Equipment Monitoring Market

• Adoption of advanced technologies in industry 4.0 is driving market growth.

Market CAGR is driven by the adoption of advanced technologies in Industry 4.0. To automate manufacturing plant operations, Industry 4.0 places a strong emphasis on automation, machine learning, and real-time data processing. To boost operational efficiency, this has led to a growth in the use of automated manufacturing technologies including automation, data analytics, and industrial IoT. Predictive maintenance adoption in Industry 4.0 also has major prospects for several sectors. Monitoring machine data is a step in the machine condition monitoring process that helps find problems, plan repairs, and minimize downtime.

Such development makes it possible to forecast failure scenarios and analyze equipment performance. Thus, possibilities for market expansion should arise from a growing awareness of machine status monitoring.

Manufacturers may now connect assets to actuators and smart sensors to speed up industrial and manufacturing processes thanks to the growing use of IIoT. Real-time data gathered from numerous IoT devices enables smooth plant operation monitoring and control. Demand for IIoT will grow as stakeholders prioritize business agility across all industrial verticals. For instance, to improve its condition monitoring services, ABB, a pioneer in automation and electrification technologies, teamed with Samotics, a supplier of asset health monitoring systems, in September 2022.

They will make use of the assets of each organization to disseminate details regarding the well-being and energy effectiveness of the equipment. As a preliminary step, ABB will integrate Samotics' plug-and-play IIoT monitoring system into its digital offering.

For instance, Doble Engineering Company released Calisto cable condition monitoring for moderate and higher voltage cable systems in November 2022. Doble Engineering Company offers equipment health inspections for the electric industry through diagnostic tests and services, including software. The ground-breaking Calisto cable offers safe and dependable cable operation while lowering total operating and solution costs and giving near-real-time data on cable health. Thus, driving the equipment monitoring market revenue.

The Global Equipment Monitoring Market Industry is poised for substantial growth, with projections indicating a rise from 3.51 USD Billion in 2024 to 6.47 USD Billion by 2035. This growth trajectory suggests a robust demand for monitoring solutions across various sectors. The anticipated CAGR of 5.71% from 2025 to 2035 reflects the increasing adoption of advanced technologies and the growing emphasis on predictive maintenance. As industries continue to evolve and embrace digital transformation, the market is likely to expand, driven by the need for enhanced operational efficiency and reliability.

The Global Equipment Monitoring Market Industry is experiencing a surge in technological advancements, particularly in IoT and AI applications. These innovations facilitate real-time data collection and analysis, enhancing predictive maintenance capabilities. For instance, companies are increasingly adopting smart sensors that monitor equipment health, leading to reduced downtime and maintenance costs. As a result, the market is projected to reach 3.51 USD Billion in 2024, reflecting the growing reliance on technology to optimize operational efficiency. This trend indicates a shift towards more proactive maintenance strategies, which could significantly impact the overall productivity of various sectors.

The Global Equipment Monitoring Market Industry is benefiting from the growing trend of industrial automation. As industries adopt automated processes, the need for effective monitoring systems becomes increasingly critical. Automated systems require continuous oversight to ensure optimal performance and prevent failures. This trend is evident in sectors such as manufacturing and energy, where automated equipment is prevalent. The integration of monitoring solutions with automated systems enhances operational reliability and efficiency. Consequently, this driver is expected to contribute to the overall growth of the market, aligning with the increasing shift towards automation in various industries.

The Global Equipment Monitoring Market Industry is witnessing a rising demand for predictive maintenance solutions. Organizations are increasingly recognizing the value of minimizing unplanned downtime through advanced monitoring systems. By utilizing data analytics, companies can predict equipment failures before they occur, thereby saving costs associated with emergency repairs. This trend is expected to contribute to the market's growth, with projections indicating a rise to 6.47 USD Billion by 2035. The emphasis on predictive maintenance not only enhances operational efficiency but also extends the lifespan of equipment, making it a critical driver in the industry.

The Global Equipment Monitoring Market Industry is propelled by an increased focus on operational efficiency across various sectors. Organizations are striving to optimize their processes and reduce operational costs, leading to a greater investment in equipment monitoring solutions. By leveraging real-time data and analytics, companies can identify inefficiencies and implement corrective measures swiftly. This focus on efficiency is expected to drive market growth, with a projected CAGR of 5.71% from 2025 to 2035. As industries continue to prioritize efficiency, the demand for sophisticated monitoring systems is likely to rise.

The Global Equipment Monitoring Market Industry is significantly influenced by stringent regulatory compliance and safety standards. Governments worldwide are enforcing regulations that mandate regular monitoring and maintenance of industrial equipment to ensure safety and environmental protection. This regulatory landscape compels organizations to invest in advanced monitoring solutions to comply with legal requirements. As a result, the market is likely to expand, driven by the need for compliance with these regulations. Companies that fail to adhere to safety standards may face substantial penalties, further incentivizing the adoption of equipment monitoring technologies.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. When compared to the strong demand from the power generation, aerospace, oil & gas, marine, and food & beverage industries, the U.S. and Canada are expected to provide significant growth potential. For oil condition monitoring in the equipment lubricants used on oil and gas platforms, vibration monitoring has been a prominent trend. As offshore oil exploration increases across North America, forward-thinking businesses may be better positioned to compete in the local market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: GLOBAL BIG DATA SOFTWARE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's equipment monitoring market accounts for the second-largest market share. To participate in the global industry, well-known players are prepared to invest money in condition monitoring systems. Machine monitoring goods and services have become increasingly popular throughout the area as a result of Industry 4.0 and the Internet of Things. Further, the German equipment monitoring market held the largest market share, and the UK equipment monitoring market was the fastest-growing market in the European region.

The Asia-Pacific Equipment Monitoring Market is expected to grow at the fastest CAGR from 2023 to 2032. In the equipment monitoring market, the Asia Pacific region had the highest growth rate in 2022. increasing income as a result of more utilization across sectors, new technological advancements, efficient growth, and high production. Asian nations include South Korea, China, and India. The market for machine condition monitoring will grow significantly within the anticipated time frame. Moreover, China’s equipment monitoring market held the largest market share, and the Indian equipment monitoring market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the advanced authentication market, grow even more. Market participants are also engaging in various strategic measures to grow their businesses, and global footprint, with important market developments including contractual agreements, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. The equipment monitoring industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global equipment monitoring industry to benefit clients and increase the market sector. In recent years, the equipment monitoring industry has offered some of the most significant advantages to medicine. Major players in the advanced authentication market, including SKF, Emerson Electric, General Electric, Honeywell International, National Instruments, Parker Hannifin Corporation, Rockwell Automation, Inc., Schaeffler AG, ABB, Fortive Corporation, ALS Limited, Schneider Electric Co., and others, are attempting to increase market demand by investing in research and development operations.

BB may offer systems that use sensors to continuously monitor key parameters of industrial equipment, such as motors, pumps, and generators. These parameters could include temperature, vibration, pressure, and other critical data. ABB might provide remote monitoring capabilities, allowing users to access equipment data and status from a centralized location or through cloud-based platforms. For instance, in September 2022, to provide improved condition monitoring services, ABB and Samotics, a high-growth scaleup company in the Netherlands and a well-known supplier of ESA technology, established a long-term strategic partnership.

The technique will make use of each company's advantages to offer additional information about the health and power effectiveness of the equipment.

SKF provides various condition monitoring systems that use sensors to measure parameters such as vibration, temperature, pressure, and lubrication conditions of industrial equipment. These systems continuously monitor the health of critical machinery and components, providing real-time data to detect potential issues and anomalies. For instance, in January 2021, SKF engaged with Solvang to maintain its fleet of tankers and make a purchase of a new system for detecting vibration and light.