The growth of the equipment monitoring market is driven by factors such as 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 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% during the forecast period. The market in APAC is expected to grow at the highest CAGR during the forecast period. North America is one of the top contributors in this market, and the market in this region is expected to grow due to the presence of major players in the region.
Some major companies operating in the global equipment monitoring market are 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). These companies have operations worldwide and provide a wide range of products and services. They rely on their R&D capabilities and product innovations to gain a larger market share
Emerson Electric manufactures and develops process controls, systems, valves, and analytical instruments. The company delivers products and services to the industrial, commercial, and consumer markets worldwide. Emerson offers equipment monitoring solutions under its automation solution segment. The company offers equipment monitoring solutions under the brand name CSI technology. It also offers continuous protection and prediction monitoring systems, vibration transmitters, AMS machinery manager software, and sensors. In addition, Emerson Electric provides maintenance services and training courses pertaining to equipment monitoring systems. The company has achieved a leadership position in the equipment monitoring market by developing and providing cutting-edge technologies and products. For instance, in 2017, Emerson enhanced its Plantweb digital ecosystem-the comprehensive Industrial IoT automation platform that includes pervasive sensing, Plantweb insight, Plantwed Advisor, and services such as connected services, Software as a Service (SaaS), and operational certainty consulting
General Electric (GE) operates through 7 segments-Aviation, Power, Healthcare, Oil & Gas, Energy Connections & Lighting, Transportation, and Renewable Energy. In January 2002, GE acquired Bently Nevada (US), a leading provider of machinery protection and condition monitoring solutions. The company, currently, sells its equipment monitoring systems under the brand name Bently Nevada. Bently Nevada is part of the GE Measurements & Control business under the GE Oil & Gas division. In the equipment monitoring market, the company offers distributed systems, rack-based monitoring systems, portable monitoring systems, wireless systems, electric motor monitoring systems, sensors, and software. For instance, in 2016, General Electric launched Druck DPI620 Genii IS advanced modular calibrator and HART Fieldbus communicator capable in testing, calibrating, commissioning, and maintaining a broad range of measurement and control devices in process industries located in hazardous areas. The company has made consistent product launches to increase its share in the equipment monitoring market.
Stakeholders involved in the value chain of equipment monitoring include 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; and research institutes and organizations
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
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