Equipment Monitoring Market Size is to grow by 6.53% Equipment monitoring is a device that analyses the condition of the equipment
Globally, the size of Equipment Monitoring Market is projected to reach a value of USD 4.35 Billion, at a CAGR of 6.53% by 2027 driven by the rising need for equipment maintenance.
Equipment monitoring is a device that analyses the condition of the equipment. It can predict the wear and failure of a machine to prevent damages. The device has several measuring parameters that can identify both minor and big faults in nay equipment. There is a need to analyze the pressure flow, vibration, temperature voltage, and more features in any equipment.
Today, many industries are taking measures to protect their high-cost equipment. Due to this, the demand for equipment monitoring is constantly surging. The damage and revenue loss for the industry is less with early identification of any fault in the equipment. Also, with predictive maintenance, the equipment downtime is expected to reduce in the organizations.
In the upcoming years, the demand for goods and services will be tremendous. Only the equipment in good condition will be able to support the production process. Due to these factors, the demand for this equipment is constantly rising. The reliability of any equipment increases with equipment monitoring. The developments for equipment maintenance are increasing in the upcoming years. It will raise the equipment monitoring market value by 4.35 billion through the forecast period 2020-2027.
The equipment monitoring market is affected moderately in this pandemic. The market faced less production due to the ongoing restrictions of Covid 19. The hardware components of the market, such as sensors and other materials, were lacking for some time. It delayed the delivery of monitoring devices to several key players. The disruptions in the global economy are leading to fewer funds in the market. Also, the investments from the kept players have considerably declined during this period.
However, during this period, some companies are working remotely. The demand for Remote Equipment Monitoring is sustaining the overall growth. However, in the upcoming years, the demand for the equipment monitoring market will resume. The market operations will happen exceptionally. The production of the market is expected to increase in the forecast period. The requirement of fault detection solutions is high in many industries. It will bring more innovations in the next few years.
The rising need for equipment maintenance is a crucial driver of the equipment monitoring market. Monitoring the equipment performance and its fault is an essential process in any industry. There are plenty of benefits through these equipment maintenance procedures. For these processes, the adoption of Industrial Equipment Monitoring is surging. Serious equipment failure is prevented in many industries through this process. Also, through equipment monitoring, the downtime is reduced. Today, the development of IoT equipment monitoring is high. Earlier, this process required the help of experts and their manual service.
However, with IoT, the equipment monitoring market is witnessing automation. The addition of IoT in the equipment monitoring market makes the entire process effortless. Due to IoT, the demand is high from many end-users. Some of the benefits of IoT equipment monitoring are quick to fault detection, custom solutions and transparent results. The adoption of IoT in the equipment monitoring market is bringing favourable changes in the market. These factors will immensely raise the demand, and revenue rate of the equipment monitoring market in the forecast period.
The emergence of machine learning will bring plenty of developments. Also, Equipment Monitoring Market Research will create positive impact. Effective data analytics and new technologies are impacting the equipment monitoring market. With these features, monitoring equipment becomes effortless. Transparency, decision making and efficiency increase by using equipment monitoring technology. It enables the industries to lower the cost of asset maintenance through proper monitoring.
Furthermore, the adoption of IoT brings cost-effective benefits in the equipment monitoring market. Monitoring every piece of equipment is a time-consuming process. However, IoT connected equipment in the industry helps save time and cost of monitoring. Real-time data about this equipment are available through applications.
Moreover, the tremendous demand from the automotive industry will lead to high growth opportunities. Today, the cost of automobiles comes with advanced technologies. The sensors, headlights and other gadgets are advanced. With advanced technology, the production of these vehicles is complex. Also, several errors happen during the production of these gadgets. To reduce error and to provide the best quality products, the adoption of equipment monitoring is higher. The growth possibilities of the equipment monitoring market will lead to high demand and revenue rates in the forecast period.
Many industries use traditional techniques for monitoring. However, these processes are unreliable as they can lead to poor results. With proper use, the equipment monitoring can offer accurate information of the equipment condition. Still, many manufacturers do not rely on the results of these systems.
The less reliability from the manufacturer end is a restraining factor of the market. Also, the cost of investment for the market is less in the forecast period. The outbreak of Covid 19 is the cause of fewer investments from the user end. This factor can lead to less demand adoption of the equipment monitoring in the forecast period.
Equipment monitoring is a system that requires integration with other maintenance systems. Vibration monitoring, asset monitoring and computerized maintenance are the systems that require equipment monitoring. The reason for these many integrations is to get the proper and reliable condition of the equipment.
However, it is a complex process. Equipment monitoring is an advanced system. Integration with other maintenance systems is a challenge for the equipment monitoring market. As for individual systems, the performance of equipment monitoring is less. It can hamper the overall trends of the market.
The growth trends of the equipment monitoring market remains descent in the forecast period. In the upcoming years, the demand for online equipment monitoring services will be high. The online services provide real-time information to the operators about the equipment condition.
Further, there are crucial drivers of the market, such as the surging adoption of equipment monitoring and the development of IoT is bringing developments in the market. However, the reliability issues are a restraining factor of the market. Also, the complexity in integration is a significant market challenge. The adoption of machine learning, IoT and demand from the automotive sector will sustain the growth of this market.
North America is accountable for the largest Equipment Monitoring Market Share holdings. The optimum use of consent and equipment is prevalent in this market. Further, governmental regulations are higher to adopt quality control in various industries.
Chemical, automotive gas and oil are some of the end-users having a high demand for equipment monitoring. Also, it is a region with top leaders that bring plenty of improvements to the market.US and Canada are the major contributors to the market. The investments from the key players lead to high trends in the market.
The competition in the equipment monitoring market is increasing during the forecast period. The cost competitiveness is high among the key players. The investment rate will reach its peak. Also, market expansion, acquisition and partnerships are key strategies in a completive landscape.
The key region in the equipment monitoring market is Asia Pacific, Europe and North America. North America will be the leading market player with the highest growth. Also, it holds maximum shares in the equipment monitoring market. The need for optimum use of equipment is higher.
Further, the need for exceptional equipment conditions has requirements in the region. The Asia Pacific is another region with high demand for equipment monitoring. Japan, China, and India are key players in the Asia pacific. These regions will have the highest revenue rates for the forecast period.
|Market Size||USD 4.35 Billion|
|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||
The market recorded a valuation of USD 3.01 billion in 2020 to USD 4.35 billion by 2027.
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.