Equipment Monitoring Market worth 4.47 Billion USD by 2023
According to the new research report on "Equipment Monitoring Market by Monitoring Type (Vibration, Thermal, Motor Current, Alarm, GPS), Monitoring Process (Online, Portable), Deployment Type (On-premise, Cloud), Industry (Oil & Gas, Power, Automotive), and Region - Global Forecast to 2023", The equipment monitoring market is estimated to grow from USD 3.23 Billion in 2018 to USD 4.47 Billion by 2023, at a CAGR of 6.7% between 2018 and 2023.
Factors such as the advancement of wireless technology in equipment monitoring system, reduced cost of IoT component leading to cost-effective equipment monitoring, and adoption of equipment monitoring systems are driving the growth of the equipment monitoring market at present.
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The vibration monitoring held the largest size of equipment monitoring market in 2017
Vibration monitoring held the largest size, in terms of value, of the equipment monitoring in 2017. The vibration monitoring technique measures and records typical vibration values and operating parameters. It provides information and allows the diagnosis of equipment, detecting faults in the equipment operation. Vibration monitoring is essential for predictive maintenance as it is more likely to detect faults at an early stage. The decrease in the price of electronic components used in vibration monitoring, such as sensors and wireless systems, has made it one of the most preferred techniques for equipment monitoring
Browse and in-depth TOC on “Equipment Monitoring Market”
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53– Figures
161– Pages
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On-premise equipment monitoring to hold the largest size of market between 2018 and 2023
On-premise equipment monitoring held the largest share of equipment monitoring market between 2018 and 2023. One of the major reasons for adopting on-premise systems is the enhanced control over data in terms of location of the data. On-premise deployment enables collection of accurate data in real time, with sufficient lead time to resolve incipient faults. In addition, the on-premise placement provides high data security as it allows organizations to have full control to access the required data with security.
Oil & gas industry held the largest size of the equipment monitoring market in 2017
The market for the oil & gas industry held the largest share of equipment monitoring market during the forecast period. Oil & gas companies use complex and expensive devices, such as boilers, pumps, generators, and piping network, which consume a lot of power and generate a large amount of heat. Equipment monitoring solutions can be deployed for monitoring pipes and tanks in oil refineries for gathering real-time data. This technique is extremely useful for monitoring the pressure and flow and for detecting any impending blockages. The falling price of sensors and their easy-to-use design are drivers for the high adoption of equipment monitoring solutions in the oil & gas industry.
North America to hold the largest size of the equipment monitoring market between 2018 and 2023
North America is expected to hold the largest size of the equipment monitoring market throughout the forecast period. North America is likely to continue to lead the equipment monitoring market as it is one of the most developed regions with regard to the adoption of advanced technologies and infrastructure network. Continuous developments of cloud computing technology and security measures for cloud users are expected to boost the growth of the equipment monitoring market in North America. Leading players operating in the equipment monitoring market in North America are Emerson, General Electric, Rockwell Automation, National Instruments, and Honeywell.
Major players operating in the equipment monitoring market include Emerson Electric (US), General Electric (US), Honeywell (US), National Instruments (US), SKF (Sweden), Parker-Hannifin (US), Rockwell Automation (US), Siemens (Germany), Yokogawa (Japan), and PRUFTECHNIK (Germany).
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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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According to the new research report on "Equipment Monitoring Market by Monitoring Type (Vibration, Thermal, Motor Current, Alarm, GPS), Monitoring Process (Online, Portable), Deployment Type (On-premise, Cloud), Industry (Oil & Gas, Power, Automotive), and Region - Global Forecast to 2023", The equipment monitoring market is estimated to grow from USD 3.23 Billion in 2018 to USD 4.47 Billion by 2023, at a CAGR of 6.7% between 2018 and 2023.
Factors such as the advancement of wireless technology in equipment monitoring system, reduced cost of IoT component leading to cost-effective equipment monitoring, and adoption of equipment monitoring systems are driving the growth of the equipment monitoring market at present.
Don’t miss out on business opportunities in Chip Scale Package (CSP) LED Market. Speak to our analyst and gain crucial industry insights that will help your business grow:
https://www.marketsandmarkets.com/speaktoanal...=219850011
The vibration monitoring held the largest size of equipment monitoring market in 2017
Vibration monitoring held the largest size, in terms of value, of the equipment monitoring in 2017. The vibration monitoring technique measures and records typical vibration values and operating parameters. It provides information and allows the diagnosis of equipment, detecting faults in the equipment operation. Vibration monitoring is essential for predictive maintenance as it is more likely to detect faults at an early stage. The decrease in the price of electronic components used in vibration monitoring, such as sensors and wireless systems, has made it one of the most preferred techniques for equipment monitoring
Browse and in-depth TOC on “Equipment Monitoring Market”
67– Tables
53– Figures
161– Pages
View more detailed TOC @https://www.marketsandmarkets.com/Market-Repo...50011.html
https://www.marketsandmarkets.com/Market-Repo...50011.html
On-premise equipment monitoring to hold the largest size of market between 2018 and 2023
On-premise equipment monitoring held the largest share of equipment monitoring market between 2018 and 2023. One of the major reasons for adopting on-premise systems is the enhanced control over data in terms of location of the data. On-premise deployment enables collection of accurate data in real time, with sufficient lead time to resolve incipient faults. In addition, the on-premise placement provides high data security as it allows organizations to have full control to access the required data with security.
Oil & gas industry held the largest size of the equipment monitoring market in 2017
The market for the oil & gas industry held the largest share of equipment monitoring market during the forecast period. Oil & gas companies use complex and expensive devices, such as boilers, pumps, generators, and piping network, which consume a lot of power and generate a large amount of heat. Equipment monitoring solutions can be deployed for monitoring pipes and tanks in oil refineries for gathering real-time data. This technique is extremely useful for monitoring the pressure and flow and for detecting any impending blockages. The falling price of sensors and their easy-to-use design are drivers for the high adoption of equipment monitoring solutions in the oil & gas industry.
North America to hold the largest size of the equipment monitoring market between 2018 and 2023
North America is expected to hold the largest size of the equipment monitoring market throughout the forecast period. North America is likely to continue to lead the equipment monitoring market as it is one of the most developed regions with regard to the adoption of advanced technologies and infrastructure network. Continuous developments of cloud computing technology and security measures for cloud users are expected to boost the growth of the equipment monitoring market in North America. Leading players operating in the equipment monitoring market in North America are Emerson, General Electric, Rockwell Automation, National Instruments, and Honeywell.
Major players operating in the equipment monitoring market include Emerson Electric (US), General Electric (US), Honeywell (US), National Instruments (US), SKF (Sweden), Parker-Hannifin (US), Rockwell Automation (US), Siemens (Germany), Yokogawa (Japan), and PRUFTECHNIK (Germany).
Get more insight on other verticals of Semiconductor and Electronics Market Research Reports & Consulting
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
