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FMI Forecasts Condition Monitoring System Market to Surpass $4 Billion By 2029

March 16, 2020
The power generation industry is expected to bolster demand for condition marketing systems, according to a recent study by Future Market Insights.

Future Market Insights recently released a report about the condition monitoring system market. According to the firm, a substantial part of the progress of this 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 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 of Condition Monitoring System Market Study

  • According to the research by Future Market Insights, 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.

These insights are based on a report on the Condition Monitoring System Market by Future Market Insights. 

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