The APAC machine condition monitoring market was valued at US$ 596.1 million in 2019 and is expected to grow at a CAGR of 6.7% during the forecast period to reach US$ 988.3 million by 2027
The developing countries such as India, Japan, and South Korea are experiencing substantial growth in the number of manufacturing plants in various industries. The deployment of large reciprocating machineries has been surging over the past few years in the above mentioned countries. Increasing industrialization in the developing countries is catalyzing the adoption of newer machinery in the modern manufacturing facilities, which, in turn is propelling the demand for machine condition monitoring solutions. The key industries such as aerospace & defense, automotive, oil & gas, manufacturing, power generation, and food & beverage majorly demand for condition monitoring solutions. These industries utilize higher volumes of rotating machines, which experience considerable vibration, corrosion, temperature difference, and oil seepage, which ultimately cause failure in the system if the problem prevails for an extended period. With an objective to avoid such downtime and monetary loss, the end users in the developing countries are procuring condition monitoring solutions, which is propelling the growth of the APAC machine condition monitoring market.
The region comprises around 60% of the world’s population, i.e. over 4.4 billion people with more than 45 countries. The constant population rise has led to a significant demand for electricity, which has resulted in increased investments in power transmission systems. To meet the ever-increasing electricity demand, governments of the respective economies are investing heavily in their power generation infrastructure, which is expected to boost the growth of the machine condition monitoring market.
The implementation of lockdown due to the outbreak of COVID-19 across APAC after March 2019 has negatively impacted the economic activity throughout the region. The factory activities in Japan contracted drastically in March, signifying that the world’s third-largest economy is possibly already in recession.
A sharp decline in business and economic activity across Asia in March due to COVID-19 outbreak, has affected the export from countries such as Japan and South Korea overshadowing a moderate enhancement in China. Manufacturing indicators also slumped in Vietnam, Indonesia, and the Philippines, as per the Purchasing Managers’ Index surveys. China’s factory activity enhanced marginally more than anticipated in March after plunging a month earlier; however, the growth was minimal, signifying an intense pressure on businesses owing to a decline in domestic and export demand. While factories in China slowly resumed operations after extended shutdowns and a reduction in COVID-19 cases enabled the country to begin relaxing travel restrictions, activity in South Korea contracted at its fastest pace in 11 years as several of the country’s trading partners imposed dramatic actions to control the virus’ spread.
The overall APAC machine condition monitoring market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the machine condition monitoring market. The process also serves the purpose of obtaining overview and forecast for the machine condition monitoring market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC machine condition monitoring market. Rockwell Automation, SKF, General Electric Co., Emerson Electric, and National Instruments are among the key players in the APAC machine condition monitoring market.