Flourishing Power Generation Industry to Bolster Demand for Condition Monitoring Systems; Market to Exhibit 9.5% CAGR Over 2019-29
Substantial part of the progress of the condition monitoring system market is mainly backed by the growth of the power generation industry, which holds a prominent share in the market space, closely followed by chemical and petrochemical industries. Also, increasing urbanization and rapid industrialization are creating massive opportunities for the automotive and transportation industry, and significantly contributing to the rising demand for condition monitoring systems.
Condition Monitoring System Market
A recent market study published by Future Market Insights (FMI) on the condition monitorin...
According to the latest report by FMI, the global condition monitoring system market is expected to cross a valuation of US$ 4 Bn by 2029.
Key Takeaways of Condition Monitoring System Market Study
- According to our research, the portable machine diagnostics segment is driving the growth of the condition monitoring system market, as portable equipment is used to read data from sensors, which subsequently saves operation time.
- The integration of condition monitoring software with computerized maintenance management systems and process control software is emerging as a trend in the global condition monitoring system market.
- North America is a prominent market for condition monitoring systems, and is expected to continue its dominance over the coming years, owing to strong industrial growth and high adoption of the product in the region.
- In the global condition monitoring system market, more than 55% of revenue comes from vibration analysis and oil analysis. Rising focus on maintenance in order to minimize asset downtime is fueling market growth.
“In order to minimize asset downtime, it is important to monitor system continuously or at regular intervals, especially in facilities such as power generation and petrochemicals. With the need for highly accurate results in such facilities, manufacturers are focusing on developing condition monitoring software that can be integrated with systems to record data.”
Condition Monitoring System Market: Competition Landscape
The global condition monitoring system market is somewhat competitive, with the presence of a moderate number of local and global manufacturers. Key manufacturers such as SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric, and Parker Hannifin Corp. account for nearly half of the share of the overall market. Manufacturers are focusing on strengthening their product portfolios by launching advanced condition monitoring systems and by collaboration with end users.
Highly Lucrative Opportunities in South Asia Market
The demand for condition monitoring systems is expected to gain traction in South Asia in the coming years, owing to increasing investments towards power generation and petrochemical industries. Governments of developing economies such as India and Indonesia are encouraging private sector players to minimize the deficit in power. This, in turn, is fueling the growth of the condition monitoring system market in the region.
More Valuable Insights on Condition Monitoring System Market
The research report analyzes the total sales of condition monitoring systems on the basis of volume (units) and value (US$ Mn), and is bifurcated as technique, operation, end use, and region. The condition monitoring system market is projected on the basis of factors such global energy consumption, oil & gas industry outlook, wind energy installed capacity, hydropower installed capacity, and natural gas production and consumption in various regions. Also, the report has a competition analysis section that includes tier structure analysis, market structure analysis, competition development, and other crucial information of condition monitoring system manufacturers.
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About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
About Future Market Insights (FMI)
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, and has delivery centers in the UK, 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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