monitoring system market is classified into aerospace & defense, automotive, oil & gas, marine, metal & mining, and others. The oil & gas industry occupied more than 35% in 2020 and is projected to remain the biggest demand generator for condition monitoring systems in the years to come. Condition monitoring systems play a paramount role in the oil & gas industry, especially in applications such as pumps.
On the other hand, aerospace & defense, an industry that recorded a mammoth decline amid the pandemic, is expected to register the highest growth in terms of the demand generated for condition monitoring systems, in the coming five years. Commercial aircraft remains the biggest demand generator in the aerospace & defense industry, in the foreseen future..

Based on the monitoring technique type - The market is segmented into vibration analysis, thermography, oil analysis, and others. Vibration analysis held a significant market share of more than 85% in 2020. Condition monitoring systems assist in effectively managing and directing plant operations using real-time data collected from various systems and tools.
As a result, these systems aid in the removal of human influence from industrial plant supervision. In the near future, it is anticipated that there will be greater demand for vibration monitoring systems across industries.

Based on the product type - The market is segmented into router-based systems, portable systems, and sensor-based systems. Sensor-based systems held a market share of more than 55% in 2020. These systems are more advanced and give operators real-time plant data. Sensors are useful in sectors that require 24-hour monitoring.
Failure of some equipment leads to total system overhaul, significant repair costs, and an unsafe work environment in production-intensive industries including oil & gas, power generation, and mining. As a result, such sectors necessitate constant asset and machinery monitoring.

Based on the deployment type - The market is segmented as cloud and on-premises. Cloud-based systems occupied a significant market share of more than 75% in 2020, because of the growing usage of cloud computing across multiple industry verticals, especially among small-scale and medium-scale businesses. Furthermore, with the advancements in the Internet of Things (IoT), industries can remotely access machine installations and monitor their performance.

To know the most attractive segments, visit:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America accounted for a market share of more than 35% in 2020 and is expected to remain the largest market for condition monitoring systems during the forecast period. This growth outlook is majorly attributed to the following-
- North America, more precisely the USA remains the biggest market for several end-use industries.
- As a result of that, almost all the leading players have their presence in the region to tap the market.
- Furthermore, the region is a go-getter in terms of the adoption of advanced technologies.
- Also, the region has stricter regulations regarding workplace and personnel safety, which overall pushes the demand for condition monitoring systems in major end-use markets.
- Asia-Pacific, another major market, is subjected to growth at the highest rate in the years to come.
- China remains the growth propeller in the region's market in the near future.
- Increasing acceptance of condition monitoring systems paired with the organic growth of end-use markets remains the driving force for condition monitoring systems in the region.
- Japan and India also generate a sizeable demand for condition monitoring systems in the region.

Condition Monitoring System Market Drivers:

Some of the key drivers listed in the report are given below.
- Condition Monitoring Systems are used to monitor the health of equipment and machinery in real-time, detecting any anomalies or potential failures before they occur.
- The adoption of Industry 4.0 will lead to an increase in the use of condition monitoring systems, as it enables manufacturers to monitor their equipment more effectively and efficiently.
- The increasing demand for reducing human involvement in predictive maintenance is driving the growth of the market, and this trend is expected to continue in the coming years.
- By detecting and addressing problems early on, these systems can help to reduce downtime, extend equipment life, and improve overall efficiency and productivity.
- Increasing adoption of predictive maintenance strategies by companies across various industries, such as manufacturing, oil and gas, and aerospace.
- Additionally, advances in technology, such as the development of advanced sensors, cloud computing, and machine learning algorithms, have made it easier and more cost-effective to implement these systems.
- Increasing focus on safety and regulatory compliance. Condition monitoring systems can help companies meet safety and regulatory requirements by ensuring that their equipment is functioning properly and minimizing the risk of accidents or equipment failures.

Top Companies in the Condition Monitoring System Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Baker Hughes Company
• SKF
• Emerson Electric Co.
• Siemens
• Schaeffler AG
• Meggitt PLC
• Rockwell Automation, Inc.
• Eaton
• PARKER HANNIFIN CORP
• Teledyne FLIR LLC

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Condition Monitoring System Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.