Equipment Monitoring Market Size To Expand at a Notable CAGR Of 5.69% During 2024-2032

Pune, India, February, 2019, MRFR Press Release/- Market Research Future published a half-cooked research report on equipment monitoring market.

Equipment Monitoring Market Highlights

Equipment monitoring market is expected to grow from USD 3.30 billion in 2023 to USD 5.47783 Billion by 2032, at a compound annual growth rate (CAGR) of 5.69% during the forecast period. Advancement of wireless technology in equipment monitoring systems and growing adoption of IoT based cost-effective equipment monitoring systems are the key drivers for the equipment monitoring market.

Key players

The prominent players in the equipment monitoring market are General Electric Company (US), Emerson Electric Co. (US), Schneider Electric SE (France), Honeywell International Inc. (US), National Instruments Corporation (US), Rockwell Automation Inc. (US), Meggitt PLC (UK), FLIR Systems (US), Brüel & Kjaer Vibro GmbH (Germany), Fluke Corporation (US), Yokogawa Electric Corporation (Japan), Pruftechnik Dieter Busch AG (Germany), SKF AB (Sweden), Parker Kittiwake (UK), Analog Devices, Inc. (US), and Petasense Inc. (US). The major players constantly focuses on growth strategies such as strategic partnerships, mergers, acquisitions, and product launch to enhance their product offerings and expand their market reach. In december 2018, Goodyear Tire and Rubber Company launched a new Tire-Performance Monitoring System— Enhanced “EMTrack OTR (off-the-road)”.

The global market for equipment monitoring market is estimated to grow at a significant rate during the forecast period from 2024 to 2032. The geographical analysis of equipment monitoring market is done for North America, Europe, Asia-Pacific, and the rest of the world. 

North America is expected to dominate the equipment market from 2024 to 2032, however, Asia-Pacific is estimated to register the highest CAGR during the forecast period.  North America has a sustainable and well-established economy with strong infrastructure network, and it is among the early adopters of advanced technologies. Furthermore, the presence of the leading manufacturers in the region and continuous developments of cloud computing technology across various end-use verticals further drive the equipment monitoring market in these regions. The key players present in the North America equipment monitoring market are General Electric Company, Emerson Electric Co., Honeywell International Inc., National Instruments Corporation, Rockwell Automation Inc., FLIR Systems, and Fluke Corporation.