Stratview Research delivers key insights on the Condition Monitoring System Market. According to Stratview Research, the market is segmented by Monitoring Technique Type (Vibration Analysis, Thermography, Oil Analysis, and Others), End-Use Industry Type (Oil & Gas, Aerospace & Defense, Automotive, Mining, Marine, and Others), Product Type (Router-based System, Portable System, and Sensor-based System), Deployment Type (Cloud and On-premises), and Region.
The report suggests that the overall Condition Monitoring System Market was estimated to grow from USD 2.7 billion in 2020 to USD 3.6 billion by 2027 at a CAGR of 4.3% during the forecast period.
Market Segments' Analysis
The market is segmented into router-based systems, portable systems, and sensor-based systems. Sensor-based systems held a market share of more than 55% in 2020. These systems are more advanced and give operators real-time plant data. Sensors are useful in sectors that require 24-hour monitoring.
The market is segmented as cloud and on-premises. Cloud-based systems occupied a significant market share of more than 75% in 2020.
North America accounted for a market share of more than 35% in 2020 & is expected to remain the largest market for condition monitoring systems during the forecast period.
The following are some of the key players in the condition monitoring system market:
- Emerson Electric Co.
- Schaeffler AG
- Meggitt PLC
- Rockwell Automation, Inc.
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for condition monitoring system market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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