According a MarketsandMarkets research report - "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" - the market is estimated to grow from $3.23 Billion in 2018 to $4.47 Billion by 2023, at a CAGR of 6.7% between 2018 and 2023. Evolving wireless technology, reduced cost of IoT components, and adoption of equipment monitoring systems are driving growth.
- The vibration monitoring held the largest size of equipment monitoring market in 2017
- On-premise equipment monitoring to hold the largest size of market between 2018 and 2023
- Oil & gas industry held the largest size of the equipment monitoring market in 2017
- North America to hold the largest size of the equipment monitoring market between 2018 and 2023
- Major players operating in the equipment monitoring market include Emerson Electric (US), General Electric (US), Honeywell (US), National Instruments (US), SKF (Sweden), Parker-Hannifin (US), Rockwell Automation (US), Siemens (Germany), Yokogawa (Japan), and PRUFTECHNIK (Germany).
Yearning for greater insights? Then browse the "Equipment Monitoring Market - Global Forecast to 2023" report.
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