Machine Condition Monitoring Market Size, Share and Trends Forecast 2027
Posted by mahesh on October 19th, 2022
According to the new research report published by The Insight Partners, titled “Machine Condition Monitoring Market - Global Analysis and Forecast to 2027”, the global machine condition monitoring market is expected to reach US$ 3,922.0 million by 2027, registering a CAGR of 5.1% during 2020–2027.
APAC machine condition monitoring market is anticipated to account highest CAGR during the forecast period
APAC consists of many developing countries that are witnessing high growth in their manufacturing sector. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. Along with China’s evolution into a high-skilled manufacturing hub, other developing countries, such as India, South Korea, Taiwan, and Vietnam, are attracting several businesses that are in the quest to relocate their low to medium-skilled manufacturing facilities to neighboring countries, offering lower labor cost. Further, the governments of these countries are taking initiatives to improve investment ideas. This dramatic growth in the investments in the manufacturing sector and the adoption of novel technologies are the key factors fueling the growth of machine condition monitoring market.
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The region has a robust automotive sector in countries such as India, China, South Korea, and Japan, which is supported by the growing automotive manufacturing industry. Oil & gas, power generation, consumer electronics, mining, construction, and F&B are among the dominating industries in the region.
Further, the adoption of IIoT is accelerating in countries such as China, India, Singapore, and South Korea, owing to considerable mandates and support from the regional governments. These governments are promoting the implementation of IIoT in industries, including manufacturing, transportation, agriculture, energy, and among others. The region is also experiencing high investments in the power generation sector owing to the rising population and increasing urbanization.
Key findings of the study:
The key players in machine condition monitoring market have witnessed substantial demand for their advanced products from the end users in developed countries over the years. The countries in North America and Europe, especially the US, Germany, the UK, Russia, and Canada, have been at the forefront to procure machine condition monitoring solutions for a longer period.
In recent years, several manufacturers in the developing countries are demanding for machine condition monitoring solutions. The rising demand for condition monitoring solution is majorly attributed to the increasing awareness related to the benefits of condition monitoring. These factors are significantly catalyzing the growth of the machine condition monitoring market.
The developing countries such as India, Japan, Brazil, UAE, and Saudi Arabia are experiencing substantial growth in the number of manufacturing plants in various industries. The usage of large reciprocating machinery has been surging over the past few years in the above-mentioned countries. The demand for condition monitoring solution is majorly for the new machineries in the modern manufacturing facilities. The significant rise in industrialization in the developing countries is catalyzing the demand for condition monitoring solutions, which in turn is expanding the machine condition monitoring market size. The key industries demanding condition monitoring solutions include aerospace & defense, automotive, oil & gas, manufacturing, power generation, and food & beverage. These industries utilize higher volumes of rotating machines, which experience considerable vibration, corrosion, temperature difference, and oil seepage, which ultimately lead to failure in the system if the problem prevails for an extended period. With an objective to avoid such downtime and monetary loss, the end users in the developing countries are procuring condition monitoring solutions, which is propelling the growth of machine condition monitoring market.
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About the Authormahesh
Joined: September 20th, 2022
Articles Posted: 71
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