Equipment monitoring market worth US$4.47 billion by 2023
24/08/2018
According to a new research report, titled: ‘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’ and published by MarketsandMarkets™, the market is estimated to grow from US$3.23 billion (approximately £2.5 billion) in 2018 to US$4.47 billion (approximately £3.3 billion) by 2023, at a compound annual growth rate (CAGR) of 6.7% between 2018 and 2023. Factors such as the advancement of wireless technology in equipment monitoring systems, the reduced cost of Internet of Things (IoT) components leading to cost-effective equipment monitoring and the 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 market in 2017. The vibration monitoring technique measures and records typical vibration values and operating parameters. It provides information and allows for the diagnosis of equipment and detection of faults during the operation of equipment. 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 a preferred technique for equipment monitoring.
On-premises equipment monitoring will hold the largest share of the equipment monitoring market between 2018 and 2023. One of the major reasons for adopting on-premises systems is the enhanced control over data in terms of location of the data. On-premises deployment enables the collection of accurate data in real time, with sufficient lead time to resolve incipient faults. In addition, the on-premises placement provides high data security as it allows organisations to have full control to access the required data with security.
The market for the oil & gas industry is expected to hold the largest share of the equipment monitoring market during the forecast period. Oil & gas companies use complex and expensive devices, such as boilers, pumps, generators and piping networks, 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 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 portion of the equipment monitoring market throughout the forecast period and 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 in cloud computing technology and security measures for cloud users are expected to boost the growth of the equipment monitoring market in North America.
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 Prüftechnik (Germany).
