Global Equipment Monitoring Market is expected to reach USD 5.26 Billion by 2024 from USD 3.16 Billion in 2016 at a CAGR of 6.6 % (Detailed analysis of the market CAGR is provided in the report).
The Global Equipment Monitoring Market based on monitoring type is segmented into vibration monitoring, lubrication monitoring, thermal monitoring, corrosion monitoring, motor current monitoring, noise monitoring, GPS tracking and alarm monitoring. The vibration monitoring is expected to be the major contributor for the market during the forecast period. Vibration monitoring is widely used as it is capable of detecting a fault before any repair at an early stage and also identifying the exact location of the fault. The Global Equipment Monitoring Market based on monitoring processes, the online equipment monitoring process is expected to grow at a high rate during the forecast period. Online equipment monitoring delivers real-time data to plant operators than portable equipment monitoring. The market for oil & gas industry is expected to hold large shares of the market during the forecast period. Oil & gas companies are accentuated to increase productivity and minimize operating cost. Equipment monitoring safeguards uninterrupted operations of production machinery with minimized downtime, which helps to reduce maintenance cost and increase the efficiency of machinery. Geographically, the Global Equipment Monitoring Market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is expected to be largest market for equipment monitoring during the forecast period. This is due to the increasing focus on optimal asset utilization; stringent government regulations for workplace and personal safety; and increasing awareness regarding quality in oil & gas, chemicals, and food & beverages industries.
The years that have been considered for the study are: • Base year – 2016 • Estimated year – 2017 • Forecast period – 2017 to 2024 Key Highlights: • Assessment of market definition along with the identification of key players and analysis of their strategies to determine the competitive outlook of the market, opportunities, drivers, restraints and challenges for Global Equipment Monitoring Market during the forecast period • Complete quantitative analysis of the industry from 2017 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities • In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain • Global Equipment Monitoring Market analysis and comprehensive segmentation with respect to the monitoring type, monitoring process, deployment type, industry and geography to assist in strategic business planning • Global Equipment Monitoring Market analysis and forecast for five major geographies North America, Europe, Asia Pacific, Middle East & Africa, Latin America and their key regions
Research Methodology: The Global Equipment Monitoring Market is estimated by triangulation of data points obtained from various sources and feeding them into a simulation model created individually for each market. The data points are obtained from paid and unpaid sources along with paid primary interviews with key opinion leaders (KOLs) in the market. KOLs from both, demand and supply side were considered while conducting interviews to get unbiased idea of the market. This exercise was done at country level to get fair idea of the market in countries considered for this study. Later this country-specific data was accumulated to come up with regional numbers and then arrive at global market value for Global Equipment Monitoring Market. Global Equipment Monitoring marketplace is growing with the presence of major companies holding a large market share.
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