Market Overview
Equipment monitoring, as the name suggests, is a practice to monitor various conditions like noise, vibrations, lubrication, and others for the seamless functioning of the machinery. The software-powered monitoring system helps in getting advanced notifications regarding the potential threats to machinery, which has increased the demands for smart monitoring systems. Also, the rise in automation and demands for the internet of things (IoT) powered systems has provided lucrative growth opportunities to this market. The companies are readily adopting the methods to decrease the maintenance costs that help in reducing the operation costs and untimely failures.
The rise in government initiatives for adopting high-end technologies and automation have catalyzed the market’s growth and is driving the market towards stable positions. The Equipment Monitoring Market players are regularly working towards developing specialized software for different operations, which has increased the demands for these systems due to rapid industrialization. The companies are readily investing in research & development programs to unfold the new aspects, imposing an extra load on the Equipment Monitoring market and will help the market gain accelerated speeds.
Apart from the uses and features, the global equipment monitoring market is facing challenges from high costs involved in the installation and lack of skilled personnel, which has restrained the global market growth. This report offers a complete outlook on the opposition, opportunities, drivers & restraints, and other factors affecting the neighborhood and global equipment monitoring marketplace. The worldwide market is anticipated to sign in approximately 07 % annual growth in this era.
Market Division
The global equipment monitoring market is segmented into the classes as follows:
The global equipment monitoring market is characterized as thermal monitoring, corrosion monitoring, GPS monitoring, and others based on types.
The global equipment monitoring market is characterized by cloud-based and on-premise based on deployment.
The global equipment monitoring market is characterized by portable equipment monitoring and online equipment monitoring based on the monitoring process.
The global equipment monitoring market is divided among food & beverage, automotive, mining, oil & gas, and others based on applications.
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Regional Classification
The equipment monitoring market has gained global adoption due to the rapid industrialization, increasing demands of advanced technologies, and the rapid growth of end-users. The global equipment monitoring market is divided into North America, the Asia Pacific, Europe, and the rest of the world. The North American region is currently leading the market due to increasing automation, well established industrial structures, demands for advanced technologies, presence of key market players, and other factors.
Key Players
Key contenders profiled in the global equipment monitoring market report include Fluke Corporation (US), Brüel & Kjaer Vibro GmbH (Germany), FLIR Systems (US), Meggitt PLC (UK), Rockwell Automation Inc. (US), National Instruments Corporation (US), Honeywell International Inc. (US), Schneider Electric SE (France), Schneider Electric SE (France), Emerson Electric Co. (US), and General Electric Company (US), among others. Industry players have encompassed several strategies to stay ahead in the competition and also cater to the surging needs of the consumers. Some of these strategies include yet are not limited to acquisitions and mergers, joint ventures and collaborations, partnerships, extensive research and development activities, contracts, strategic alliances, new product launches, new product development, geographic expansions, and many others.
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Industry News
The global equipment monitoring market is growing at considerable speeds due to a rise in demands for advanced technologies, an increase in investments in research & development activities, and a rise in government initiatives. The North American region is currently holding the major share of this market, followed by the European and Asia Pacific regions. The rapidly developing economies will provide major opportunities for this market and will grow at the same pace due to the rapid adoption of industrial automation.
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