Market Research Future published a research report on Equipment Monitoring Market Research Report - Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.

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. 

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. 

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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.

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, however, Asia-Pacific is estimated to register the highest CAGR during the forecast period.  North America 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. 

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