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”, published by MarketsandMarkets, the 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.
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.
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.
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 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.
