The machine condition monitoring market in the Middle East and Africa is expected to grow from US$ 162.0 million in 2019 to US$ 216.4 million by 2027; it is estimated to grow at a CAGR of 3.7% from 2020 to 2027.
The machine condition monitoring market players have witnessed substantial demand for their products in the developed countries over the years. The market has matured over the years in developing countries of the Middle East and Africa machine. The rising demand for condition monitoring solution is majorly attributed to the increasing awareness regarding the benefits of condition monitoring. The escalating use of automated solutions across the manufacturing sector in the Middle East and Africa is among the other factors adding to the demand for machine condition monitoring products.
The vibration monitoring segment led the Middle East and Africa machine condition monitoring market, based on monitoring technique, in 2019. Vibrations on the surface of oscillating or rotating machines may be due to misalignment, unbalance, resonance, rolling element bearing faults, electrical effects, and various other problems. Vibration frequencies in a rotating machine are closely associated with the machine’s geometry and operating speed. By knowing the correlation among the frequencies and the defect type, vibration analysts can recognize the source and intensity of problem. Also, the machine history and the prior degradation pattern are essential in identifying the current as well as future operating condition of the machines. The techniques include monitoring of machine conditions such as cracks, pits, and roughness in rolling element bearing components, loose parts, misaligned or damaged gears; resonance of components; and coupling issues.
The decelerating economic conditions due to sluggish GDP growth, regional turbulence, and oil price declines have resulted in the loss of consumer confidence in the MEA, and the COVID-19 outbreak is likely to worsen the conditions in the region. Iran is the worst-hit country in the MEA so far, followed by South Africa and Saudi Arabia. According to the Institute of Chartered Accountants in England and Wales (ICAEW), the Middle East economy is anticipated to witness a sharp slowdown in the first half of 2020, regardless of impetus packages as well as monetary rate cuts to relax the economic setback. However, the economy is projected a pick up its pace in the second half of 2020, after both demand and supply-side disruptions disappear.
The overall Middle East and Africa 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 market. The process also serves the purpose of obtaining an overview and forecast for the Middle East and Africa machine condition monitoring market with respect 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 typically involved in this process include industry expert 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 Middle East and Africa machine condition monitoring market. ASL Limited, Emerson Electric Co., General Electric Co., Honeywell International Inc., National Instruments Corp., Parker-Hannifin Corp., Rockwell Automation Inc., Schaeffler Technologies AG & Co. KG, and AB SKF are among the leading companies in the market in this region.