Condition monitoring market to grow despite COVID-19 crisis
24/07/2020
Reportlinker.com has announced the release of a report, titled: ‘Global machine condition monitoring equipment industry’, which has found that the vibration monitoring equipment market will be reset to a new normal that, going forward in a post-COVID-19 era, will be continuously redefined and redesigned.As part of the new emerging geographic scenario, the USA is forecast to readjust to a 3.8% compound annual growth rate (CAGR). Within Europe, Germany will add over US$25.3 million (approximately £20.3 million) to the size of the region over the next seven to eight years. In addition, over US$25.6 million (approximately £20.6 million) worth of projected demand in the region will come from the rest of the European markets.
In Japan, the vibration monitoring equipment segment will reach a market size of US$87.2 million (approximately £70 million) by the close of the analysis period.
Significant political and economic challenges are now being faced by China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the machine condition monitoring equipment market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world’s second largest economy is expected to grow at 8% over the next couple of years and add approximately US$231 million (approximately £186 million) in terms of addressable market opportunity.
Continuous monitoring for emerging signs of a possible new world order following the COVID-19 crisis is a must for aspiring businesses, claims the report, as is the need for senior management to find success in the now changing machine condition monitoring equipment market landscape.
All of the research viewpoints that are presented by the report are based on validated engagements from influencers within the market.
