The global condition monitoring system market is set for an impressive 9.5% CAGR during the forecast period (2019-2029), as projected by a new report of Future Market Insights (FMI). Leading market players are investing in the integration of software with systems, with greater emphasis on recording performance data.
"With the need for highly accurate results in petrochemical and power generation facilities, manufacturers are pushing for the development of condition monitoring software which facilitates in-house integration," states the FMI report.
Condition Monitoring System Market: Key Findings
- Portable machine diagnostics will remain highly preferred; driven by the demand for reducing operational time.
- Vibration analysis and oil analysis will account for more than 55% of the total market revenue.
- Adoption in the oil & gas industry will generate lucrative opportunities, driven by an upsurge in exploration activity.
- North America and Europe will remain at the forefront of the condition monitoring system market.
- Asian market will display strong growth owing to high industrial output.
Condition Monitoring System Market: Key Driving Factors
- The integration of condition monitoring software with computer based maintenance systems is a key growth driver.
- Increasing adoption of portable machine diagnostic tools continues to complement the market growth.
- Increasing focus by end use industries on maintenance to cut down asset downtime is fueling market growth.
- The development of power generation facilities and the resultant demand for condition monitoring systems is driving market growth.
- Automotive & transportation and chemical industry applications are major drivers for global demand.
Condition Monitoring System Market - Key Restraints
- Inadequacy of trained technical human resources for data analytics applications is a key restraint to market growth.
Competition Landscape of Condition Monitoring System Market
Some of the key players in the global condition monitoring system landscape that are covered in this study include, but are not limited to, SKF, Fluke Corporation, Fuji Electric, Rockwell Automation Inc., Siemens AG, Parker Hannifin Corp., ABB, General Electric, Honeywell International Inc., Meggit PLC, and others. Leading manufacturers remain focused on bolstering their product portfolios. Manufacturers are also targeting collaborations with end-user industries to strengthen their foundation in the global condition monitoring system market.
Press Release Source: https://www.accesswire.com/581329/FMI-Forecasts-Robust-Sales-of-Condition-Monitoring-System-Through-2029-Application-in-Vibration-and-Oil-Analysis-Account-for-55-Demand
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