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Condition Monitoring System Market
Energy Sector touted as Leading End User in Condition Monitoring System Market: Future market Insights
JUMEIRAH LAKES TOWERS, DUBAI, UNITED ARAB EMIRATES, December 15, 2021 /EINPresswire.com / -- ESOMAR-certified consulting market research firm Future Market Insights' (FMI's) latest study presents a healthy outlook for global condition monitoring system market between 2021 and 2031.
According to the report, the market registered year-on-year growth of 7.6% in 2021. The demand for condition monitoring system in infrared thermography is set to rise at 8.4% CAGR, to hit 786,550 units over the forecast period. FMI has forecast the demand for conditioning monitoring systems to surpass US$ 7.3 Bn by 2031.
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Increasing application of condition monitoring system in power generation industry will push the sales. Expansion of chemical and petrochemical industry also has increased the scope for sales of condition monitoring systems.
For improved efficiency and smooth running of compressors, motors, and other machinery, demand for advanced condition monitoring system within chemical industry is increasing. In order to capitalize on existing opportunity, key players are investing heavily in research activities. Through this, they also are aiming at the development and launch of advanced monitoring systems with capability of real-time data analysis.
Hence, adoption of cutting edge technologies such as big data analysis and artificial intelligence have increased. Integration of these technologies allows systems to eliminate unnecessary maintenance needs and maximize operating hours.
Various industries are banking on these upgrades to avoid delays, improve the machinery efficiency, get accurate prediction of assets through real-time monitoring, and receive notifications for scheduled maintenance. Hence, manufacturers are leveraging their production capabilities to cater the surging demand for advanced condition monitoring systems.
As per Future Market Insights, on the back of these aforementioned advantages, over 1/5th of sales are expected to come from chemical and petrochemical industry.
'Integration of advanced technologies such as real-time data analysis and artificial intelligence is pushing the sales of condition monitoring systems within power generation and chemical industries, thereby, creating incremental growth opportunities for the market,' says the FMI analyst.
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Key Takeaways from FMI's Condition Monitoring System Market Survey
Based on technique, vibration analysis segment will witness highest growth, accounting for over 70% of global market share
Over 20% sales of condition monitoring systems to come from chemical and petrochemical industry
Germany will account for over 1/5th of Europe's condition monitoring system market
On the back of increasing application of condition monitoring system for power generation, Sweden will emerge as the most lucrative market across Europe
The U.S. is expected to account for over 4/5th of North America's market share
Demand of condition monitoring system in Canada will rise at over 7% CAGR through 2021
Key Drivers
Increasing adoption of wireless communication technology in condition monitoring system will improve the growth
Adoption of secure cloud computing in the condition monitoring systems will bolster the growth of condition monitoring systems market
Key Restraints
Lack of skilled technical resources for data analysis will restrict the condition monitoring system market growth
Integration of condition monitoring system with other maintenance system might prove to be a challenge for key players
Reliability issues regarding the prediction capabilities of condition monitoring systems will act as a major restraining factor
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Competitive Landscape
Key companies operating in condition monitoring system market are focusing on product launches and forging alliances with other industrial automation solution providers to revamp their product portfolio and cater the surging demand from consumers.
For instance,
In June 2021, Rexnord Process & Motion Control announced the launch of its first smart condition monitoring system capable of monitoring oil quantity, temperature, and vibration to improve cost-efficiency and safety.
In March 2021, leading player Emerson announced the new line of its product portfolio through the launch of corrosion and erosion monitoring systems with integration of digital technologies and a plantweb digital ecosystem. The product is integrated with new Rosemount 4390 series of corrosion and erosion wireless transmitters. This new portfolio turns existing offline corrosion probes into online tools to monitor risk of erosion in oil and gas processing.
Some of the key players operating in the condition monitoring system market profiled by FMI 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
Festo Group
AB SKF
Fuji Electric
Eaton Plc
Meggit PLC
PCE Instruments
AIMIL ltd.
Bachmann Electronic GmbH
Ingeteam
Bruel & Kjaer Vibro GmbH.
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More Valuable Insights on Condition Monitoring System Market
FMI, in its new report, offers an unbiased analysis of the condition monitoring system market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in condition monitoring system market with detailed segmentation:
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
Middle East and Africa (MEA)
Key Questions Covered in the Report
The report offers insight into condition monitoring system market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for condition monitoring system market between 2021 and 2031
Condition monitoring system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Condition monitoring system market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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.
Contact:
Future Market Insights,
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Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
ankush Nikam
FMI
+91 90966 84197
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