Global Equipment Monitoring Market size was valued at US$ 3.67 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 7.5% through 2021 to 2027, reaching nearly US$ 6.09 Bn.
Equipment Monitoring Market Overview:
The Global Equipment Monitoring Market An equipment monitoring system is used to keep track on the status of industrial equipment. Cameras, microphones, and vibration sensors, for example, can be easily connected to this system by network connection, allowing you to diagnose the equipment's status. With the gradual recovery of the economy and the growing requirement for remote operations, fully automated systems that require little or no human supervision are becoming more popular.
Historical Forecast Period:
Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.
Equipment Monitoring Market Overview and Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Equipment Monitoring Market segments which include products, applications, and competitor analysis.
The market is being propelled ahead by the advancement of wireless technology in equipment monitoring systems, the decreased cost of IoT components leading to cost-effective equipment monitoring, and the acceptance of equipment monitoring systems. The Industrial Internet of Things (IIoT), cloud-based solutions with real-time features that save money, and the introduction of big data analytics all have the potential to boost the industry.
Globally, the COVID-19 pandemic and its spread have caused enormous health and economic damage. Plant closures and supply chain disruptions have had a worldwide impact on the process and manufacturing industries. Physical separation rules and crowd mobility restrictions have had an impact on the operations of a number of businesses. Manufacturing and processing plants increasingly require remote supervision and operational control as a result of these processes. Because of the economic downturn, many businesses have decided not to invest in advanced vibration monitoring technology, such as vibration monitoring during the epidemic.
Equipment condition monitoring systems, such as vibration monitoring systems, aid in remote supervision and regulation of plant operations by utilising real-time data from a variety of sources. As a result, these technologies help to eliminate human involvement in industrial operations monitoring. This is projected to lead to a wider deployment of new vibration monitoring systems in various sectors over the forecast period. During the forecast period 2021-2027, these are the primary significant variables that are predicted to drive the global market's growth.
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Segmentation:
By utilising real-time data from a number of sources, equipment condition monitoring systems, such as vibration monitoring systems, aid in remote supervision and regulation of plant operations. As a result, these technologies aid in the elimination of human involvement in monitoring industrial activities. Over the projection period, this is expected to lead to a greater deployment of new vibration monitoring systems across a variety of industries. These are the major significant aspects that are expected to drive the global market's growth during the projected period of 2021-2027.
Online Equipment Monitoring and Portable Equipment Monitoring are the two segments of the market. By 2027, the Online Equipment Monitoring sector is estimated to command a market share of %. Online equipment monitoring is becoming more popular due to the fact that it is a more advanced monitoring technology that provides plant operators with real-time data than portable equipment monitoring. Online equipment monitoring systems are employed in businesses that require 24-hour output.
The market is divided into two categories: on-premise and cloud. During the projection period 2021-2027, the on-premise category is predicted to increase at a CAGR of percent. Monitoring solutions help businesses keep all of their systems and data running well without incurring additional hardware, software, or resource expenditures. On-premise deployment enables dependable real-time data collection with ample lead time to address emerging concerns.
Oil Gas, Power Generation, Metals Mining, Chemicals, Automotive, Aerospace Defense, Food Beverages, Marine, and Others are the various segments of the market. During the projected period 2021-2027, the oil and gas sector is expected to increase at a CAGR of percent. The oil and gas business places a strong emphasis on increasing productivity and lowering operating costs. As a result, the oil and gas industry is anticipated to implement equipment monitoring systems and related services to keep its critical assets functioning smoothly and avoid downtime. Monitoring industrial equipment ensures that it functions smoothly with minimal downtime, decreasing maintenance costs and increasing machine efficiency. As a result, oil and gas equipment monitoring systems are projected to become more popular in the near future.
Key Players:
• General Electric
• Emerson Electric
• Honeywell
• SKF
• National Instruments
• Parker Hannifin
• Siemens
• Rockwell Automation
• Yokogawa
• Flir Systems
• Pruftechnik Dieter Busch
• SPM Instrument
• Fluke Corporation
• Analog Devices
• PCB Piezotronics
• Teledyne Technologies Incorporated
• Thermofisher Scientific
• TE Connectivity
• Merck KGaA
• Danaher Corporation
Regional Analysis:
Regional analysis is another highly comprehensive part of the research and analysis study of the Equipment Monitoring Market presented in the MMR report. Local development plans are often affected by the performance of Equipment Monitoring market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Equipment Monitoring market and these findings have been strategically presented in the report.
Competition Landscape:
Most of the key players present in the Equipment Monitoring Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.
Key questions answered in Equipment Monitoring Market report
- What was the market size of Equipment Monitoring Market in 2020 and forecast up to 2027?
- Which is the largest regional Equipment Monitoring Market?
- What are the major trends followed in Equipment Monitoring Market across different regions?
- Who is the key Equipment Monitoring Market companies leading the market?
- What are the key strategies adopted by the leading Equipment Monitoring Market companies in market?
- Unique data points of this report
- Statistics on Equipment Monitoring Market penetration and spending worldwide
- Recent trends across different regions in terms of adoption of Equipment Monitoring Market for various end-use.
- Notable developments going on in Equipment Monitoring Market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)
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