Equipment Monitoring Market to Witness Robust Growth, Reaching US$ 6.06 Billion by 2029

In a significant development, the Equipment Monitoring Market has exhibited substantial growth, reaching a valuation of US$3.65 billion in 2022 and is anticipated to soar at a CAGR of 7.5% through 2023 to 2029, ultimately hitting nearly US$6.06 billion. This surge is attributed to the rising adoption of advanced equipment monitoring systems, particularly in the wake of the COVID-19 pandemic, which accelerated the need for remote operations and automated systems.

The Equipment Monitoring Market involves the surveillance of production equipment through a sophisticated monitoring system. This system integrates various sensors like cameras, microphones, and vibration sensors, providing real-time data to diagnose equipment conditions. Vibration monitoring, in particular, has gained traction due to the economic recovery and increased demand for remote operations, fostering the adoption of highly automated systems.

Grab Your Free Sample: https://www.maximizemarketresearch.com/request-sample/8369 

Equipment Monitoring Market Scope:

Equipment Monitoring market report is an ultimate guideline for business development and provides the user with ins and outs of the industry whether a user is an investor, business owner, or wants to start a business in the same industry.

Analysis in the report is conducted using widely used and trusted tools such as SWOT, and PESTLE analysis, which gives an analysis of the impacts such as political, social-cultural, economic, technological, and environmental impacts, also can build strategic planning and management using this analysis.

The report is designed in such a manner that it provides the readers the appropriate and up-to-date market data in graphical and tabular forms.

Driving Factors:

The market's growth is propelled by the evolution of wireless technology in monitoring systems, cost-effective IoT components, and the widespread acceptance of equipment monitoring systems. Cloud-based solutions, Industrial Internet of Things (IIoT), and big data analytics further contribute to the market's potential expansion.

Equipment Monitoring Market Segmentation:

by Monitoring Type

Vibration Monitoring
Lubrication Monitoring
Thermal Monitoring
Corrosion Monitoring
Motor Current Monitoring
Noise Monitoring
GPS Tracking
Alarm Monitoring

The market is divided into segments according to the type of monitoring, including vibration, lubrication, thermal, corrosion, motor current, noise, GPS tracking, and alarm monitoring. Over the forecast period of 2023–2029, the vibration monitoring segment is anticipated to grow at a CAGR of rapidly. One common predictive maintenance method is vibration monitoring, which is useful for both identifying an issue before it worsens and locating it precisely. Because vibration sensors and wireless devices are becoming more and more affordable, vibration monitoring has become the most widely used technique.

by Monitoring Process

Online Equipment Monitoring
Portable Equipment Monitoring

The market is divided into two segments: online equipment monitoring and portable equipment monitoring, based on the monitoring process. By 2029, it is anticipated that the Online Equipment Monitoring category will have the biggest market share. This is because plant operators can obtain real-time data through online equipment monitoring, which is a more sophisticated monitoring technique than portable equipment monitoring. Additionally, demand for online equipment monitoring is growing. Online equipment monitoring solutions are used in industries where production must run around the clock.

by Deployment Type

On-premise
Cloud

The market is divided into On-premise and Cloud segments based on the type of deployment. It is anticipated that the on-premise segment will expand at a compound annual growth rate (CAGR) of 2023–2029. While incurring additional expenses for hardware, software, and resources, the monitoring solutions help organisations maintain all of their systems and data. When using on-premise deployment, dependable real-time data collection is possible with sufficient lead time to address emerging problems.

by Industry

Oil & Gas
Power Generation
Metals & Mining
Chemicals
Automotive
Aerospace & Defense
Food & Beverages
Marine
Others

Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace & Defence, Food & Beverages, Marine, and Others are the market segments based on industry. The oil and gas sector is anticipated to expand at a compound annual growth rate (CAGR) of 2023–2029. In the oil and gas sector, increasing productivity and lowering operating expenses are top priorities for businesses. Therefore, in order to maintain the optimal operation of its essential assets and minimise downtime, the oil and gas sector is anticipated to implement equipment monitoring systems and associated services.

Don't wait! Access the sample copy of this report now: https://www.maximizemarketresearch.com/request-sample/8369 

Major Players:

1. General Electric
2. Emerson Electric
3. Honeywell
4. SKF
5. National Instruments
6. Parker Hannifin
7. Siemens
8. Rockwell Automation
9. Yokogawa
10.Flir Systems
11.Pruftechnik Dieter Busch
12.SPM Instrument
13.Fluke Corporation
14.Analog Devices
15.PCB Piezotronics
16.Teledyne Technologies Incorporated
17.Thermofisher Scientific
18.TE Connectivity
19.Merck KGaA
20.Danaher Corporation

Regional Analysis:

As Equipment Monitoring market tends to rapid growth within the forecast period, the MMR report is structured to support that volatility with a regional analysis of the market.

Regional market analysis helps to understand the regional potential of the industry with detailed data that shows the traditional way of business, regional opportunities, trading chains, challenges and others.

This report is the ultimate guide for a new player in the industry to know the regional market competition, challenges, and advantages, to build their strategies and plans accordingly.

For More Information About This Research Please Visit: https://www.maximizemarketresearch.com/request-sample/8369 

Key Questions answered in the Equipment Monitoring Market Report are:

• What is Equipment Monitoring Market?
• What is the forecast period of the Equipment Monitoring Market?
• What is the competitive scenario of the Equipment Monitoring market?
• Which region held the largest market share in the Equipment Monitoring Market?
• What are the opportunities for the Equipment Monitoring Market?
• What factors are affecting the Equipment Monitoring market growth?
• Who are the key players of the Equipment Monitoring market?
• Which company held the largest share in the Equipment Monitoring market?
• What will be the CAGR of the Equipment Monitoring market during the forecast period?
• What key trends are likely to emerge in the Equipment Monitoring market in the coming years?

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

Contact Maximize Market Research:

3rd Floor, Navale IT Park, Phase 2

Pune Banglore Highway, Narhe,

Pune, Maharashtra 411041, India

sales@maximizemarketresearch.com 

+91 96071 95908, +91 9607365656