Condition Monitoring System Market Size And Forecast (2019-2029)| With Post Impact Of Covid-19 By Top Leading Players- SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric.

(Markitwired via Comtex)

FMI states in its recent study on the condition monitoring system market that the market will record a massive CAGR of 9.5% through 2029. Demand for condition monitoring system is anticipated to continue surging particularly on increasing urbanization and rapid industrialization.

"To meet the rising demand and supply of oil & gas, industry executives are drawing their attention towards expanding production facilities through onshore and offshore exploration projects." says the FMI analyst.

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Condition monitoring system – Important Highlights

  • According to end-use, Power generation industries are expected to dominate the market in the future.
  • North America is projected to lead the worldwide sales of condition monitoring systems, supported primarily by growing automobile & transport demand.
  • More than 55% of revenues come from vibration analysis and oil analysis in the worldwide condition monitoring device market and is expected to be the most favored technique during the forecast years.
  • Asian markets are anticipated to pick pace, owing to high industrial production in countries such as China, Japan, and India.

Condition monitoring system Market – Drivers

  • Rising demand of the oil and gas sector is expected to drive the growth of the market
  • To mitigate asset downtime, rising emphasis on maintenance is accelerating demand growth.
  • Growing urbanization and accelerated industrialization generate tremendous opportunities for the automobile and transport industries and add significantly to the increasing need for condition management systems.

Condition monitoring system Market – Restraints

  • Up-gradation of obsolete equipment is the main constraint. Upgrading the old equipment results in a shift of the configurations and settings of the devices upgraded and mounted, and depending on fixed or portable systems, it is a very lengthy process that comes with difficulty in handling. this creates a hesitance among people
  • High manufacturing costs likely to remain a key market restraint during the forecast period.

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COVID-19 Impact on Condition monitoring system Market

The condition monitoring system market growth is expected to be hampered. The main source of condition monitoring system market use was in the fields of oil and gas sector. But many nations imposed nationwide lockdown to curb the deadly virus, which caused disruptions in supply chain materials, shortage of human resources, therefore, affecting the whole of the industry. However, the market is anticipated to make a swift turnaround as the economy stabilizes

Competitive Landscape

Market players have left a lasting impact on their unique business expansion strategies and robust product offerings. Now the key market players are focusing on product launches. With the involvement of a moderate number of local and worldwide suppliers, the worldwide condition monitoring device market is somewhat dynamic. Almost half of the total market share is accounted for by leading producers such as SKF, Fuji Electric, Siemens AG, ABB, Honeywell International Inc., Meggit PLC, General Electric, and Parker Hannifin Corp.

About the Study

The study offers readers a comprehensive assessment of the condition monitoring system market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on technique (Vibration Analysis, Corrosion Monitoring, Infrared Thermography, Ultrasound Testing, Motor Condition Monitoring, Oil Analysis), End-Use Industries(Oil & Gas, Power Generation, Aerospace & Defense, Automotive & Transportation, Marine, Mining & Metal) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).

Table Of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Technology Roadmap

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Product Innovation / Development Trends

4. Key Success Factors

5. Global Condition Monitoring System Market Demand Analysis 2014-2018 and Forecast, 2019-2029

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