Equipment Monitoring (Oil & Gas, Power, Automotive) Market - Global Forecast to 2023
DUBLIN, May 30, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
The equipment monitoring market is estimated to grow from USD 3.23 Billion in 2018 to USD 4.47 Billion by 2023, at a CAGR of 6.7% between 2018 and 2023.
The growth of the market is driven by the advancement of wireless technology in equipment monitoring systems, reduced cost of IoT component leading to cost-effective equipment monitoring, and adoption of equipment monitoring systems. Cloud-based solutions with real-time functionalities offering cost benefits, Industrial Internet of Things (IIoT), and advent of Big data analytics provide growth opportunities for the equipment monitoring market. The equipment monitoring market has been segmented into monitoring type, monitoring process, deployment type, industry, and region.
The equipment monitoring market has been segmented on the basis of monitoring type into vibration monitoring, thermal monitoring, corrosion monitoring, noise monitoring, motor current monitoring, GPS tracking, and alarm monitoring. The market for the vibration monitoring is expected to hold the largest size between 2018 and 2023. Vibration monitoring is a widely used predictive maintenance technique, as it is capable of not only detecting a fault before any repair at an early stage but also identifying the exact location of the fault. Decreasing prices of vibration sensors and wireless systems have made vibration monitoring the most preferred technique.
On the basis of monitoring processes, the market for online equipment monitoring process is expected to hold the largest size of the market during the forecast period. Online equipment monitoring is an advanced monitoring process and provides real-time data to plant operators than portable equipment monitoring, resulting in higher demand for online equipment monitoring. Online equipment monitoring systems are used in industries wherein 24-h production is maintained.
The market for on-premise equipment monitoring is expected to hold the largest market size during the forecast period. The monitoring solutions help organizations control all their systems and data, incurring additional cost on hardware, software, and resources employed for maintenance. On-premise deployment enables collection of accurate data in real time, with sufficient lead time to resolve incipient faults.
The market for oil & gas industry is expected to hold the largest market during the forecast period. Oil & gas companies emphasize on increasing productivity and lowering operating cost. Hence, the aforementioned industry are expected to adopt equipment monitoring solutions and related services to maintain efficient working of their critical assets and reduce the downtime. Equipment monitoring ensures uninterrupted operations of production machinery with minimized downtime; this helps reduce maintenance cost and increase the efficiency of machinery. Therefore, the demand for equipment monitoring solutions for the oil & gas industry is likely to increase in the near future.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Opportunities in the Equipment Monitoring Market
4.2 Equipment Monitoring Market, By Monitoring Type
4.3 Equipment Monitoring Market, By Monitoring Process
4.4 Equipment Monitoring Market, By Deployment Type
4.5 Equipment Monitoring Market, By Industry
4.6 Equipment Monitoring Market in North America, By Monitoring Type and By Country (2018)
4.7 Equipment Monitoring Market, By Geography
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Advancement of Wireless Technology in Equipment Monitoring Systems
5.2.1.2 Reduced Cost of IoT Components Leading to Cost-Effective Equipment Monitoring
5.2.1.3 Adoption of Equipment Monitoring Systems
5.2.2 Restraints
5.2.2.1 Lack of Trained Operators for Data Analysis
5.2.2.2 Unpredictable Maintenance Schedules
5.2.3 Opportunities
5.2.3.1 Cloud-Based Solutions With Real-Time Functionalities Offering Cost Benefits
5.2.3.2 Industrial Internet of Things (IIoT)
5.2.3.3 Advent of Big Data Analytics
5.2.4 Challenges
5.2.4.1 Complexity Involved in Connecting Legacy Equipment
6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Regulatory Standards
6.3.1 API
6.3.2 ASTM
6.3.3 ISO
6.3.4 MIMOSA
6.3.5 CEN
6.3.6 CENELEC/IEC
7 Equipment Monitoring Market, By Monitoring Type
7.1 Introduction
7.2 Vibration Monitoring
7.3 Thermal Monitoring
7.4 Lubrication Monitoring
7.5 Corrosion Monitoring
7.6 Noise Monitoring
7.7 Motor Current Monitoring
7.8 Gps Tracking
7.8.1 Standalone Tracker
7.8.2 OBD Device
7.8.3 Advance Tracker
7.9 Alarm Monitoring
7.9.1 Remote Terminal Units (RTU)
7.9.2 Alarms Sensors
8 Equipment Monitoring Market, By Monitoring Process
8.1 Introduction
8.2 Online Equipment Monitoring
8.3 Portable Equipment Monitoring
9 Equipment Monitoring Market, By Deployment Type
9.1 Introduction
9.2 On-Premise
9.3 Cloud
10 Equipment Monitoring Market, By Industry
10.1 Introduction
10.2 Oil & Gas
10.3 Power Generation
10.4 Metals & Mining
10.5 Chemicals
10.6 Automotive
10.7 Aerospace & Defense
10.8 Food & Beverages
10.9 Marine
10.10 Others
11 Geographic Analysis
12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis
12.3 Competitive Situations and Trends
12.3.1 New Product Launches and Developments, 2015-2017
12.3.2 Contracts and Agreements, 2015-2017
12.3.3 Acquisitions and Collaborations, 2015-2017
12.3.4 Expansions, 2017
13 Company Profiles
13.1 Key Players
13.1.1 Emerson Electric
13.1.2 General Electric
13.1.3 Honeywell
13.1.4 National Instruments
13.1.5 SKF
13.1.6 Parker Hannifin
13.1.7 Rockwell Automation
13.1.8 Siemens
13.1.9 Yokogawa
13.1.10 Pruftechnik Dieter Busch
13.2 Other Prominent Players
13.2.1 Flir Systems
13.2.2 SPM Instrument
13.2.3 Analog Devices
13.2.4 Fluke Corporation
13.2.5 PCB Piezotronics
13.2.6 Petasense
For more information about this report visit https://www.researchandmarkets.com/research/jjlxs4/equipment?w=5
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