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 remotely monitor machinery equipment amidst an aging population of factory workers is also a major factor driving the market historical period 2016-2020.
Condition Monitoring System Market Key Takeaways from FMI’s 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.
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 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.