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HOME Top Market Reports Equipment Monitoring Market by Monitoring Type (Vibration, Thermal, Motor Current, Alarm, GPS), Monitoring Process (Online, Portable), Deployment Type (On-premise, Cloud), Industry (Oil & Gas, Power, Automotive), and Region - Global Forecast to 2023

Equipment Monitoring Market by Monitoring Type (Vibration, Thermal, Motor Current, Alarm, GPS), Monitoring Process (Online, Portable), Deployment Type (On-premise, Cloud), Industry (Oil & Gas, Power, Automotive), and Region - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: May 2018
Report Code: SE 6309

 

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[161 Pages Report] The equipment monitoring market was valued at USD 3.02 Billion in 2017 and is expected to reach USD 4.47 Billion by 2023, at a CAGR of 6.7% during the forecast period. The growth of the equipment monitoring market is driven by the advancement of wireless technology in equipment monitoring system, reduced cost of IoT component leading to cost-effective equipment monitoring, and adoption of equipment monitoring systems.

The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The report provides detailed information regarding the major factors influencing the growth of this market.

The main objectives of this study are as follows:

  • To define, describe, and forecast the equipment monitoring market, in terms of value, segmented on the basis of monitoring type, monitoring process, deployment type, industry, and geography
  • To forecast the market size, in terms of value, for various segments with regard to 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze micromarkets with regard to individual growth trends, prospects, and contribution to the total market
  • To study the complete value chain of equipment monitoring
  • To strategically profile key players in the equipment monitoring market and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders
  • To analyze competitive developments such as product launches, acquisitions, contracts, agreements, and partnerships in the equipment monitoring market

Research Methodology: The research methodology used to estimate and forecast the equipment monitoring market includes the use of extensive primary research and secondary research. The secondary sources referred to for this study include directories; databases such as D&B Hoovers, Bloomberg BusinessWeek, and Factiva; and associations. Vendor offerings have been considered to determine the market segmentation. The top-down procedure has been employed to arrive at the overall size of the global equipment monitoring market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key people, such as chief executive officers (CEOs), vice presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

The figure below shows the breakdown of the primaries, on the basis of company type, designation, and region, conducted during the research study.

Equipment Monitoring Market

To know about the assumptions considered for the study, download the pdf brochure

This report provides valuable insights about the equipment monitoring market, such as various monitoring type, monitoring processes, and deployment types of equipment monitoring. The equipment monitoring market comprises equipment monitoring solution providers such as Emerson Electric (US), General Electric (US), Honeywell (US), National Instruments (US), SKF (Sweden), Parker-Hannifin (US), Rockwell Automation (US), Siemens (Germany), Yokogawa (Japan), and PRUFTECHNIK (Germany).

Target Audience:

  • Asset management consultants that specialize in physical asset management
  • 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

Scope of the Report:

The global equipment monitoring market, in this research report, has been segmented into monitoring type, deployment types, monitoring processes, industries, and geographic regions.

Equipment Monitoring Market, by Monitoring Type

  • Vibration Monitoring          
  • Thermal Monitoring           
  • Lubrication Monitoring     
  • Corrosion Monitoring        
  • Noise Monitoring
  • Motor Current Monitoring
  • GPS Tracking
  • Alarm Monitoring

Equipment Monitoring Market, by Monitoring Process

  • Online Equipment Monitoring
  • Portable Equipment Monitoring

Equipment Monitoring Market, by Deployment Type

  • On-premise
  • Cloud

Equipment Monitoring Market, by Industry

  • Oil & Gas              
  • Power Generation              
  • Metals & Mining
  • Chemicals
  • Automotive
  • Aerospace & Defense
  • Food & Beverages
  • Marine
  • Others (Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics)

Equipment Monitoring Market, by Geography

  • North America
    • US
    • Canada
  • Mexico
    • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • India
    • Rest of APAC
  • Rest of the World (RoW)
    • Middle East
    • South America
    • Africa

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

  • Comprehensive coverage of regulations followed in each region (The Americas, APAC, and Europe)

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)

Please click here to get the relevant report of Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, MCA), Deployment (On Premise, Cloud), Monitoring Process (Online, Portable), Offering, Industry, and Region - Global Forecast to 2024

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Package Size
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Primary Sources
           2.1.3 Secondary and Primary Research
                    2.1.3.1 Key Industry Insights
                    2.1.3.2 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Arriving at the Market Size By Bottom-Up Analysis
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Size By Top-Down Analysis
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumption

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 34)
    4.1 Opportunities in the Equipment Monitoring Market
    4.2 Equipment Monitoring Market, By Monitoring Type
    4.3 Equipment Monitoring Market, By Monitoring Process
    4.4 Equipment Monitoring Market, By Deployment Type
    4.5 Equipment Monitoring Market, By Industry
    4.6 Equipment Monitoring Market in North America, By Monitoring Type and By Country (2018)
    4.7 Equipment Monitoring Market, By Geography

5 Market Overview (Page No. - 38)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Advancement of Wireless Technology in Equipment Monitoring Systems
                    5.2.1.2 Reduced Cost of IoT Components Leading to Cost-Effective Equipment Monitoring
                    5.2.1.3 Adoption of Equipment Monitoring Systems
           5.2.2 Restraints
                    5.2.2.1 Lack of Trained Operators for Data Analysis
                    5.2.2.2 Unpredictable Maintenance Schedules
           5.2.3 Opportunities
                    5.2.3.1 Cloud-Based Solutions With Real-Time Functionalities Offering Cost Benefits
                    5.2.3.2 Industrial Internet of Things (IIoT)
                    5.2.3.3 Advent of Big Data Analytics
           5.2.4 Challenges
                    5.2.4.1 Complexity Involved in Connecting Legacy Equipment

6 Industry Trends (Page No. - 42)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Regulatory Standards
           6.3.1 API
           6.3.2 ASTM
           6.3.3 ISO
           6.3.4 MIMOSA
           6.3.5 CEN
           6.3.6 CENELEC/IEC

7 Equipment Monitoring Market, By Monitoring Type (Page No. - 46)
    7.1 Introduction
    7.2 Vibration Monitoring
    7.3 Thermal Monitoring
    7.4 Lubrication Monitoring
    7.5 Corrosion Monitoring
    7.6 Noise Monitoring
    7.7 Motor Current Monitoring
    7.8 Gps Tracking
           7.8.1 Standalone Tracker
           7.8.2 OBD Device
           7.8.3 Advance Tracker
    7.9 Alarm Monitoring
           7.9.1 Remote Terminal Units (RTU)
           7.9.2 Alarms Sensors

8 Equipment Monitoring Market, By Monitoring Process (Page No. - 69)
    8.1 Introduction
    8.2 Online Equipment Monitoring
    8.3 Portable Equipment Monitoring

9 Equipment Monitoring Market, By Deployment Type (Page No. - 74)
    9.1 Introduction
    9.2 On-Premise
    9.3 Cloud

10 Equipment Monitoring Market, By Industry (Page No. - 77)
     10.1 Introduction
     10.2 Oil & Gas
     10.3 Power Generation
     10.4 Metals & Mining
     10.5 Chemicals
     10.6 Automotive
     10.7 Aerospace & Defense
     10.8 Food & Beverages
     10.9 Marine
     10.10 Others

11 Geographic Analysis (Page No. - 96)
     11.1 Introduction
     11.2 North America
             11.2.1 US
             11.2.2 Canada
             11.2.3 Mexico
     11.3 Europe
             11.3.1 Germany
             11.3.2 UK
             11.3.3 France
             11.3.4 Rest of Europe (RoE)
     11.4 APAC
             11.4.1 China
             11.4.2 Japan
             11.4.3 India
             11.4.4 Rest of APAC (RoAPAC)
     11.5 Rest of the World (RoW)
             11.5.1 Middle East
             11.5.2 South America
             11.5.3 Africa

12 Competitive Landscape (Page No. - 116)
     12.1 Overview
     12.2 Market Ranking Analysis
     12.3 Competitive Situations and Trends
             12.3.1 New Product Launches and Developments, 2015–2017
             12.3.2 Contracts and Agreements, 2015–2017
             12.3.3 Acquisitions and Collaborations, 2015–2017
             12.3.4 Expansions, 2017

13 Company Profiles (Page No. - 122)
(Business Overview, Products & Services, Recent Developments, SWOT Analysis and MnM View)*
     13.1 Key Players
             13.1.1 Emerson Electric
             13.1.2 General Electric
             13.1.3 Honeywell
             13.1.4 National Instruments
             13.1.5 SKF
             13.1.6 Parker Hannifin
             13.1.7 Rockwell Automation
             13.1.8 Siemens
             13.1.9 Yokogawa
             13.1.10 Pruftechnik Dieter Busch
     13.2 Other Prominent Players
             13.2.1 Flir Systems
             13.2.2 SPM Instrument
             13.2.3 Analog Devices
             13.2.4 Fluke Corporation
             13.2.5 PCB Piezotronics
             13.2.6 Petasense

*Details on Business Overview, Products & Services, Recent Developments, SWOT Analysis and MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 152)
     14.1 Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (67 Tables)

Table 1 Equipment Monitoring Market, By Monitoring Type, 2015–2023 (USD Million)
Table 2 Equipment Monitoring Market for Vibration Monitoring, By Hardware, 2015–2023 (USD Million)
Table 3 Equipment Monitoring Market for Vibration Monitoring, By Monitoring Process, 2015–2023 (USD Million)
Table 4 Equipment Monitoring Market for Vibration Monitoring, By Industry, 2015–2023 (USD Million)
Table 5 Equipment Monitoring Market for Vibration Monitoring, By Region, 2015–2023 (USD Million)
Table 6 Equipment Monitoring Market for Thermal Monitoring, By Monitoring Process, 2015–2023 (USD Million)
Table 7 Equipment Monitoring Market for Thermal Monitoring, By Industry, 2015–2023 (USD Million)
Table 8 Equipment Monitoring Market for Thermal Monitoring, By Region, 2015–2023 (USD Million)
Table 9 Equipment Monitoring Market for Lubrication Monitoring, By Monitoring Process, 2015–2023 (USD Million)
Table 10 Equipment Monitoring Market for Lubrication Monitoring, By Industry, 2015–2023 (USD Million)
Table 11 Equipment Monitoring Market for Lubrication Monitoring, By Region, 2015–2023 (USD Million)
Table 12 Equipment Monitoring Market for Corrosion Monitoring, By Monitoring Process, 2015–2023 (USD Million)
Table 13 Equipment Monitoring Market for Corrosion Monitoring, By Industry, 2015–2023 (USD Million)
Table 14 Equipment Monitoring Market for Corrosion Monitoring, By Region, 2015–2023 (USD Million)
Table 15 Equipment Monitoring Market for Noise Monitoring, By Monitoring Process, 2015–2023 (USD Million)
Table 16 Equipment Monitoring Market for Noise Monitoring, By Industry, 2015–2023 (USD Million)
Table 17 Equipment Monitoring Market for Noise Monitoring, By Region, 2015–2023 (USD Million)
Table 18 Equipment Monitoring Market for Motor Current Monitoring, By Monitoring Process, 2015–2023 (USD Million)
Table 19 Equipment Monitoring Market for Motor Current Monitoring, By Industry, 2015–2023 (USD Million)
Table 20 Equipment Monitoring Market for Motor Current Monitoring, By Region, 2015–2023 (USD Million)
Table 21 Equipment Monitoring Market for Gps Tracking, 2015–2023 (Value and Volume)
Table 22 Equipment Monitoring Market for Gps Tracking, By Type, 2015–2023 (USD Million)
Table 23 Equipment Monitoring Market for Gps Tracking , By Monitoring Process, 2015–2023 (USD Million)
Table 24 Equipment Monitoring Market for Gps Tracking , By Industry, 2015–2023 (USD Million)
Table 25 Equipment Monitoring Market for Gps Tracking in Oil & Gas Industry, By Type, 2015–2023 (USD Million)
Table 26 Equipment Monitoring Market for Gps Tracking in Mining and Metals Industry, By Type, 2015–2023 (USD Million)
Table 27 Equipment Monitoring Market for Gps Tracking, By Region, 2015–2023 (USD Million)
Table 28 Equipment Monitoring Market for Alarm Monitoring, By Monitoring Process, 2015–2023 (USD Million)
Table 29 Equipment Monitoring Market for Alarm Monitoring, By Industry, 2015–2023 (USD Million)
Table 30 Equipment Monitoring Market for Alarm Monitoring, By Region, 2015–2023 (USD Million)
Table 31 Equipment Monitoring Market, By Monitoring Process, 2015–2023 (USD Million)
Table 32 Online Equipment Monitoring Market By Monitoring Type, 2015–2023 (USD Million)
Table 33 Portable Equipment Monitoring Market, By Monitoring Type, 2015–2023 (USD Million)
Table 34 Equipment Monitoring Market, By Development Type, 2015–2023 (USD Million)
Table 35 Equipment Monitoring Market, By Industry, 2015–2023 (USD Million)
Table 36 Equipment Monitoring Market for Oil & Gas, By Monitoring Type 2015–2023 (USD Million)
Table 37 Equipment Monitoring Market for Oil & Gas, By Region, 2015–2023 (USD Million)
Table 38 Equipment Monitoring Market for Power Generation, By Monitoring Type, 2015–2023 (USD Million)
Table 39 Equipment Monitoring Market for Power Generation, By Region, 2015–2023 (USD Million)
Table 40 Equipment Monitoring Market for Metals & Mining , By Monitoring Type, 2015–2023 (USD Million)
Table 41 Equipment Monitoring Market for Metals & Mining , By Region, 2015–2023 (USD Million)
Table 42 Equipment Monitoring Market for Chemicals, By Monitoring Type, 2015–2023 (USD Million)
Table 43 Equipment Monitoring Market for Chemicals, By Region, 2015–2023 (USD Million)
Table 44 Equipment Monitoring Market for Automotive, By Monitoring Type, 2015–2023 (USD Million)
Table 45 Equipment Monitoring Market for Automotive, By Region, 2015–2023 (USD Million)
Table 46 Equipment Monitoring Market for Aerospace & Defense, By Monitoring Type, 2015–2023 (USD Million)
Table 47 Equipment Monitoring Market for Aerospace & Defense, By Region, 2015–2023 (USD Million)
Table 48 Equipment Monitoring Market for Food & Beverages, By Monitoring Type, 2015–2023 (USD Million)
Table 49 Equipment Monitoring Market for Food & Beverages, By Region, 2015–2023 (USD Million)
Table 50 Equipment Monitoring Market for Marine, By Monitoring Type, 2015–2023 (USD Million)
Table 51 Equipment Monitoring Market for Marine, By Region, 2015–2023 (USD Million)
Table 52 Equipment Monitoring Market for Others, By Monitoring Type, 2015–2023 (USD Million)
Table 53 Equipment Monitoring Market for Others, By Region, 2015–2023 (USD Million)
Table 54 Equipment Monitoring Market, By Region, 2015–2023 (USD Million)
Table 55 Equipment Monitoring Market in North America, By Monitoring Type, 2015–2023 (USD Million)
Table 56 Equipment Monitoring Market in North America, By Industry, 2015–2023 (USD Million)
Table 57 Equipment Monitoring Market in North America, By Country, 2015–2023 (USD Million)
Table 58 Equipment Monitoring Market in Europe, By Monitoring Type, 2015–2023 (USD Million)
Table 59 Equipment Monitoring Market in Europe, By Industry, 2015–2023 (USD Million)
Table 60 Equipment Monitoring Market in Europe, By Country, 2015–2023 (USD Million)
Table 61 Equipment Monitoring Market in APAC, By Monitoring Type, 2015–2023 (USD Million)
Table 62 Equipment Monitoring Market in APAC, By Industry, 2015–2023 (USD Million)
Table 63 Equipment Monitoring Market in APAC, By Country, 2015–2023 (USD Million)
Table 64 Equipment Monitoring Market in RoW, By Monitoring Type, 2015–2023 (USD Million)
Table 65 Equipment Monitoring Market for RoW, By Industry, 2015–2023 (USD Million)
Table 66 Equipment Monitoring Market in RoW, By Region, 2015–2023 (USD Million)
Table 67 Ranking of Top 5 Market Players, 2017


List of Figures (53 Figures)

Figure 1 Equipment Monitoring Market Segmentation
Figure 2 Equipment Monitoring Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Market for Motor Current Monitoring Expected to Grow at the Highest CAGR Between 2018 and 2023
Figure 7 Online Equipment Monitoring to Hold A Larger Size of the Equipment Monitoring Market Between 2018 and 2023
Figure 8 On-Premise Deployment to Hold A Larger Size of the Equipment Monitoring Market Between 2018 and 2023
Figure 9 Oil & Gas Industry to Hold A Larger Size of the Equipment Monitoring Market Between 2018 and 2023
Figure 10 Equipment Monitoring Market in APAC Expected to Grow at the Highest CAGR During the Forecast Period
Figure 11 Opportunities in the Equipment Monitoring Market Between 2018 and 2023
Figure 12 Market for Motor Current Monitoring to Grow at the Highest CAGR Between 2018 and 2023
Figure 13 Market for Online Equipment Monitoring Expected to Grow at A Higher CAGR Between 2018 and 2023
Figure 14 Market for On-Cloud Equipment Monitoring Expected to Grow at A Higher CAGR Between 2018 and 2023
Figure 15 Oil & Gas Industry to Hold the Largest Share of the Equipment Monitoring Market Between 2018 and 2023
Figure 16 Vibration Monitoring to Hold the Largest Size of the Equipment Monitoring Market in North America in 2018
Figure 17 North America to Hold the Largest Share of the Equipment Monitoring Market Between 2018 and 2023
Figure 18 Equipment Monitoring Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Value Chain Analysis: Major Value is Added During Manufacturing and System Integration Stages
Figure 20 Equipment Monitoring Market, By Monitoring Type
Figure 21 Vibration Monitoring Expected to Account for Largest Size of Equipment Monitoring Market During Forecast Period
Figure 22 Oil & Gas Industry Expected to Account for Largest Size of Thermal Monitoring Market Between 2018 and 2023
Figure 23 APAC to Exhibit Highest CAGR in Equipment Monitoring Market for Corrosion Monitoring During Forecast Period
Figure 24 Advanced Tracker Expected to Dominate Market for Gps Tracking in Equipment Monitoring Market Between 2018 and 2023
Figure 25 Oil & Gas Industry Expected to Account for Largest Size of Alarm Monitoring Market Between 2018 and 2023
Figure 26 Equipment Monitoring Market, By Monitoring Process
Figure 27 Vibration Monitoring to Account for the Larger Market Size Between 2018 and 2023
Figure 28 Equipment Monitoring Market, By Deployment Type
Figure 29 Cloud Deployment to Exhibit the Highest CAGR in the Equipment Monitoring Market Between 2018 and 2023
Figure 30 Equipment Monitoring Market, By Industry
Figure 31 Oil & Gas Industry to Dominate Equipment Monitoring Market in Terms of Size During Forecast Period
Figure 32 APAC Expected to Account for Largest Size of Equipment Monitoring Market for Power Generation Industry During Forecast Period
Figure 33 APAC to Exhibit Highest CAGR in Equipment Monitoring Market for Chemicals Industry During Forecast Period
Figure 34 Vibration Monitoring to Dominate Equipment Monitoring Market in Terms of Size for Aerospace and Defense Industry During Forecast Period
Figure 35 Geographic Snapshot (2017): India, China, and Mexico to Witness Significant Growth During the Forecast Period
Figure 36 North America: Equipment Monitoring Market Snapshot
Figure 37 Equipment Monitoring Market for the Automotive Industry in North America to Grow at the Highest CAGR Between 2018 and 2023
Figure 38 Europe: Equipment Monitoring Market Snapshot
Figure 39 Germany Expected to Account for the Largest Size of the Equipment Monitoring Market in Europe During the Forecast Period
Figure 40 APAC: Equipment Monitoring Market Snapshot
Figure 41 Equipment Monitoring Market in India Expected to Grow at the Highest CAGR Between 2018 and 2023
Figure 42 Oil & Gas Industry Expected to Account for the Largest Size of Equipment Monitoring Market in RoW Between 2018 and 2023
Figure 43 Organic and Inorganic Strategies Adopted By Companies in the Equipment Monitoring Market
Figure 44 Battle for Market Share: New Product Launches Was the Key Strategy
Figure 45 Emerson Electric: Company Snapshot
Figure 46 General Electric: Company Snapshot
Figure 47 Honeywell: Company Snapshot
Figure 48 National Instruments: Company Snapshot
Figure 49 SKF: Company Snapshot
Figure 50 Parker Hannifin: Company Snapshot
Figure 51 Rockwell Automation: Company Snapshot
Figure 52 Siemens: Company Snapshot
Figure 53 Yokogawa: Company Snapshot

The equipment monitoring market is estimated to grow from USD 3.23 Billion in 2018 to USD 4.47 Billion by 2023, at a CAGR of 6.7% between 2018 and 2023. The growth of the market is driven by the advancement of wireless technology in equipment monitoring systems, reduced cost of IoT component leading to cost-effective equipment monitoring, and adoption of equipment monitoring systems. Cloud-based solutions with real-time functionalities offering cost benefits, Industrial Internet of Things (IIoT), and advent of Big data analytics provide growth opportunities for the equipment monitoring market. The equipment monitoring market has been segmented into monitoring type, monitoring process, deployment type, industry, and region.

The equipment monitoring market has been segmented on the basis of monitoring type into vibration monitoring, thermal monitoring, corrosion monitoring, noise monitoring, motor current monitoring, GPS tracking, and alarm monitoring. The market for the vibration monitoring is expected to hold the largest size between 2018 and 2023. Vibration monitoring is a widely used predictive maintenance technique, as it is capable of not only detecting a fault before any repair at an early stage but also identifying the exact location of the fault. Decreasing prices of vibration sensors and wireless systems have made vibration monitoring the most preferred technique.

On the basis of monitoring processes, the market for online equipment monitoring process is expected to hold the largest size of the market during the forecast period. Online equipment monitoring is an advanced monitoring process and provides real-time data to plant operators than portable equipment monitoring, resulting in higher demand for online equipment monitoring. Online equipment monitoring systems are used in industries wherein 24-h production is maintained.

The market for on-premise equipment monitoring is expected to hold the largest market size during the forecast period. The monitoring solutions help organizations control all their systems and data, incurring additional cost on hardware, software, and resources employed for maintenance. On-premise deployment enables collection of accurate data in real time, with sufficient lead time to resolve incipient faults.

The market for oil & gas industry is expected to hold the largest market during the forecast period. Oil & gas companies emphasize on increasing productivity and lowering operating cost. Hence, the aforementioned industry are expected to adopt equipment monitoring solutions and related services to maintain efficient working of their critical assets and reduce the downtime. Equipment monitoring ensures uninterrupted operations of production machinery with minimized downtime; this helps reduce maintenance cost and increase the efficiency of machinery. Therefore, the demand for equipment monitoring solutions for the oil & gas industry is likely to increase in the near future.

Equipment Monitoring Market

North America is likely to account for the largest share of the overall equipment monitoring market throughout the forecast period. Growing focus on optimum asset utilization; increasing stringent government regulations for workplace and personal safety; and rising awareness regarding quality in oil & gas, chemicals, and food & beverages industries are driving the demand for equipment monitoring in North America. Furthermore, focus on the implementation of plant asset management techniques and the presence of prominent market players, such as GE, Emerson, Honeywell, National Instruments, Parker Hannifin, and Azima DLI, contribute to the rising adoption of equipment monitoring systems in North America.

Factors such as lack of trained operators for data analysis and unpredictable maintenance schedule are expected to hinder market growth in coming years. Industries are hesitant to adopt new technologies and are facing a shortage of highly skilled manpower. Because of the lack of skilled workforce, developing countries continue to struggle for the efficient implementation of equipment monitoring systems.

Key players in this market such as Emerson Electric (US), General Electric (US), Honeywell (US), National Instruments (US), SKF (Sweden), Parker-Hannifin (US), Rockwell Automation (US), Siemens (Germany), Yokogawa (Japan), and PRUFTECHNIK (Germany) focus on product launches and developments, strategic partnerships, acquisitions, and agreements to increase their revenues. For instance, in 2017, Parker Hannifin launched the Voice of the Machine IoT platform—an open, interoperable, and scalable ecosystem of connected products and services for improving application performance. Similarly, in 2017, Siemens broadened its portfolio with the introduction of Simotics IQ, the new IoT concept for motors. Simotics SD low-voltage motors are fitted with a compact sensor box that captures important data regarding operating and condition parameters and transmits them by WiFi to the cloud.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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