Equipment Monitoring Becoming A Market To Be Reckoned With

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.

 

Highlights

Sponsored by Anritsu Company

New VNA technologies enable mmWave broadband testing to 220 GHz, helping researchers and engineers to overcome test challenges and simplify mmWave testing.

Application development in the mmWave frequencies is growing. Broadband testing over hundreds of GHz of bandwidth is subject to repeatability/accuracy deficits, and engineers demand solutions to help overcome challenges and simplify mmWave testing.
  • 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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