The Latin America, Middle East and Africa Machine Condition Monitoring Market would witness market growth of 10.3% CAGR during the forecast period (2022-2028).
A highly competitive environment, however, makes it impossible for automakers to make such mistakes. Therefore, manufacturers heavily rely on efficient methods to meet customer demands. The adoption of machine condition monitoring systems has increased because of this. Air-handling systems, pumps, and other similar applications are among the most common applications for condition monitoring in this industry. Several critical conditions are monitored in the automotive sector, including motor and transmission component endurance testing, wind tunnel testing, electrical brake testing for reliability testing, automotive test benches (artificial roads), and others.
Performance testing, a major component of predictive maintenance, is used in the automotive manufacturing industry and assumes that machinery will deteriorate over time and eventually fail. By being proactive, condition monitoring offers the necessary information to arrange maintenance and checks the functioning of equipment through technology, avoiding difficulties that could result in unexpected downtime.
The United Arab Emirates (UAE) is thought to have the seventh-largest proven oil and gas reserves. The UAE produces 3 million barrels of petroleum and liquids per day on average and has 100 billion barrels of oil reserves. Approximately 30% of the country's GDP is directly based on oil and gas production, which accounts for nearly 13% of the country's total exports. The vast majority of the UAE government's funding comes from oil profits and royalties.
The United Arab Emirates wants to expand its unconventional oil and gas production. The UAE stated in 2020 that it had discovered over 80 trillion cubic feet of gas reserves at Jebel Ali. The government aims to be gas self-sufficient by 2030, however it now imports natural gas from Qatar via the Dolphin pipeline. The Hydrogen Alliance was launched in 2021 by Mubadala Investment Company, Abu Dhabi National Oil Company (ADNOC), and ADQ to promote the production of blue and green hydrogen for export.
The Ministry of Energy and Infrastructure (MoEI) and three of Abu Dhabi's biggest government companies, Mubadala Investment Company, Abu Dhabi National Oil Company (ADNOC), and ADQ, allied to form Hydrogen in early 2021. Hydrogen would use natural gas and renewable energy to produce blue and green hydrogen for export and to the UAE. The utilization of the machine condition monitoring for the oil and gas industry analysis accelerate the growth of the market in this region.
The Brazil market dominated the LAMEA Machine Condition Monitoring Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $77.3 million by 2028. The Argentina market is estimated to grow at a CAGR of 10.9% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 10% during (2022 - 2028).
Based on Offering, the market is segmented into Hardware and Software. Based on Monitoring Technique, the market is segmented into Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, and Others. Based on Industry, the market is segmented into Power Generation, Metals & Mining, Aerospace & Marine, Automotive, Oil & Gas, Food & Beverages, Chemicals, and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Monitoring Process, the market is segmented into Online Condition Monitoring and Portable Condition Monitoring. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Machine Condition Monitoring Market is Predict to reach $4.2 Billion by 2028, at a CAGR of 7.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ALS Limited, Fortive Corporation (Fluke Corporation), Schaeffler AG, Honeywell International, Inc., Emerson Electric Co., Rockwell Automation, Inc., General Electric (GE) Co., Analog Devices, Inc., National Instruments Corporation, and Parker Hannifin Corporation.
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