MARCH 9--According to a new technical market-research report, The Continuous Monitoring Market (RG-299), from Business Communication Co. (BCC) Research (www.bccresesarch.com), the global continuous monitoring market will grow from $21 billion in 2005 to $32.4 billion in 2010, an average annual growth rate (AAGR) of 9.1% Applicable industries and markets include automotive, cement/building materials, chemical, dairy, food processing, paper manufacturing, and petrochemicals.
The two fastest-growing sectors for continuous monitoring equipment are automotive and food processing/beverage. They will see an AAGR of 13.8% through the period 2005--2010. Automotive, though, is by far the largest market, with sales of $4.4 billion in 2005. All sectors, however, have seen rapid technological advances and equipment upgrades.
Driving these markets is the introduction of new government regulations regarding safety and traceability, which has forced industry players to try and look for better and sophisticated methods of processing, production, packaging and distribution. All these activities will increase the demand for continuous monitoring equipment.
The fastest emerging market for continuous monitoring equipment is the Asian market, which supplies most of the products to the USA and Europe. The rate of growth in Asian markets for continuous monitoring equipment is very high compared to those in the USA and Europe, which are somewhat saturated at present.