South America Machine Condition Monitoring Market Growth Drivers and Forecast by 2027

The machine condition monitoring market in South America is expected to grow from US$ 191.0Million in 2019 to US$ 306.2Million by 2027; it is estimated to grow at a CAGR of 6.1%from 2020 to 2027.

The Brazil and Argentina are major economies in South America. In recent years, several manufacturers across industries in the developing countries are demanding for machine condition monitoring solutions. The rising demand for condition monitoring solution is majorly attributed to the increasing awareness related to the benefits of condition monitoring. The developing countries such as Brazil, and Argentina are experiencing substantial growth in the number of manufacturing plants in various industries. The usage of sizeable reciprocating machinery has been surging over the past few years in the countries mentioned above. The demand for condition monitoring solution is majorly for the newer machinery in the modern manufacturing facilities. The significant rise in industrialization in the developing countries is catalyzing the demand for condition monitoring solutions, thereby throttling the South America machine condition monitoring market size. The key industries demanding condition monitoring solutions include aerospace & defense, automotive, oil & gas, manufacturing, power generation, and food & beverage. These industries utilize higher volumes of rotating machines, which experience considerable vibration, corrosion, temperature difference, and oil seepage, which ultimately cause the system to fail in case 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 machine condition monitoring market.

In South America, Brazil is the worst hit by outbreak of COVID-19, followed by Ecuador, Chile, Peru, and Argentina, among others. The governments across South America are enacting various measures to contain the virus. It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the US, which are important trade partners. Also, in the electric and electronic manufacturing, Brazilian companies imported over 40% of components from Chinese companies. Further, other Asian companies accounted for over 35% of imports in 2019, signifying dependence on Asian economies. Moreover, automotive production in the region has also been impacted as manufacturers are suspending production amid coronavirus outbreak. Containment measures in several countries of South America will reduce economic activity in the manufacturing sectors for at least the next quarter, and is expected to rebound once the pandemic is contained.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the machine condition monitoring market. The South America machine condition monitoring market is expected to grow at a good CAGR during the forecast period.

South America Machine Condition Monitoring Market Revenue and Forecast to 2027 (US$ Mn)

South America Machine Condition Monitoring Market Segmentation

South America Machine Condition Monitoring Market – By Monitoring Technique

• Vibration Monitoring
• Thermography
• Oil Analysis
• Corrosion Monitoring
• Ultrasound Emission
• Motor Current Analysis

South America Machine Condition Monitoring Market – By Offering

• Hardware
• Software

South America Machine Condition Monitoring Market – By Deployment

• On-premise
• Cloud

South America Machine Condition Monitoring Market – ByMonitoring Process

• Online Condition Monitoring
• Portable Condition Monitoring

South America Machine Condition Monitoring Market – By End-user

• Oil & Gas
• Power Generation
• Automotive
• Aerospace & Defense
• Food & Beverage
• Manufacturing
• Others

South America Machine Condition Monitoring Market – By Country

• Brazil
• Rest of South America

South America Machine Condition Monitoring Market-Companies Mentioned

• Honeywell International Inc.
• Schaeffler Technologies AG & Co. KG
• General Electric Company
• Emerson Electric Co.
• Parker Hannifin Corporation
• Rockwell Automation, Inc.
• SKF
• Wilcoxon Sensing Technologies
• ALS Limited
• National Instruments Corporation

South America Machine Condition Monitoring Report Scope