A new report indicates that a flourishing power generation industry is set to bolster demand for condition monitoring systems and will reflect a 9.5% compound annual growth rate (CAGR) over 2019-2029.
A 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.
The market share is closely followed by chemical and petrochemical industries.
Also, increasing urbanisation and rapid industrialisation are creating massive opportunities for the automotive and transportation industry, and significantly contributing to the rising demand for condition monitoring systems.
According to the latest report, the global condition monitoring system market is expected to cross a valuation of $4 billion by 2029.
Key takeaways from the study
According to FutureMarketInsights’ 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 computerised maintenance management systems and process control software is emerging as a trend in the global condition monitoring system market.
The study found that 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.
Whereas in the global market, more than 55% of revenue comes from vibration analysis and oil analysis. Rising focus on maintenance in order to minimise asset downtime is fuelling the market growth.
“In order to minimise asset downtime, it is important to monitor the 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.”
Highly lucrative opportunities in South Asia market
The global condition monitoring system market is somewhat competitive, with the presence of a moderate number of local and global manufacturers.
Manufacturers are focusing on strengthening their product portfolios by launching advanced condition monitoring systems and by collaboration with end-users.
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 minimise the deficit in power. This, in turn, is fuelling the growth of the condition monitoring system market in the region.
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.
These insights are based on a report on Condition Monitoring System Market by Future Market Insights.