Equipment Monitoring Market
Market Analysis
The global equipment monitoring market size is predicted to touch USD 4.35 billion at a 6.53% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. GPS monitoring, noise and alarm monitoring, motor current monitoring, corrosion monitoring, lubrication monitoring, thermal monitoring, and vibration monitoring are the different types of equipment monitoring. Owing to its excellent features and various benefits, it has wide applications in different end use industries such as chemicals, food and beverages, metals and mining, aerospace and defense, automotive, power, oil and gas, and others.
Various factors are propelling the global equipment monitoring market share. According to the recent MRRF report, such factors include the constant advances in wireless technology, increasing adaptability of equipment monitoring in different industries including manufacturing and automotive, rising awareness amid organizations for monitoring techniques, the advent of latest technologies, advances in wireless technology, and increasing use of IoT based cost-effective equipment monitoring systems.
On the contrary, incalculable maintenance, lack of expert operators to analyse data, and the ongoing COVID-19 impact are factors that may impede the global equipment monitoring industry growth over the forecast period.
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Key Players
Key contenders profiled in the global equipment monitoring market report include Fluke Corporation (US), Brüel & Kjaer Vibro GmbH (Germany), FLIR Systems (US), Meggitt PLC (UK), Rockwell Automation Inc. (US), National Instruments Corporation (US), Honeywell International Inc. (US), Schneider Electric SE (France), Schneider Electric SE (France), Emerson Electric Co. (US), and General Electric Company (US), among others. Industry players have encompassed several strategies to stay ahead in the competition and also cater to the surging needs of the consumers. Some of these strategies include yet are not limited to acquisitions and mergers, joint ventures and collaborations, partnerships, extensive research and development activities, contracts, strategic alliances, new product launches, new product development, geographic expansions, and many others.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global equipment monitoring market based on monitoring type, deployment type, and end user.
By monitoring type, the global equipment monitoring market is segmented into GPS monitoring, noise and alarm monitoring, motor current monitoring, corrosion monitoring, lubrication monitoring, thermal monitoring, and vibration monitoring. Of these, the vibration monitoring segment will lead the market over the forecast period. Higher fault detection capabilities and reduction in the price of wireless systems & vibration sensors are adding to the growth of the segment.
By deployment type, the global equipment monitoring market is segmented into cloud and on-premise. Of these, the on-premise segment will dominate the market over the forecast period. Increased lead time for resolving faults and hassle-free collection of data in real-time are adding to the growth of the segment.
By end user, the global equipment monitoring market is segmented into chemicals, food and beverages, metals and mining, aerospace and defense, automotive, power, oil and gas, & others. Among these, the oil & gas segment will hold a major share in the market over the forecast period for the increasing use of equipment monitoring solutions by the oil and gas industry to monitor tanks and pipes in oil refineries and for gathering real-time data.
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Regional Analysis
Based on the region, the global equipment monitoring market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The presence of a well-established and sustainable economy, strong infrastructure network, presence of top manufacturers, & constant developments of cloud computing technology in different end use verticals are adding to the global equipment monitoring market growth in the region.