Global Equipment Monitoring Market Overview
The Equipment Monitoring Worldwide Market is anticipated to garner a revenue of USD 4.35 billion by 2023, from USD 3.01 billion in 2017. The advent of new technologies that have led to changes in consumer requirements for equipment monitoring solutions is a primary factor fueling the global equipment monitoring market growth. Further, various advancements in wireless technology and its integration in equipment monitoring solutions has led to proliferated demand for the same in various manufacturing industries. Growing adoption of the internet of things (IoT) based systems that are cost-effective are also likely to pose as one of the major factors contributing to the robust growth of the equipment monitoring market.
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Equipment Monitoring Market Key Players
The MRFR report profiles many significant players present in the market including General Electric Company (US), Emerson Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation Inc. (US), National Instruments Corporation (US), Meggitt PLC (UK), FLIR Systems (US), Yokogawa Electric Corporation (Japan), Brüel & Kjaer Vibro GmbH (Germany), Fluke Corporation (US), SKF AB (Sweden), Parker Kittiwake (UK), Analog Devices, Inc. (US), Pruftechnik Dieter Busch AG (Germany), and Petasense Inc. (US).
Equipment Monitoring Industry News
April 2019: Middleby, a leading company in the equipment manufacturing and distribution domain acquired Powerhouse Dynamics, a software company in Newton, Massachusetts which recently developed a cloud-based IoT equipment monitoring platform for small commercial facilities.
Equipment Monitoring Market Segmentation
The global equipment monitoring market is segmented by Market Research Future (MRFR) for accurate and insightful analysis. Various segments on the basis of monitoring type, deployment type, end-user, and region are included in the MRFR report. By monitoring type, the segments include lubrication monitoring, vibration monitoring, thermal monitoring, corrosion monitoring, noise & alarm monitoring, motor current monitoring, and GPS monitoring. The vibration monitoring market segment is estimated to spearhead the global equipment monitoring market during the assessment period. Dipping cost of vibration sensors and wireless systems, in addition to higher fault detection capabilities, are some of the key factors attributing to significant market growth.
By deployment type, the global equipment monitoring market is segmented into on-premise and cloud. The on-premise segment is anticipated to be at the forefront of the market because of the easier data collection in real time with enhanced accuracy, along with increased lead time to resolve issues.
Based on end-user, the market segments include oil & gas, power, automotive, aerospace & defense, metals & mining, food & beverages, and chemicals. The oil & gas segment is expected to dictate the global equipment monitoring market during the forecast timeline.
Equipment Monitoring Market Detailed Regional Analysis
The global equipment monitoring market is regionally segmented into Europe, North America Asia-Pacific, and the Rest of the World. The global equipment monitoring market is estimated to expand at a 6.53% CAGR during the assessment timeline. North America is likely to trailblaze the global equipment monitoring market from 2018-2023 owing to the region’s sustainable and well-established economy. A robust infrastructure network is also contributing majorly to the proliferating adoption of equipment monitoring systems in the region. Further, a high concentration of early adopters of emerging technologies is projected to promote positive market growth. Also, the presence of many leading manufacturers of equipment monitoring systems in the region, incessant developments of the cloud computing technology across various end-user verticals is assessed to drive the market to a great extent.
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Equipment Monitoring Market Competitive Analysis
Rising demand for equipment monitoring systems is exhibited across the globe due to burgeoning technological advancements such as cloud-based solutions with real-time functionalities. Prominent market players opted for various partnerships, mergers and acquisitions, and new product launches to strengthen their market position while aiming to garner a larger market share. In December 2018, Goodyear Tire and Rubber Company unveiled their new Tire-Performance Monitoring System which provides high accuracy when collecting data in real-time, aiding with mining, construction, port, and quarry operations, to optimize tire performance.
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