Equipment Monitoring Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2825
Equipment Monitoring Market size is driven by the increasing demand for predictive maintenance of the in-service devices and components. The industries are focusing on these maintenance strategies to reduce the equipment repair cost and for efficient operations. This aids the organizations in improving the asset management and operational efficiency. The combination of these systems with predictive maintenance concept helps small companies enhance their machine lifecycles and maintenance capabilities. These monitoring systems have a high demand in the equipment monitoring market owing to their benefits such as fleet control, security provision, site efficiency, and health & safety monitoring.
The increased government initiatives in several countries that focus on digitization and industrial automation are driving the equipment monitoring market growth. These systems implemented in various industrial applications allow the efficient management of equipment by using either software or solutions. For instance, in September 2014, the government of India launched the Make in India initiative that focused on making industrial automation compulsory in the manufacturing industry to gain better productivity and higher output in heavy industrial manufacturing.
The equipment monitoring market is hindered by high initial costs required for implementing these systems in various low and high-end applications. These are technically advanced systems and use costly software, making them less affordable for SMEs. These systems are highly susceptible to unpredicted and unplanned management schedules. These systems are prone to receiving upgrades at unexpected times, increasing the organizations’ maintenance costs. These problems can be solved by developing energy-efficient and cost-effective device monitoring solutions. The requirement of skilled labor and trained operators for performing the managing and monitoring tasks is a challenge in the equipment monitoring market. Organizations need to appoint specialized people for handling these systems as they cannot be controlled and operated by unskilled employees, leading to an increase in the maintenance costs.
A major trend in the equipment monitoring market is the innovations in software developed for IoT devices, providing task simplification for the equipment’s operational systems. These solutions are used in industrial IoT applications to track the usage of heavy equipment, behavior patterns at production sites, and for comparing the product performances. The increasing implementation of industry 4.0 is also driving the equipment monitoring market owing to improvisations in the product quality and the test efficiency provided by these systems. The production and manufacturing facilities in industrial IoT consist of automated detector systems, such as ATE and visual detection devices, which provide real-time monitoring for production processes and equipment availability management.
The equipment monitoring market is witnessing the implementation of big data analytics in these systems and software. These analytics assist in the prediction of failure risks that aid the operators of large equipment in taking a corrective action by adjusting the production lines before a failure occurs. Big data analytics is used in the systems to help the users manage the equipment and update the operating status of the machinery.
Owing to the advanced software specifications that provide the operators with real-time data for effectively managing and operating the systems, the online equipment monitoring market is expected to grow at a higher rate over the forecast years. These technologies provide emergency alerts to the operators at critical times and before the unexpected shutdowns. The portable segment in the equipment monitoring market has steadily grown in the recent years. These systems are suitable for implementation in large & complex manufacturing and industrial environments that require technically-advanced monitoring systems.
The equipment monitoring market power generation application has gained popularity in the recent years. This segment is expected to dominate the industry owing to its varied implementation in power plant conditioning monitoring, generator health conditioning, and diagnostics of the power plant machinery. These also aid in maximizing the power plant profits by improving the efficiency and reducing the maintenance costs. The oil & gas segment in the equipment monitoring market is expected to grow at a high pace over the forecast period. The growth is attributed to increased incorporation of these electronics in components such as compressor, tank, LACT meter, and rectifier monitoring in the large oil fields.
The U.S. equipment monitoring market is predicted to grow significantly owing to the presence of a large number of equipment producers and consumers in the country. The increased advances in the industrial sector and the automation in the region have led to the maximum utilization of these systems. These systems are efficiently operated in the country due to the availability of skilled workforce and system operators. The emerging economies in the Asia Pacific region including China, Japan, and India are expected to cover the largest equipment monitoring market share. The growth is attributed to an increase in the number of facilities manufacturing consumer electronics and semiconductors in China and Taiwan. Additionally, increasing organizational investments improve equipment security, stability, and performance in India.
Players in the equipment monitoring market include Emerson Electric, General Electric, Honeywell International, Inc., Rockwell Automation, SKF, National Instruments, Siemens AG, Parker Hannifin Corp., SPM Instrument, and Fluke Corporation. Several companies adopt product development and innovations, acquisitions, mergers, collaborations, and partnership strategies to provide technically-advanced monitoring systems to their clients. For instance, in August 2017, Emerson Electric Co. announced the launch of its wireless equipment monitoring system for applications in manufacturing plant operations. This system incorporates wireless instruments and software analytics for monitoring the manufacturing plants.
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