Equipment Monitoring Market Trends, Growth, Analysis and Forecast 2023
Market Research Future published a research report on Equipment Monitoring Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Equipment monitoring market is expected to grow from USD 3.01 billion in 2017 to USD 4.35 billion by 2023, at a compound annual growth rate (CAGR) of 6.53% during the forecast period. Advancement of wireless technology in equipment monitoring systems and growing adoption of IoT based cost-effective equipment monitoring systems are the key drivers for the equipment monitoring market.
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). The major players constantly focuses on growth strategies such as strategic partnerships, mergers, acquisitions, and product launch to enhance their product offerings and expand their market reach. In december 2018, Goodyear Tire and Rubber Company launched a new Tire-Performance Monitoring System— Enhanced “EMTrack OTR (off-the-road)”.
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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.
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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