Chemical and Petrochemical Industry to account for One-fifth of US$ 7.3 Bn Opportunity Created in Condition Monitoring System Market through 2031 - Future Market Insights

DUBAI, U.A.E., Oct. 7, 2021 /PRNewswire/ -- 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 1/5^th 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 1/5^th 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 4/5^th 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 global 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

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SOURCE Future Market Insights