Global Equipment Monitoring Market size is estimated to reach $5.3 billion by 2027 – IndustryARC
The Global Equipment Monitoring Market size is estimated to reach $5.3 billion by 2027, growing at a CAGR of 6.5% during the forecast period 2022-2027.
HYDERABAD, TELANGANA, INDIA, August 31, 2022 /EINPresswire.com/ — The Global Equipment Monitoring Market size is estimated to reach $5.3 billion by 2027, growing at a CAGR of 6.5% during the forecast period 2022-2027. Equipment monitoring is an approach which utilizes integration of hardware, software and services to track industrial machinery health status, through lubrication monitoring, corrosion monitoring and so on. The growing shift towards telemetry monitoring through telematics sensors with GPS tracking capabilities, significant rise in demand for remote monitoring within industrial plant locations and so on have been attributed to the market growth. Government support or mandates towards reducing maintenance costs and minimizing chances of sudden machine failures is eventually raising the focus of manufacturers towards investing on equipment monitoring systems.
Key takeaways:
1. Vibration Monitoring is analyzed to grow with the highest CAGR of 7.2% in the global equipment monitoring market during 2022-2027, owing to increased adoption of vibration monitoring systems, technological advancements towards wireless monitoring and so on.
2. Equipment Monitoring for oil & gas industry held the largest share of 38% in 2021, attributed to a rapid rise in industrial explosion incidents and growing investment towards infrastructural development projects.
3. North America Equipment Monitoring Market dominated with a share of 35% in 2021, owing to increased R&D activities towards from several key players along with significant rise of industries like chemicals, oil & gas, food & beverages and so on.
4. Growing demand towards predictive maintenance, condition monitoring and related equipment maintenance services along with growing integration of advanced technologies like IoT for equipment monitoring applications is analyzed to significantly drive the market growth of equipment monitoring during the forecast period 2022-2027.
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Segmental Analysis:
1. Vibration monitoring can be referred to as a type of equipment monitoring approach which makes use of vibrational analysis for identification of machinery conditions. As majority of end use industries including oil & gas, chemicals, power generation and so on, utilise a range of rotating equipment like generators, turbines, pumps, and so on, which generate vibration and noise at high levels while working, vibration testing have emerged as an integral part of machine monitoring applications.
2. Oil & Gas sector dominated the global equipment monitoring market in 2021, with a share of 38%, owing to factors like growing investments on oil & gas infrastructural development projects, and the increasing number of industrial explosion incidents.
3. North America held the largest share of 35% in 2021 in the global equipment monitoring market, attributing to factors like growing demand for predictive analytics within industries, increasing shift towards digitalization, etc.
Competitive landscape:
The top 5 players in the Equipment Monitoring industry are:
1. Emerson Electric Co.
2. General Electric Co.
3. Honeywell International Inc.
4. National Instruments Corp.
5. SKF AB
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