Condition Monitoring System Market Estimated to Exhibit 9.5% CAGR through 2029 - PowerPoint PPT Presentation

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Condition Monitoring System Market Estimated to Exhibit 9.5% CAGR through 2029


Based on technique, the condition monitoring system market is segmented into vibration analysis, corrosion monitoring, infrared thermography, ultrasound testing, motor condition monitoring, and oil analysis. – PowerPoint PPT presentation

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Title: Condition Monitoring System Market Estimated to Exhibit 9.5% CAGR through 2029

Condition Monitoring System Market
  • March 2020

Report Id REP-GB-1046 Published On Mar
11,2020 Category Industrial Automation and
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Condition Monitoring System Market Analysis
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
Condition Monitoring System Market Analysis
  • Condition Monitoring System Market Key Driving
  • 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
  • Inadequacy of trained technical human
    resources for data analytics applications is a
    key restraint to market growth.

Condition Monitoring System Market Analysis
  • 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.
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Condition Monitoring System Market Analysis
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