Optimizing Operations: Condition Monitoring System Market Dynamics

The condition monitoring system market was estimated at USD 2.7 billion in 2020 and is likely to grow at a CAGR of 4.3% during 2021-2027 to reach USD 3.6 billion in 2027.

The technique of monitoring a machine's state in order to predict its mechanical wear and failure is known as condition monitoring. Condition monitoring systems help in leveraging a wide range of data, including equipment temperature, energy usage, run time, and output, among others, which help in improving plant operations and decision-making. Over the eons, there has been an uprise in the adoption of condition-monitoring solutions at several plant facilities.