Various factors are driving the interest for condition monitoring systems across industries. For instance, these systems are used to allow the maintenance and other actions to prevent consequential damages and thereby avoiding any catastrophic failures to the machinery equipment.
Over the years, key players in the market have been collaborating with automation solution providers to enrich the features of the system.
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According to the most recent data from Future Market Insights, sales of condition monitoring systems will reach a global value of US$3,293.9 Mn in 2021 and are expected to continue growing over the long term. According to the analysis, the market would grow at a CAGR of 7 to 8% between 2021 and 2031. According to Future Market Insights’ annual market analysis, revenue for the power generation, automotive, chemical, and petrochemical industries combined to reach US$ 2,062.1 million in 2021.
Due to closures of numerous production facilities and restrictions brought on by COVID-19, demand for condition monitoring systems slightly declined. Even so, a smaller decline has occurred compared to other product markets as a result of the requirement to ensure the equipment is operating efficiently to future-proof the operations.
Higher sales have also been a result of the ability to gather knowledge about the epidemic in real time and from previously untapped data sources when not physically present in the plant.
Through the course of the projected period, the market will have opportunities for expansion due to consistently expanding demand from the chemical, petrochemical, and power generating industries. Another key element influencing the market historical period 2016–2020 is the requirement for solutions to remotely monitor mechanical equipment due to an ageing workforce.
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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 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 are 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.
“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.
Competitive Landscape
The market is understood to be highly consolidated, with key players accounting for more than 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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