Global equipment monitoring market is anticipated to exhibit 6.53% CAGR between 2018 and 2023.
Global Equipment Monitoring Market to Surpass USD 4 Bn by 2023 report Market Research Future (MRFR). The market is likely to surpass a valuation of USD 4 Bn by the year 2023 up from USD 3.01 Bn. Equipment monitoring systems have continued to evolve over the years and are likely to undergo further transformation in the future.
Incessant technological advances have led to development of highly effective monitoring systems. Manufacturers are introducing systems that are not only accurate but cost-effective. At the same time, integration of wireless technology has made them more dynamic. Such factors are having a positive influence on the global equipment monitoring market.
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Global Equipment Monitoring Market Trends COVID-19 Impact Analysis : Segmental Analysis
The segmental analysis of the market has been conducted based on deployment type, monitoring type, and end-user.
Based on deployment, the market has been segmented into cloud and on-premise. The later currently accounts for a higher market share and this trend is likely to continue throughout the assessment period. This is mainly owing to the capability of on-premise equipment monitoring to provide accurate data in real-time.
Based on monitoring type, the market has been segmented into thermal monitoring, corrosion monitoring, noise & alarm monitoring, motor current monitoring, vibration monitoring, GPS monitoring, and lubrication monitoring. The vibration monitoring segment currently accounts for the lion’s share of the market in terms of value. Vibration sensors and wireless systems are cost effective and highly efficient, which characterises their high preference.
Based on end-user, the market has been segmented into power, aerospace & defense, food & beverages, chemicals, automotive, metals & mining, oil & gas and others. The oil & gas segment is projected to retain its dominant position throughout the assessment period. Equipment monitoring has become key section in the oil & gas industry. The critical need for continuous monitoring of oil pipe, tanks and others equipment is driving the demand for equipment monitoring systems.
Global Equipment Monitoring Market: Competition Analysis
Some of the leading companies mentioned in MRFR’s report include Emerson Electric Co. (US), Honeywell International Inc. (US), Rockwell Automation Inc. (US), FLIR Systems (US), Fluke Corporation (US), General Electric Company (US), National Instruments Corporation (US), Brüel & Kjaer Vibro GmbH (Germany), Meggitt PLC (UK), and Schneider Electric SE (France). Market players are implanting strategies to gain a competitive edge. Many companies are aggressively engaging in merger and acquisition activities in order to expands their global presence and diversify product portfolio. Also, investment in research & development programs has also increased as more and more companies strive to stay ahead of the curve.
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Global Equipment Monitoring Market: Regional Analysis
Key regions analysed in the report include Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East & Africa (MEA). The dominance of North America in the global equipment monitoring market is expected to prevail throughout the assessment period. This mainly due to presence suitable infrastructure that supports a quick integration. The strong infrastructure network creates favourable business climate for market players. Faster adoption of advanced equipment monitoring systems in countries such as the U.S. and Canada continue to provide an impetus to the market. Moreover, the region is home to some of the leading market players which puts North America in an advantageous position. Integration of cloud computing technologies in equipment monitoring system is opening new windows of opportunities. It is projected that the end-use verticals in the region will continue to present lucrative opportunities to market players during the forecast period. American Companies like Honeywell International Inc., Emerson Electric Co., Rockwell Automation Inc., Fluke Corporation, National Instruments Corporation, FLIR Systems and General Electric Company continue to strive for a higher share of the market in the region.
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