Equipment Monitoring Market Research Report – Global Forecast till 2027

Equipment Monitoring Market Research Report, by Monitoring type (Vibration Monitoring, Thermal Monitoring, Lubrication Monitoring, Corrosion Monitoring, Motor Current Monitoring, Noise & Alarm Monitoring, GPS Monitoring), Deployment type (On-Premise, Cloud), End-Users (Oil & Gas, Power, Automotive, Aerospace & Defense, Metals & Mining, Food & Beverages, Chemicals, Others) — Forecast till 2027

ID: MRFR/SEM/6008-HCR | February 2021 | Region: Global | 100 pages

Market synopsis


Global equipment monitoring market is expected to grow from USD 3.01 billion in 2017 to USD 4.35 billion by 2023, at a CAGR of 6.53% during the forecast period.


The equipment monitoring market is expected to undergo significant transformation in during the forecast period owing to advent of new technologies that has led to change in customer requirements for equipment monitoring solutions. Advancement of wireless technology in equipment monitoring solutions and growing adoption of IoT based cost-effective equipment monitoring systems are the key drivers for the equipment monitoring market.


By monitoring type, the market is segmented into vibration monitoring, thermal monitoring, lubrication monitoring, corrosion monitoring, motor current monitoring, noise & alarm monitoring, and GPS monitoring. The vibration monitoring market segment is expected to dominate the market during the forecast period. Reduction in cost of vibration sensors and wireless systems coupled with the higher fault detection capabilities have made vibration monitoring the most preferred technique. By deployment type, the market is segmented into on-premise and cloud. The on-premise segment is anticipated to lead the market during the forecast period owing to the ease of accurate data collection in real-time coupled with increased lead time to resolve the faults.


By end-user, the market is segmented into oil & gas, power, automotive, aerospace & defense, metals & mining, food & beverages, chemicals, and others. The oil & gas segment segmented is expected to dominate the market during the forecast period. The oil & gas industry deploy equipment monitoring solutions for monitoring pipes and tanks in oil refineries and to gather real-time data.


The key players profiled in the equipment monitoring market research report 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), and Fluke Corporation (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. For instance, in 2018, OneWatt, an industrial technology developer launched “EARS (Embedded Acoustic Recognition Sensors)” a motor monitoring system for the onshore and offshore wind, hydro-power and industrial sectors. The system utilises acoustic data to predict any equipment motor faults thereby enabling companies to reduce downtime, costs while increasing the overall efficiency.


Equipment Monitoring Market


Equipment Monitoring Market


Source: MRFR Analysis


Segmentation


Equipment monitoring market is segmented based on monitoring type, deployment type, end-user, and region.


By monitoring type, the market is segregated into vibration monitoring, thermal monitoring, lubrication monitoring, corrosion monitoring, motor current monitoring, noise & alarm monitoring, and GPS monitoring.


On the basis of deployment type, the market is segmented on-premise and cloud.


By end-user, the market is segmented into oil & gas, power, automotive, aerospace & defense, metals & mining, food & beverages, chemicals, and others.


By region, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World.


Regional analysis


The global market for equipment monitoring market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. 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 2018 to 2023 as the region 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.


Competitive Analysis


The equipment monitoring market has witnessed the rising demand across the globe owing to technological advancement in the market such as cloud-based solutions with real-time functionalities. Key players to further strenghten their market position have opted for partnerships and new product launches as their key organic growth strategy. In december 2018, Goodyear Tire and Rubber Company launched a new Tire-Performance Monitoring System— Enhanced “EMTrack OTR (off-the-road)”. The system provides higher accuracy accurate when collecting data for real-time reporting that aids mining, construction, quarry, and port operations to optimize tire performance.


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).


Intended Audience



  • Raw material and manufacturing equipment suppliers

  • 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



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 4.35 Billion
  CAGR   6.53%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Monitoring type, Deployment type, End-Users
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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)
  Key Market Opportunities   The presence of the leading manufacturers and continuous developments of cloud computing technology across various end-use verticals.
  Key Market Drivers

  • Advancement of wireless technology in equipment monitoring solutions.
  • Growing adoption of IoT based cost-effective equipment monitoring systems.


  • Frequently Asked Questions (FAQ) :


    The market recorded the valuation of USD 3.01 billion in 2017 to USD 4.35 billion by 2023.

    The initiation of new technologies has led to a change in customer requirements for equipment monitoring solutions has triggered the market to rise in the forecast period.

    Emerson Electric Co. (US), General Electric Company (US), Honeywell International Inc. (US), Schneider Electric SE (France), National Instruments Corporation (US) are the key players of the market.

    Strategic partnerships, acquisitions, mergers and product launch for enhancement of product offerings and expansion of market reach are the key trends.

    North America, Europe, Asia-Pacific and the Rest of the World are the key regions of the market.

    TABLE OF CONTENTS

    1 Executive Summary

    1.1 Market Attractiveness Analysis

    1.2 Global Equipment Monitoring Market, By Monitoring Type

    1.3 Global Equipment Monitoring Market, By Deployment Type

    1.4 Global Equipment Monitoring Market, By End-User

    1.5 Global Equipment Monitoring Market, By Region

    2 Market Introduction

    2.1 Definition

    2.2 Scope of the Study

    2.3 Market Structure

    2.4 Key Buying Criteria

    2.5 Macro Factor Indicator Analysis

    3 Research Methodology

    3.1 Research Process

    3.2 Primary Research

    3.3 Secondary Research

    3.4 Market Size Estimation

    3.5 Forecast Model

    3.6 List of Assumptions

    4 Market Insights

    5 Market Dynamics

    5.1 Introduction

    5.2 Drivers

    5.3 Restraints

    5.4 Opportunities

    5.5 Challenges

    5.6 Technological Trends

    5.7 Regulatory Landscape / Standards

    6 Market Factor Analysis

    6.1 Supply/Value Chain Analysis

    6.1.1 R&D

    6.1.2 Manufacturing

    6.1.3 Distribution & Sales

    6.1.4 Post-Sales Monitoring

    6.2 Porter’s Five Forces Model

    6.2.1 Threat of New Entrants

    6.2.2 Bargaining Power of Suppliers

    6.2.3 Bargaining Power of Buyers

    6.2.4 Threat of Substitutes

    6.2.5 Intensity of Rivalry

    7 Global Equipment Monitoring Market, By Monitoring Type

    7.1 Overview

    7.2 Vibration Monitoring

    7.2.1 Market Estimates & Forecast, 2020–2027

    7.2.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    7.3 Thermal Monitoring

    7.3.1 Market Estimates & Forecast, 2020–2027

    7.3.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    7.4 Lubrication Monitoring

    7.4.1 Market Estimates & Forecast, 2020–2027

    7.4.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    7.5 Corrosion Monitoring

    7.5.1 Market Estimates & Forecast, 2020–2027

    7.5.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    7.6 Motor Current Monitoring

    7.6.1 Market Estimates & Forecast, 2020–2027

    7.6.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    7.7 Noise & Alarm Monitoring

    7.7.1 Market Estimates & Forecast, 2020–2027

    7.7.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    7.8 GPS Monitoring

    7.8.1 Market Estimates & Forecast, 2020–2027

    7.8.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    8 Global Equipment Monitoring Market, By Deployment Type

    8.1 Overview

    8.2 On-Premise

    8.2.1 Market Estimates & Forecast, 2020–2027

    8.2.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    8.3 Cloud

    8.3.1 Market Estimates & Forecast, 2020–2027

    8.3.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    9 Global Equipment Monitoring Market, By End-User

    9.1 Overview

    9.2 Oil & Gas

    9.2.1 Market Estimates & Forecast, 2020–2027

    9.2.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    9.3 Power

    9.3.1 Market Estimates & Forecast, 2020–2027

    9.3.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    9.4 Automotive

    9.4.1 Market Estimates & Forecast, 2020–2027

    9.4.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    9.5 Aerospace & Defense

    9.5.1 Market Estimates & Forecast, 2020–2027

    9.5.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    9.6 Metals & Mining

    9.6.1 Market Estimates & Forecast, 2020–2027

    9.6.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    9.7 Food & Beverages

    9.7.1 Market Estimates & Forecast, 2020–2027

    9.7.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    9.8 Chemicals

    9.8.1 Market Estimates & Forecast, 2020–2027

    9.8.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    9.9 Others

    9.9.1 Market Estimates & Forecast, 2020–2027

    9.9.2 Market Estimates & Forecast, By Region/Country, 2020–2027

    10 Equipment Monitoring Market, By Region

    10.1 Overview

    10.2 North America

    10.2.1 Market Estimates & Forecast, By Country, 2020–2027

    10.2.2 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.2.3 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.2.4 Market Estimates & Forecast, By End-User, 2020–2027

    10.2.5 U.S.

    10.2.5.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.2.5.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.2.5.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.2.6 Canada

    10.2.6.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.2.6.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.2.6.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.2.7 Mexico

    10.2.7.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.2.7.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.2.7.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.3 Europe

    10.3.1 Market Estimates & Forecast, By Country, 2020–2027

    10.3.2 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.3.3 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.3.4 Market Estimates & Forecast, By End-User, 2020–2027

    10.3.5 Germany

    10.3.5.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.3.5.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.3.5.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.3.6 UK

    10.3.6.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.3.6.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.3.6.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.3.7 France

    10.3.7.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.3.7.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.3.7.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.3.8 Rest of Europe

    10.3.8.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.3.8.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.3.8.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.4 Asia Pacific

    10.4.1 Market Estimates & Forecast, By Country, 2020–2027

    10.4.2 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.4.3 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.4.4 Market Estimates & Forecast, By End-User, 2020–2027

    10.4.5 China

    10.4.5.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.4.5.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.4.5.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.4.6 Japan

    10.4.6.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.4.6.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.4.6.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.4.7 India

    10.4.7.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.4.7.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.4.7.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.4.8 Rest of Asia Pacific

    10.4.8.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.4.8.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.4.8.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.5 Rest of the World

    10.5.1 Market Estimates & Forecast, By Country, 2020–2027

    10.5.2 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.5.3 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.5.4 Market Estimates & Forecast, By End-User, 2020–2027

    10.5.5 Middle East and Africa

    10.5.5.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.5.5.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.5.5.3 Market Estimates & Forecast, By End-User, 2020–2027

    10.5.6 Latin America

    10.5.6.1 Market Estimates & Forecast, By Monitoring Type, 2020–2027

    10.5.6.2 Market Estimates & Forecast, By Deployment Type, 2020–2027

    10.5.6.3 Market Estimates & Forecast, By End-User, 2020–2027

    11 Competitive Landscape

    11.1 Competitive Overview

    11.2 Competitor Dashboard

    11.3 Major Growth Strategy in the Global Equipment Monitoring Market

    11.4 Competitive Benchmarking

    11.5 Key Developments & Growth Strategies

    11.5.1 New Product Launch/Service Deployment

    11.5.2 Merger & Acquisition

    11.5.3 Joint Ventures

    12 Company Profiles

    12.1 General Electric Company

    12.1.1 Company Overview

    12.1.2 Financial Overview

    12.1.3 Product Offerings

    12.1.4 Key Developments

    12.1.5 SWOT Analysis

    12.1.6 Key Strategy

    12.2 Emerson Electric Co.

    12.2.1 Company Overview

    12.2.2 Financial Overview

    12.2.3 Product Offerings

    12.2.4 Key Developments

    12.2.5 SWOT Analysis

    12.2.6 Key Strategy

    12.3 Schneider Electric SE

    12.3.1 Company Overview

    12.3.2 Financial Overview

    12.3.3 Product Offerings

    12.3.4 Key Developments

    12.3.5 SWOT Analysis

    12.3.6 Key Strategy

    12.4 Honeywell International Inc.

    12.4.1 Company Overview

    12.4.2 Financial Overview

    12.4.3 Product Offerings

    12.4.4 Key Developments

    12.4.5 SWOT Analysis

    12.4.6 Key Strategy

    12.5 National Instruments Corporation

    12.5.1 Company Overview

    12.5.2 Financial Overview

    12.5.3 Product Offerings

    12.5.4 Key Developments

    12.5.5 SWOT Analysis

    12.5.6 Key Strategy

    12.6 Rockwell Automation Inc.

    12.6.1 Company Overview

    12.6.2 Financial Overview

    12.6.3 Product Offerings

    12.6.4 Key Developments

    12.6.5 SWOT Analysis

    12.6.6 Key Strategy

    12.7 Meggitt PLC

    12.7.1 Company Overview

    12.7.2 Financial Overview

    12.7.3 Product Offerings

    12.7.4 Key Developments

    12.7.5 SWOT Analysis

    12.7.6 Key Strategy

    12.8 FLIR Systems

    12.8.1 Company Overview

    12.8.2 Financial Overview

    12.8.3 Product Offerings

    12.8.4 Key Developments

    12.8.5 SWOT Analysis

    12.8.6 Key Strategy

    12.9 Brüel & Kjaer Vibro GmbH

    12.9.1 Company Overview

    12.9.2 Financial Overview

    12.9.3 Product Offerings

    12.9.4 Key Developments

    12.9.5 SWOT Analysis

    12.9.6 Key Strategy

    12.10 Fluke Corporation

    12.10.1 Company Overview

    12.10.2 Financial Overview

    12.10.3 Product Offerings

    12.10.4 Key Developments

    12.10.5 SWOT Analysis

    12.10.6 Key Strategy

    12 Conclusion

    ** Note: Details on Financial Overview, SWOT Analysis, Key Strategy Might Not Be Captured in Case of Unlisted Companies


    LIST OF TABLES

    Table 1 Global Equipment Monitoring Market, by Region, 2020–2027

    Table 2 North America: Equipment Monitoring Market, by Country, 2020–2027

    Table 3 Europe: Equipment Monitoring Market, by Country, 2020–2027

    Table 4 Asia-Pacific: Equipment Monitoring Market, by Country, 2020–2027

    Table 5 Middle East & Africa: Equipment Monitoring Market, by Country, 2020–2027

    Table 6 Latin America: Equipment Monitoring Market, by Country, 2020–2027

    Table 7 Global Equipment Monitoring Type Market, by Region, 2020–2027

    Table 8 North America: Equipment Monitoring Type Market, by Country, 2020–2027

    Table 9 Europe: Equipment Monitoring Type Market, by Country, 2020–2027

    Table10 Asia-Pacific: Equipment Monitoring Type Market, by Country, 2020–2027

    Table11 Middle East & Africa: Equipment Monitoring Type Market, by Country, 2020–2027

    Table12 Latin America: Equipment Monitoring Type Market, by Country, 2020–2027

    Table13 Global Equipment Monitoring Vertical Market, by Region, 2020–2027

    Table14 North America: Equipment Monitoring Vertical Market, by Country, 2020–2027

    Table15 Europe: Equipment Monitoring Vertical Market, by Country, 2020–2027

    Table16 Asia-Pacific: Equipment Monitoring Vertical Market, by Country, 2020–2027

    Table17 Middle East & Africa: Equipment Monitoring Vertical Market, by Country, 2020–2027

    Table18 Latin America: Equipment Monitoring Vertical Market, by Country, 2020–2027

    Table19 North America: Equipment Monitoring Market, by Country

    Table20 North America: Equipment Monitoring Market, by End-User

    Table21 Europe: Equipment Monitoring Market, by Country

    Table22 Europe: Equipment Monitoring Market, by End-User

    Table23 Asia-Pacific: Equipment Monitoring Market, by Country

    Table24 Asia-Pacific: Equipment Monitoring Market, by End-User

    Table25 Middle East & Africa: Equipment Monitoring Market, by Country

    Table26 Middle East & Africa: Equipment Monitoring Market, by End-User

    Table27 Latin America: Equipment Monitoring Market, by Country

    Table28 Latin America: Equipment Monitoring Market, by End-User


    LIST OF FIGURES

    FIGURE 1 Global Equipment Monitoring Market Segmentation

    FIGURE 2 Forecast Methodology

    FIGURE 3 Porter’s Five Forces Analysis of Global Equipment Monitoring Market

    FIGURE 4 Value Chain of Global Equipment Monitoring Market

    FIGURE 5 Share of Global Equipment Monitoring Market in 2020, by Country (in %)

    FIGURE 6 Global Equipment Monitoring Market, 2020–2027

    FIGURE 7 Global Equipment Monitoring Market Size, by End-User, 2020

    FIGURE 8 Share of Global Equipment Monitoring Market, by End-User, 2020 to 2027

    FIGURE 9 Equipment Monitoring Market Size, by Region, 2020

    FIGURE 10 Share of Equipment Monitoring Market, by Region, 2020 to 2027