Equipment Monitoring Market synopsis
Global Equipment Monitoring Global Market is expected to grow from USD 3.01 billion in 2017 to USD 4.35 billion by 2023, at a CAGR of 6.53% during the forecast period. The equipment monitoring industry is expected to undergo significant transformation in during the forecast period owing to advent of new technologies that has led to change in customer requirements for equipment monitoring solutions. Advancement of wireless technology in equipment monitoring solutions and growing adoption of IoT based cost-effective equipment monitoring systems are the key drivers for the equipment monitoring market.
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By monitoring type, the market is segmented into vibration monitoring, thermal monitoring, lubrication monitoring, corrosion monitoring, motor current monitoring, noise & alarm monitoring, and GPS monitoring. The vibration monitoring market segment is expected to dominate the market during the forecast period. Reduction in cost of vibration sensors and wireless systems coupled with the higher fault detection capabilities have made vibration monitoring the most preferred technique. By deployment type, the market is segmented into on-premise and cloud. The on-premise segment is anticipated to lead the market during the forecast period owing to the ease of accurate data collection in real-time coupled with increased lead time to resolve the faults.
By end-user, the market is segmented into oil & gas, power, automotive, aerospace & defense, metals & mining, food & beverages, chemicals, and others. The oil & gas segment segmented is expected to dominate the market during the forecast period. The oil & gas industry deploy equipment monitoring solutions for monitoring pipes and tanks in oil refineries and to gather real-time data.
The major players constantly focus on growth strategies such as strategic partnerships, mergers, acquisitions, and product launch to enhance their product offerings and expand their market reach. For instance, in 2018, OneWatt, an industrial technology developer launched “EARS (Embedded Acoustic Recognition Sensors)” a motor monitoring system for the onshore and offshore wind, hydro-power and industrial sectors. The system utilises acoustic data to predict any equipment motor faults thereby enabling companies to reduce downtime, costs while increasing the overall efficiency.
Equipment Monitoring Market Key players
The prominent players in the equipment monitoring market are General Electric Company (US), Emerson Electric Co. (US), Schneider Electric SE (France), Honeywell International Inc. (US), National Instruments Corporation (US), Rockwell Automation Inc. (US), Meggitt PLC (UK), FLIR Systems (US), Brüel & Kjaer Vibro GmbH (Germany), Fluke Corporation (US), Yokogawa Electric Corporation (Japan), Pruftechnik Dieter Busch AG (Germany), SKF AB (Sweden), Parker Kittiwake (UK), Analog Devices, Inc. (US), and Petasense Inc. (US).
Equipment Monitoring Market Segmentation
Equipment monitoring market is segmented based on monitoring type, deployment type, end-user, and region.
By monitoring type, the market is segregated into vibration monitoring, thermal monitoring, lubrication monitoring, corrosion monitoring, motor current monitoring, noise & alarm monitoring, and GPS monitoring.
On the basis of deployment type, the market is segmented on-premise and cloud.
By end-user, the market is segmented into oil & gas, power, automotive, aerospace & defense, metals & mining, food & beverages, chemicals, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World.
Equipment Monitoring Market Competitive Analysis
The equipment monitoring market has witnessed the rising demand across the globe owing to technological advancement in the market such as cloud-based solutions with real-time functionalities. Key players to further strenghten their market position have opted for partnerships and new product launches as their key organic growth strategy. In december 2018, Goodyear Tire and Rubber Company launched a new Tire-Performance Monitoring System— Enhanced “EMTrack OTR (off-the-road)”. The system provides higher accuracy accurate when collecting data for real-time reporting that aids mining, construction, quarry, and port operations to optimize tire performance.
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Equipment Monitoring Market Regional analysis
The global market for equipment monitoring market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of equipment monitoring market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the equipment market from 2018 to 2023 as the region has a sustainable and well-established economy with strong infrastructure network and it is among the early adopters of advanced technologies. Furthermore, the presence of the leading manufacturers in the region and continuous developments of cloud computing technology across various end-use verticals further drive the equipment monitoring market in these regions. The key players present in the North America equipment monitoring market are General Electric Company, Emerson Electric Co., Honeywell International Inc., National Instruments Corporation, Rockwell Automation Inc., FLIR Systems, and Fluke Corporation.
Raw material and manufacturing equipment suppliers
Associations and regulatory authorities related to plant maintenance
Government bodies, venture capitalists, and private equity firms
Manufacturers of components such as accelerometers, eddy current sensors, IR detectors, ultrasonic detectors, and other devices used for equipment monitoring
Maintenance personnel, manufacturers, and suppliers of equipment monitoring solutions
Research institutes and organizations
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