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.

To Know more@
https://www.futuremarketinsights.com/reports/condition-monitoring-system-market