The machine condition monitoring market in South America is expected to grow from US$ 191.0 million in 2019 to US$ 306.2 million by 2027; it is estimated to grow at a CAGR of 6.1%from 2020 to 2027.
The rising demand for condition monitoring solutions in South America is majorly attributed to the increasing awareness related to the benefits of condition monitoring. Growing needs to reduce the downtime of machinery and optimize the production of plants are the other important factors boosting the demand for machine condition monitoring products in this region.
The vibration monitoring segment led the South America 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 consequences of COVID-19 are expected to hamper the export revenues of South American countries, mainly due to reduced commodity prices and export volume. Trade restrictions, travel ban, and lockdowns, etc., are curbing the revenue generation and growth opportunities in the region. In South America, Brazil is the worst hit country by the pandemic, followed by Ecuador, Chile, Peru, and Argentina, among others. The Brazilian electric and electronic companies import over 40% of components from Chinese companies. In 2019, other Asian companies accounted for over 35% of imports. Also, the automotive industry has been hit due to factory shutdowns and lockdowns. Containment measures in several countries of SAM would reduce economic activities in the manufacturing sectors for at least the next quarter, and the economy is expected to rebound gradually once the pandemic is in control.
The overall South America 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 overview and forecast for the South America 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 of 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 South America machine condition monitoring market. ASL Limited, Emerson Electric Co., General Electric Co., Honeywell International Inc., Parker-Hannifin Corp., Rockwell Automation Inc., Schaeffler Technologies AG & Co. KG, and AB SKF are among a the players operating in the market in South America.