Equipment Monitoring Market : Global Industry Analysis and Forecast 2023-2029

Equipment Monitoring Market size was valued at US$3.65 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 7.5% through 2023 to 2029, reaching nearly US$ 6.06 Bn.
Equipment Monitoring Market Overview:
The condition of production equipment is monitored using an equipment monitoring system. Sensors such as cameras, microphones, and vibration sensors can be simply coupled to this system via network cable, allowing you to diagnose the condition of the equipment. The vibration monitoring equipment is gaining traction with the steady recovery of the economy and the rising need for remote operations, leading to the necessity to adopt highly automated systems that require no or no human supervision.To know about the Research Methodology :- Request Free Sample Report
Equipment Monitoring Market Dynamics:
The advancement of wireless technology in equipment monitoring systems, the lower cost of IoT components leading to cost-effective equipment monitoring, and the acceptance of equipment monitoring systems are all driving the market forward. Cloud-based solutions with real-time functions that save money, the Industrial Internet of Things (IIoT), and the introduction of big data analytics all create potential for the market to grow.

The COVID-19 pandemic and dissemination have resulted in significant health and economic damages around the world. Plant closures and supply chain disruptions have impacted the process and manufacturing industries around the world. Physical separation rules and restrictions on crowd movement also had an impact on the functioning of numerous companies. As a result of these steps, manufacturing and processing plants now require remote supervision and operational control. Because of the economic crisis, companies in several industries chose not to adopt modern vibration monitoring equipment such as vibration monitoring during the pandemic.

Equipment condition monitoring systems, such as vibration monitoring systems, assist in supervising and regulating plant operations from afar using real-time data obtained from various sources. As a result, these technologies aid in the elimination of human involvement in the monitoring of industrial operations. During the forecast period, this is expected to lead to greater deployment of innovative vibration monitoring systems in various industries. These are the major key factors that are expected to drive the growth of the global market during the forecast period 2023-2029.
Equipment Monitoring Market Segment Analysis:
Based on the Monitoring Type, the market is segmented into Vibration Monitoring, Lubrication Monitoring, Thermal Monitoring, Corrosion Monitoring, Motor Current Monitoring, Noise Monitoring, GPS Tracking, and Alarm Monitoring. The vibration monitoring segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Vibration monitoring is a popular predictive maintenance technique because it can not only detect a problem before it gets worse, but can also pinpoint the specific position of the problem. Vibration monitoring has been the most popular technique due to falling prices of vibration sensors and wireless devices.Based on the Monitoring Process, the market is segmented into Online Equipment Monitoring, and Portable Equipment Monitoring. The Online Equipment Monitoring segment is expected to hold the largest market share of xx% by 2029. This is due to the online equipment monitoring is a more advanced monitoring technique that gives plant operators real-time data than portable equipment monitoring, online equipment monitoring is in increasing demand. In industries where 24-hour production is required, online equipment monitoring solutions are used.

Based on the Deployment Type, the market is segmented into On-premise, and Cloud. The on-premise segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The monitoring solutions assist organisations in maintaining all of their systems and data while spending additional costs in terms of hardware, software, and resources. On-premise deployment allows for reliable data collecting in real-time, with enough lead time to remedy incipient issues.

Based on the Industry, the market is segmented into Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace & Defense, Food & Beverages, Marine, and Others. The oil & gas industry is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Companies in the oil and gas industry focus heavily on enhancing productivity and minimising operational costs. As a result, the oil and gas industry is expected to adopt equipment monitoring systems and related services in order to keep its vital assets running efficiently and prevent downtime. Equipment monitoring ensures that manufacturing gear runs smoothly with minimal downtime, lowering maintenance costs and increasing machine efficiency. As a result, the need for oil and gas equipment monitoring systems is expected to rise in the near future.
Equipment Monitoring Market Regional Insights:
North America dominates the Global Equipment Monitoring market during the forecast period 2023-2029. North America is expected to hold the largest market share of xx% by 2029. The demand for equipment monitoring in North America is being driven by a growing focus on optimum asset utilisation, increased government rules for workplace and personal safety, and increasing awareness of quality in the oil and gas, chemicals, and food and beverage sectors. Moreover, the presence of leading players in the market such as GE, Emerson, Parker Hannifin, and Azima DLI, as well as a focus on the development of plant asset management techniques, contribute to the increasing adoption of equipment monitoring systems in North America. These are the major factors that drive the growth of the North America region in the Global market during the forecast period 2023-2029.

The objective of the report is to present a comprehensive analysis of the Global Equipment Monitoring Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Equipment Monitoring Market dynamic, structure by analyzing the market segments and project the Global Equipment Monitoring Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Equipment Monitoring Market make the report investor’s guide.
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Equipment Monitoring Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.65 Bn.


Forecast Period 2023 to 2029 CAGR:
7.5%
Market Size in 2029:
US $ 6.06 Bn.


 Segments Covered:
by Monitoring Type
Vibration Monitoring
Lubrication Monitoring
Thermal Monitoring
Corrosion Monitoring
Motor Current Monitoring
Noise Monitoring
GPS Tracking
Alarm Monitoring


by Monitoring Process
Online Equipment Monitoring
Portable Equipment Monitoring


by Deployment Type
On-premise
Cloud


by Industry
Oil & Gas
Power Generation
Metals & Mining
Chemicals
Automotive
Aerospace & Defense
Food & Beverages
Marine
Others



Equipment Monitoring Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Equipment Monitoring Market Key Players are:
1. General Electric
2. Emerson Electric
3. Honeywell
4. SKF
5. National Instruments
6. Parker Hannifin
7. Siemens
8. Rockwell Automation
9. Yokogawa
10.Flir Systems
11.Pruftechnik Dieter Busch
12.SPM Instrument
13.Fluke Corporation
14.Analog Devices
15.PCB Piezotronics
16.Teledyne Technologies Incorporated
17.Thermofisher Scientific
18.TE Connectivity
19.Merck KGaA
20.Danaher Corporation
Frequently Asked Questions:
1] What segments are covered in Global Equipment Monitoring Market report?
Ans. The segments covered in Global Equipment Monitoring Market report are based on Monitoring Type, Monitoring Process, Deployment Type, and Industry.

2] Which region is expected to hold the highest share in the Global Equipment Monitoring Market?
Ans. North America is expected to hold the highest share in the Global Equipment Monitoring Market.

3] Who are the top key players in the Global Equipment Monitoring Market?
Ans. General Electric, Emerson Electric, Honeywell, SKF, National Instruments, and Parker Hannifinare the top key players in the Global Equipment Monitoring Market.

4] Which segment holds the largest market share in the Global Equipment Monitoring market by 2029?
Ans. Online Equipment Monitoring segment hold the largest market share in the Global Equipment Monitoring market by 2029.

5] What is the market size of the Global Equipment Monitoring market by 2029?
Ans. The market size of the Global Equipment Monitoring market is US $ 6.06 Bn. by 2029.

6] What was the market size of the Global Equipment Monitoring market in 2022?
Ans. The market size of the Global Equipment Monitoring market was US$ 3.65 Bn.