Equipment Monitoring Market : Global Industry Analysis and Forecast 2024-2030

The Equipment Monitoring Market size was valued at USD 3.92 Billion in 2023 and the total Equipment Monitoring revenue is expected to grow at a CAGR of 7.5% from 2024 to 2030, reaching nearly USD 6.50 Billion.

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. Equipment Monitoring Market 2024-2030To 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 2024-2030.

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 2024-2030. 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 2030. 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 2024-2030. 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. Equipment Monitoring Market by Deployment Type 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 2024-2030. 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 2024-2030. North America is expected to hold the largest market share of xx% by 2030. 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 2024-2030. 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.

Equipment Monitoring Market Scope: Inquire before buying

Equipment Monitoring Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: USD 3.92 Bn.
Forecast Period 2024 to 2030 CAGR: 7.5% Market Size in 2030: USD 6.50 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 2030? Ans. Online Equipment Monitoring segment hold the largest market share in the Global Equipment Monitoring market by 2030. 5] What is the market size of the Global Equipment Monitoring market by 2030? Ans. The market size of the Global Equipment Monitoring market is USD 6.50 Bn. by 2030. 6]  What was the Global Equipment Monitoring Market size in 2023? Ans: The Global Equipment Monitoring Market size was USD 3.92 Billion in 2023.
1. Global Equipment Monitoring Market: Research Methodology 2. Global Equipment Monitoring Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Equipment Monitoring Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Equipment Monitoring Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Equipment Monitoring Market Segmentation 4.1 Global Equipment Monitoring Market, by Monitoring Type (2023-2030) • Vibration Monitoring • Lubrication Monitoring • Thermal Monitoring • Corrosion Monitoring • Motor Current Monitoring • Noise Monitoring • GPS Tracking • Alarm Monitoring 4.2 Global Equipment Monitoring Market, by Monitoring Process (2023-2030) • Online Equipment Monitoring • Portable Equipment Monitoring 4.3 Global Equipment Monitoring Market, by Deployment Type (2023-2030) • On-premise • Cloud 4.4 Global Equipment Monitoring Market, by Industry (2023-2030) • Oil & Gas • Power Generation • Metals & Mining • Chemicals • Automotive • Aerospace & Defense • Food & Beverages • Marine • Others 5. North America Equipment Monitoring Market (2023-2030) 5.1 Global Equipment Monitoring Market, by Monitoring Type (2023-2030) • Vibration Monitoring • Lubrication Monitoring • Thermal Monitoring • Corrosion Monitoring • Motor Current Monitoring • Noise Monitoring • GPS Tracking • Alarm Monitoring 5.2 Global Equipment Monitoring Market, by Monitoring Process (2023-2030) • Online Equipment Monitoring • Portable Equipment Monitoring 5.3 Global Equipment Monitoring Market, by Deployment Type (2023-2030) • On-premise • Cloud 5.4 Global Equipment Monitoring Market, by Industry (2023-2030) • Oil & Gas • Power Generation • Metals & Mining • Chemicals • Automotive • Aerospace & Defense • Food & Beverages • Marine • Others 5.5 North America Equipment Monitoring Market, by Country (2023-2030) • United States • Canada • Mexico 6. Asia Pacific Equipment Monitoring Market (2023-2030) 6.1. Asia Pacific Equipment Monitoring Market, by Monitoring Type (2023-2030) 6.2. Asia Pacific Equipment Monitoring Market, by Monitoring Process (2023-2030) 6.3. Asia Pacific Equipment Monitoring Market, by Deployment Type (2023-2030) 6.4. Asia Pacific Equipment Monitoring Market, by Industry (2023-2030) 6.5. Asia Pacific Equipment Monitoring Market, by Country (2023-2030) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Equipment Monitoring Market (2023-2030) 7.1 Middle East and Africa Equipment Monitoring Market, by Monitoring Type (2023-2030) 7.2. Middle East and Africa Equipment Monitoring Market, by Monitoring Process (2023-2030) 7.3. Middle East and Africa Equipment Monitoring Market, by Deployment Type (2023-2030) 7.4. Middle East and Africa Equipment Monitoring Market, by Industry (2023-2030) 7.5. Middle East and Africa Equipment Monitoring Market, by Country (2023-2030) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Equipment Monitoring Market (2023-2030) 8.1. Latin America Equipment Monitoring Market, by Monitoring Type (2023-2030) 8.2. Latin America Equipment Monitoring Market, by Monitoring Process (2023-2030) 8.3. Latin America Equipment Monitoring Market, by Deployment Type (2023-2030) 8.4. Latin America Equipment Monitoring Market, by Industry (2023-2030) 8.5. Latin America Equipment Monitoring Market, by Country (2023-2030) • Brazil • Argentina • Rest Of Latin America 9. European Equipment Monitoring Market (2023-2030) 9.1. European Equipment Monitoring Market, by Monitoring Type (2023-2030) 9.2. European Equipment Monitoring Market, by Monitoring Process (2023-2030) 9.3. European Equipment Monitoring Market, by Deployment Type (2023-2030) 9.4. European Equipment Monitoring Market, by Industry (2023-2030) 9.5. European Equipment Monitoring Market, by Country (2023-2030) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. General Electric 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Emerson Electric 10.3. Honeywell 10.4. SKF 10.5. National Instruments 10.6. Parker Hannifin 10.7. Siemens 10.8. Rockwell Automation 10.9. Yokogawa 10.10. Flir Systems 10.11. Pruftechnik Dieter Busch 10.12. SPM Instrument 10.13. Fluke Corporation 10.14. Analog Devices 10.15. PCB Piezotronics 10.16. Teledyne Technologies Incorporated 10.17. Thermofisher Scientific 10.18. TE Connectivity 10.19. Merck KGaA 10.20. Danaher Corporation
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