About Equipment Monitoring
Equipment monitoring is the process of observation of various parameters such as the lubrication of the equipment, vibrations and disturbances, GPS and noise monitoring and many others. The main purpose of monitoring the equipment is to enhance the performance of the system. The equipment monitoring is comprising of an online and portable monitoring system. In the case online monitoring system, the data can be accessed in real-time than portable equipment monitoring. It finds its application in various industries such as automotive, chemicals, and others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.9% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Equipment Monitoring market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Emerson Electric (United States), General Electric (United States), Honeywell (United States), National Instruments (United States), SKF (Sweden), Parker-Hannifin (United States), Rockwell Automation (United States), Siemens (Germany), Yokogawa (Japan) and PRUFTECHNIK (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Flir Systems (United States), SPM Instrument (Sweden), Fluke Corporation (United States), Analog Devices (United States) and PCB Piezotronics (United States).
Segmentation Overview
AMA Research has segmented the market of Global Equipment Monitoring market by Type (Vibration Monitoring, Thermal Monitoring, Lubrication Monitoring, Corrosion Monitoring and Others (Noise Monitoring, GPS Tracking)) and Region.
On the basis of geography, the market of Equipment Monitoring has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. On-premise will boost the Equipment Monitoring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Oil & Gas will boost the Equipment Monitoring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Monitoring Process, the sub-segment i.e. Online will boost the Equipment Monitoring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Intelligent Electronic IoT Device with Associated Sensors and Cloud Application Software
Market Growth Drivers:
Adoption of Equipment Monitoring Systems in End-Use Industries and Advancement of Wireless Technology in Equipment Monitoring Systems
Challenges:
Complexity Involved in Connecting Legacy Equipment
Restraints:
Lack of Trained Operators and Unpredictable Maintenance Schedules
Opportunities:
Huge Investment in Industrial IoT for Remote Monitoring and Connected Technologies and Enabling Industry 4.0 with Integrated Automation & Cloud Innovations
Market Leaders and their expansionary development strategies
September 2022 - ABB and Samotics, a high-growth scaleup business in the Netherlands and a prominent vendor of ESA technology have formed a long-term strategic cooperation to deliver better condition monitoring services. The method will use each company's strengths to provide more insights into equipment health and power efficiency.
In May 2019, National Instruments has announced new wireless monitoring hardware for InsightCM. With InsightCM and the new wireless devices, plant maintenance teams relied on manual, route-based data collection for plant assets can instantly daily visibility about machine health.
Key Target Audience
Equipment Monitoring System Vendors, Software Developers, Construction Contractors, Government, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.