Equipment Monitoring Market size is fueled by the growing demand for predictive maintenance of components and the in-service devices. The industries are concentrating on these maintenance strategies for efficient operations and reducing the equipment repair cost. This aids the organizations in refining operational efficiency and asset management. The combination of these systems with a predictive maintenance concept helps small companies improve their maintenance capabilities and machine lifecycles. The equipment monitoring systems have a high demand in the equipment monitoring market due to their benefits such as security provision, fleet control, site efficiency, and health and safety monitoring.
MARKET DYNAMICS
The raised government initiatives in different countries that focus on industrial automation and digitization are the significant factors driving the growth of the equipment monitoring market. However, high initial costs required for implementing these systems in various high-end and low applications is the major factor restraining the growth of the equipment monitoring market. Moreover, reduced cost of IoT component leading to cost-effective equipment monitoring, the advancement of wireless technology in equipment monitoring systems, and adoption of equipment monitoring systems are some of the factors anticipated to create new opportunities for the equipment monitoring market.
MARKET SCOPE
The "Global Equipment Monitoring Market Analysis to 2028" is a specialized and in-depth study of the equipment monitoring market with a special focus on the global market trend analysis. The report aims to provide an overview of equipment monitoring market with detailed market segmentation by type, process, deployment, industry. The global equipment monitoring market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading equipment monitoring market players and offers key trends and opportunities in the equipment monitoring market.
MARKET SEGMENTATION
The global equipment monitoring market is segmented on the basis of type, process, deployment, industry. On the basis of type, the market is segmented as vibration monitoring, thermal monitoring, lubrication monitoring, corrosion monitoring, noise monitoring, motor current monitoring, GPS tracking, alarm monitoring. On the basis of process, the market is segmented as online equipment monitoring, portable equipment monitoring. On the basis of deployment, the market is segmented as on premise, cloud. On the basis of industry, the market is segmented as oil and gas, power generation, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine, others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global equipment monitoring market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The equipment monitoring market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting equipment monitoring market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the Equipment monitoring market in these regions.
MARKET PLAYERS
The reports cover key developments in the equipment monitoring market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from equipment monitoring market are anticipated to lucrative growth opportunities in the future with the rising demand for equipment monitoring market. Below mentioned is the list of few companies engaged in the equipment monitoring market.
The report also includes the profiles of key equipment monitoring market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Emerson Electric Co.
- Honeywell
- National Instruments
- PARKER HANNIFIN CORP
- PRÜFTECHNIK Dieter Busch GmbH
- Rockwell Automation, Inc.
- Siemens
- SKF Group
- SPM Instrument AB
- Yokogawa Electric Corporation
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.