A Global Equipment Monitoring Market Research Report from Emergen Research has been formulated by analyzing key business details and an extensive geographic spread of the Equipment Monitoring industry, encompassing key business details and extensive geographical coverage. In addition to providing crucial statistical data about the Equipment Monitoring market, this study covers qualitative and quantitative aspects of the Equipment Monitoring market. In addition to historical data from 2017 to 2018, the research study provides an accurate forecast until 2027 for the Equipment Monitoring market. A comprehensive analysis of established and emerging players in the market is summarized in the report. The report also covers the business overview, the product portfolio, and the strategic alliances and expansion strategies of the companies.
The Equipment Monitoring Market is a rapidly expanding sector within the industrial automation industry, providing real-time monitoring and predictive maintenance solutions for various types of equipment. Equipment monitoring systems enable continuous monitoring of critical parameters such as temperature, vibration, and energy consumption, allowing for early detection of faults and proactive maintenance. This market is driven by several factors, including the increasing demand for operational efficiency, the need to minimize downtime and maintenance costs, advancements in sensor technology, and the rise of the Industrial Internet of Things (IIoT).
Equipment monitoring systems offer numerous benefits to industries, including improved operational efficiency, reduced downtime, and optimized maintenance schedules. By continuously monitoring equipment performance, these systems can detect anomalies and potential failures in real-time, allowing for timely intervention and preventive maintenance. This helps minimize unplanned downtime, increase productivity, and extend the lifespan of equipment.
The global equipment monitoring market size was USD 4.09 Billion in 2022 and is expected to register a revenue CAGR of 6.4% during the forecast period, according to latest analysis by Emergen Research. The growing demand for operational efficiency is a significant driver for the equipment monitoring market. Industries are increasingly focused on optimizing their processes and maximizing productivity. Equipment monitoring systems provide valuable insights into equipment performance, enabling operators to identify inefficiencies, bottlenecks, and areas for improvement. By leveraging this data, industries can make informed decisions to enhance operational efficiency and reduce costs.
The need to minimize downtime and maintenance costs is another driver for the equipment monitoring market. Unplanned equipment failures can result in significant production losses and costly repairs. Equipment monitoring systems help mitigate these risks by providing early warnings of potential failures, allowing for proactive maintenance and minimizing unplanned downtime. By adopting predictive maintenance strategies, industries can optimize maintenance schedules, reduce costs, and improve overall equipment reliability.
Advancements in sensor technology have played a crucial role in the growth of the equipment monitoring market. Sensors are becoming more affordable, compact, and capable of capturing accurate and real-time data. This has enabled the widespread deployment of sensors on various types of equipment, ranging from motors and pumps to turbines and production lines. The availability of a wide range of sensors, including temperature sensors, vibration sensors, and pressure sensors, allows for comprehensive monitoring of equipment health and performance.
The rise of the Industrial Internet of Things (IIoT) has also contributed to the growth of the equipment monitoring market. The IIoT involves the integration of sensors, connectivity, and data analytics to enable intelligent and connected industrial systems. Equipment monitoring systems are an integral part of the IIoT ecosystem, providing real-time data from equipment to centralized platforms for analysis and decision-making. The IIoT enables remote monitoring, predictive maintenance, and data-driven insights, revolutionizing the way industries manage their equipment.
Despite the positive growth prospects, the equipment monitoring market faces certain restraints. One of the major challenges is the complexity of integrating equipment monitoring systems into existing infrastructure. Industries often have a diverse range of equipment from different manufacturers, each with its own monitoring requirements and protocols. Ensuring seamless integration and compatibility between equipment monitoring systems and existing infrastructure can be a complex task.
Furthermore, data security and privacy concerns pose challenges in the equipment monitoring market. As equipment monitoring systems collect and transmit sensitive data, ensuring the confidentiality, integrity, and availability of this data is crucial. Industries need to implement robust cybersecurity measures to protect against unauthorized access, data breaches, and potential disruptions to operations.
Government organizations, such as the National Institute of Standards and Technology (NIST) in the United States, provide valuable statistics and guidelines for the industrial automation industry. These organizations publish reports and studies on manufacturing productivity, energy efficiency, and emerging technologies, which can provide insights into the growth of the equipment monitoring market. For example, the NIST’s Manufacturing Extension Partnership (MEP) program supports the adoption of advanced manufacturing technologies, including equipment monitoring, to enhance productivity and competitiveness.
Due to movement restrictions and lockdowns due to the current COVID-19 pandemic, the growth of the Equipment Monitoring industry is expected to be negatively affected. In addition to the impact of the COVID-19 pandemic on numerous global markets, the Equipment Monitoring industry is expected to feel the effect as well. The slowdown in economic growth and dynamic changes in demand will further affect industry growth. The report covers the impact analysis of the COVID-19 pandemic on the overall Equipment Monitoring industry.
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Global Equipment Monitoring Market Highlights:
- Regional demand estimation and forecast
- Product Mix Matrix
- R&D Analysis
- Cost-Benefit Analysis
- Pre-commodity pricing volatility
- Supply chain optimization analysis
- Technological updates analysis
- Raw Material Sourcing Strategy
- Competitive Analysis
- Mergers & Acquisitions
- Location Quotients Analysis
- Carbon Footprint Analysis
- Patent Analysis
- Vendor Management
Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Equipment Monitoring market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Equipment Monitoring market and pinpoint the fundamental growth trends.
ALS, EMERSON ELECTRIC CO, General Electric, Honeywell International Inc., Meggitt PLC, NATIONAL INSTRUMENTS CORP, PARKER HANNIFIN CORP, Rockwell Automation, SKF, LC Technology Solutions, Schaeffler AG, Siemens, Fluke Corporation, Samotics, ABB Trackunit Corporation., and Trackunit Corporation
Key Parameters Analyzed in This Section:
- Company Profiles
- Gross Revenue
- Profit margins
- Product sales trends
- Product pricing
- Industry Analysis
- Sales & distribution channels
Regional Segmentation:
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
Key Points Covered in This Section:
- Regional contribution
- Estimated revenue generation
- Vital data and information about the consumption rate in all the leading regional segments
- An expected rise in market share
- Forecast growth in the overall consumption rate
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Product Type Segmentation & Application Segmentation:
-
Monitoring Type Outlook (Revenue, USD Billion; 2019-2032)
- Vibration Monitoring
- Thermal Monitoring
- Lubrication Monitoring
- Corrosion Monitoring
- Noise Monitoring
- Motor Current Monitoring
- GPS Tracking
- Standalone Tracker
- OBD Devices
- Advance Tracker
- Alarm Monitoring
- Remote Terminal Units (RTU)
- Alarm Sensors
-
Monitoring Process Outlook (Revenue, USD Billion; 2019-2032)
- Online Equipment Monitoring
- Portable Equipment Monitoring
-
Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
- On-premises
- Cloud
Report Highlights:
- Besides offering a vivid depiction of the global Equipment Monitoring business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities.
- The report includes information on the present and historical market scenarios, which helps forecast the market conditions over the next eight years (2020-2027).
- The report scrutinizes the salient factors influencing the growth of the market in the near future.
- The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market.
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