Published by mark itwired
Posted on September 28, 2021
4 min readLast updated: February 1, 2026
The energy sector is a key driver in the condition monitoring system market, projected to grow steadily with significant demand from various industries.
Global condition monitoring system sales are set to be valued at US$ 3,293.9 Mn in 2021, with a steady long-term projection, according to latest insights by Future Market Insights.
The report estimates the market to expand at 7 to 8% CAGR from 2021 to 2031 Power generation segment, automotive segment, chemical, and petrochemical segments revenue totaled US$ 2,062.1 million for 2021, according to the annual market analysis conducted by Future Market Insights.
Consistently rising demand from chemical and petrochemical and power generation industries will create prospects for growth of the market through the forecast period. The need for systems to remotely monitor machinery equipment amidst aging population of factory workers is also a major factor driving the market historical period 2016-2020.
Demand for condition monitoring system slightly decreased due to shutdowns of various manufacturing plants amid COVID-19 induced restrictions. Although the need to ensure efficient running of equipment to future proof the operations has resulted in a lesser drop as compared to other product markets.
The benefit of gaining insights in real time and unexplored data sources throughout the pandemic without being actually present in the plant has also contributed to higher sales.
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https://www.futuremarketinsights.com/toc/rep-gb-1046
“Aging and depreciation of machinery and continued OPEX based investments by various industries, primarily incurred on repair and maintenance of machineries are driving the condition monitoring market” says a Future Market Insights analyst.
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The market is understood to be highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry 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, AB SKF amongst many others.
The research report analyzes demand for condition monitoring system. The global condition monitoring system market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the market has been analyzed on the basis of product type, application, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
The post Energy Sector touted as Leading End User in Condition Monitoring System Market: Future Market Insights first appeared on Market Research Blog.
The article discusses the growth of the condition monitoring system market, with a focus on the energy sector as a leading end user.
The market experienced a slump in 2020 due to COVID-19, with a recorded growth of -2.3%.
India and Germany are projected to grow at over 8% CAGR, with the U.S. and China also showing strong demand.
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