Equipment Monitoring Market Size, Share, and Trends 2024 to 2033

Equipment Monitoring Market Size and Forecast

The global equipment monitoring market size was USD 3.32 billion in 2023, calculated at USD 3.51 billion in 2024 and is expected to reach around USD 5.78 billion by 2033, expanding at a CAGR of 5.71% from 2024 to 2033. Increasing concerns about safety and security have raised the demand for equipment monitoring, which is estimated to fuel the growth of the equipment monitoring market over the forecast period.

Equipment Monitoring Market Key Takeaways

• The North America equipment monitoring market size reached USD 1.43 billion in 2023 and is expected to attain around USD 2.51 billion by 2033, poised to grow at a CAGR of 5.78% between 2024 and 2033.
• North America dominated the equipment monitoring market with the largest revenue share of 43% in 2023.
• Europe holds a significant share of the global market.
• By region, Asia Pacific is expected to grow at a significant rate in the market during the forecast period.
• By monitoring type, the vibration monitoring segment dominated the market in 2023.
• By monitoring process, the online equipment monitoring segment is expected to grow at a significant rate in the market during the forecast period.
• By deployment type, the on-premises segment has contributed more than 71% of revenue share in 2023.
• By service offering, the oil & gas segment dominated the market with the largest share in 2023.

U.S. Equipment Monitoring Market Size and Growth 2024 to 2033

The U.S. equipment monitoring market size was exhibited at USD 1 billion in 2023 and is projected to be worth around USD 1.77 billion by 2033, poised to grow at a CAGR of 5.87% from 2024 to 2033.

North America dominated the equipment monitoring market in 2023. The increasing launch of new equipment monitoring tools by the key players and the shift of organizations towards advanced equipment monitoring is expected to drive the growth of the equipment monitoring market in North American. In April 2024, Microsoft, a corporation and technology company based in the U.S., announced the launch of new industrial artificial intelligence innovations from the cloud, which will assist the manufacturing industry in addressing concerns with industrial challenges.

The new AI-powered industrial solutions cloud creates a lucrative opportunity to assist the manufacturing industry in enhancing the optimization of factory and production costs to produce repeatable outcomes and bolster operations resilience. Microsoft is offering new artificial intelligence monitoring through cloud deployment and data solutions for manufacturers in an urge to optimize operations, boost worker productivity, foster innovation, and facilitate smarter manufacturing.

• In November 2023, Microsoft, a corporation and technology company headquartered in the U.S., revealed that the company is adopting the Microsoft Azure monitoring, backup, patching, and security tools to develop a customer-oriented self-service management environment centered around Microsoft Azure DevOps and modern engineering principles. The Microsoft Digital Employee Experience (MDEE) team is a global IT organization that seeks to ensure Microsoft's business needs. The Microsoft Azure monitor is utilized to maximize the performance and availability of services and applications.

Asia Pacific is expected to grow at a significant rate in the equipment monitoring market during the forecast period. This growth is significantly driven by the increasing launch of advanced technology equipment monitoring tools. Asia Pacific is undergoing rapid industrialization and urbanization, which necessitates efficient equipment monitoring solutions to ensure optimal operation and maintenance of industrial machinery. Countries like China, India, and Southeast Asian nations are expanding their manufacturing and industrial sectors, leading to increased demand for equipment monitoring systems to minimize downtime and enhance productivity.

• In May 2024, Samsung Electronics Co., Ltd., an electronics company based in South Korea, revealed the launch of the 2024 new monitor lineup, innovated and developed to cater to the needs of the users. The 2024 Samsung Monitor One lineup includes Smart Monitor, Odyssey OLED, and ViewFinity, each equipped with cutting-edge technology to maximize productivity. The ViewFinity is innovative for creative professionals; these monitors deliver exceptional color accuracy and detail for flawless visual work. The Smart Monitor monitors productivity.
• Furthermore, Hitachi, Ltd., a multinational conglomerate company headquartered in Japan, announced the introduction of Lumada Inspection Insights, a portfolio of digital solutions for the monitoring, optimization, and inspection of critical assets. Lumada Inspection Insights allows customers to improve physical security, automate asset inspection, support sustainability goals, and minimize risks and impacts of storms or fires by analyzing images and videos, including LiDAR, thermal, and satellite imaging, with the help of strong artificial intelligence (AI).

Europe holds a significant share of the global equipment monitoring market. The key market players operating in Europe are focused on launching new equipment monitoring tools and expanding their product portfolio, which is estimated to foster the growth of the equipment monitoring market in Europe. In June 2024, Henkel AG & Co. KGaA, a consumer goods and multinational chemical company headquartered in Germany, Europe, announced the introduction of smart pipes and tanks leak detection and smart rotating equipment monitoring and expansion of the industrial Internet of things (IIoT) solution Loctite Pulse portfolio of the Henkel AG & Co. KGaA company.

The smart pipes and tanks leak detection provides an advanced retrofit monitoring solution for initial-stage hydrocarbon leak detection. The smart rotating equipment monitoring assists in the simultaneous monitoring of six critical data parameters, from acoustic emissions and vibration to magnetic flux.

Market Overview

Equipment data such as status, usage, performance, and condition can be collected and analyzed in real-time using the Internet of Things (IoT) with the help of an equipment monitoring system. In manufacturing, construction, healthcare, oil and gas, electrical, mining, and other industries, the solution can maximize equipment operation and expedite equipment maintenance tasks. It can interact with accounting software, asset management software, ERP, and more for end-to-end data synchronization. Commercial or industrial equipment can be observed and tracked using an equipment monitoring system.

The equipment monitoring market is segregated into telematics devices/sensors, connectivity, and data processing. Telematics devices/sensors are global positioning system (GPS) equipment that enables tracking in real-time, engine diagnostic data, equipment utilization statistics, and other services are all provided via equipment telematics. The device-collected data must be seen after connectivity to an on-site server or cloud. Cellular, satellite, WiFi, and Bluetooth are common forms of connectivity. Data processing involves the analysis of raw data through analytics. End users are able to recognize patterns, comprehend usage trends, and identify any issues with its aid.

Combining all of these parts results in a network of devices that communicates across the Internet to exchange data with other systems and devices. The Internet of Things (IoT) is another name for this network. Alternatively, the Industrial Internet of Things (IIoT) is the term used to refer to this technology when it is used in an industrial setting. The ability to detect and monitor sensor data from equipment creates new opportunities for efficiency and helps save money and time. For instance, the likelihood of an unexpected breakdown is reduced if machinery and equipment are regularly inspected. If a problem code appeared or diagnostics revealed that the equipment wasn't operating at peak efficiency, you would be able to take immediate corrective action.

Equipment Monitoring Market Growth Factors

• Increasing adoption of inorganic growth strategies like mergers for launching new equipment monitoring technology is expected to drive the growth of the market during the forecast period.
• Expansion of healthcare services can foster the growth of the equipment monitoring market in the near future.
• Key companies' increasing adoption of organic strategies like marketing and market expansion is estimated to drive market growth over the forecast period.
• Increasing launch of new technology for the development of equipment monitoring is expected to drive the growth of the market in the near future.
• Increasing adoption of equipment monitoring to minimize operational costs is estimated to fuel the growth of the equipment monitoring market over the forecast period.
• The increasing launch of the new policy by the government to support equipment monitoring is expected to drive the growth of the equipment monitoring market over the forecast period.
• Increasing adoption of equipment monitoring in the food and beverage sector to ensure that consumable materials remain healthy and safe at the same time is expected to drive the growth of the equipment monitoring market over the forecast period.

Equipment Monitoring Market Scope

Equipment Monitoring Market Dynamics

Driver

Introduction of the new product

The increasing launch of new products in the market is estimated to fuel the growth of the equipment monitoring market over the forecast period. In January 2023, Dodge Industrial, Inc., a company focused on manufacturing and developing software, announced the launch of OPTIFY, a condition monitoring platform. The OPTIFY assists in condition monitoring that enables customers to remotely oversee their industrial activities in real-time, enhancing safety, reducing unscheduled downtime, and saving costs.

Restraint

Challenges and limitations associated with equipment monitoring

The Internet of Things (IoT-based) real-time data collection and analysis of equipment status, usage, performance, condition, and other variables is made possible by an equipment monitoring system. Initial setup cost for equipment monitoring is high, the requirement of skilled professionals, regular maintenance of monitoring equipment, and excessive alerts leading to operational disruption are some limitations observed while utilizing equipment monitoring tools, which can hamper the growth of the equipment monitoring market over the forecast period.

• According to the data published by the National Center for Biotechnology Information in June 2023, a stable and dependable network infrastructure is also necessary for data transmission monitoring. IoT remote monitoring is made possible by the infrastructure and connectivity that many places lack, especially in rural or isolated areas.

One potential challenge is the dependability and stability of network connections. Environmental elements and weather conditions are typically the cause of poor or absent connectivity. Sensitive data is gathered and transmitted as part of the Internet of Things remote device monitoring, which makes it susceptible to security lapses. This covers financial information, personal information, and other private data. In order to defend against cyber threats, it is especially important for organizations and industries to put strong security standards in place.

Opportunity

Technology advancements

The market players are focused on innovating and launching advanced technology equipment monitoring tools and expanding their product offerings, which is expected to create lucrative opportunities for the growth of the equipment monitoring market over the forecast period. In July 2023, ABB Ltd., an automation company, announced the introduction of the ‘XIO’ input/output series (I/O series) to meet the digital monitoring demands of gas and oil fields. The newly launched ‘XIO’ utilizes an Ethernet-to-Serial passthrough application to provide real-time monitoring and control, enhance data integrity, and improve data accessibility. The enhanced site automation capabilities of the new XIO series contribute to the improvement of oil and gas operations' efficiency.

Monitoring Type Insights

The vibration monitoring segment dominated the equipment monitoring market in 2023 on account of the increasing launch of new technology vibration monitoring kits and devices. In November 2023, Worldsensing, a software company based in Europe, revealed the introduction of the new vibration meter, which assists in automating data collection in long-term, continuous vibration monitoring projects. It increases the range of wireless monitoring gadgets that the technology Worldsensing company currently offers. The tool can assist engineering service providers in adhering to standards such as the British BS 7385-2, the German DIN 4140-3, and the ISO 2631-2 that address vibration effects on humans and building integrity.

Monitoring Process Insights

The online equipment monitoring segment is expected to grow at a significant rate in the equipment monitoring market during the forecast period. The increasing introduction of innovative online equipment monitoring by the key players is estimated to drive the growth of the segment in the near future. In February 2024, Cisco Systems, Inc., a digital communications technology conglomerate corporation, unveiled the introduction of digital experience monitoring with real user monitoring.  With the integration of session replay modules, this technology gives extensive insights into mobile and browser applications' performance and efficient resolution of session-level issues.

Deployment Type Insights

The on-premises segment dominated the equipment monitoring market in 2023. The increasing launch of new products for on-premises equipment monitoring is expected to drive the segment growth over the forecast period. Moreover, the cloud segment is expected to grow at the fastest rate over the forecast period. The increasing launch of cloud-based equipment monitoring is estimated to foster the growth of the segment over the forecast.

• In April 2024, IMI Sensors, a company that designs and manufactures industrial vibration monitoring instrumentation, announced the launch of the Model 674A91. This is a fully programmable accelerometer that includes the IO-Link universal protocol. The Model 674A91 is equipped with a piezoelectric design, making it an advanced sensor that revolutionizes industrial monitoring and control. It provides precise machine health data.
• In December 2023, Renesas Electronics Corporation, a semiconductor manufacturing company, revealed the introduction of the new cloud-based development environment monitoring aimed at simplifying the software design process for automotive artificial intelligence (AI) engineers. AI Workbench is a new platform that allows automotive AI developers to create, model, and fine-tune their software completely within the cloud. It is an integrated virtual development environment.  With this setup, engineers may start working on automobile software right away by utilizing Azure services, including Microsoft Entra ID, IaaS services, Azure Security, and Azure Compute.

Service Offering Insights

The oil & gas segment dominated the equipment monitoring market with the largest share in 2023 due to the increasing launch of new technology oil and gas monitoring systems by the key market players operating in the market. In May 2024, H2scan, a company that is focused on developing hydrogen sensing and industrial monitoring solutions, announced the launch of four innovative products developed to drive noteworthy efficiencies and performance enhancement in transformer monitoring and protection for industrial and utilities asset managers. The four new products form a comprehensive solution to improve durability, grid intellect, and flexibility: AO2 Control Hub, H2cloud Fleet Monitoring platform, Sentinel PRO IoT (Internet of Things) Module, and GRIDSCAN 6000 Multi-Sense Monitor Platform.

The only key-gas monitoring system in the industry that detects temperature, pressure, moisture content, and hydrogen all in one device is H2scan's new GRIDSCAN 6000. H2scan's AO2 Transformer Monitoring Controller greatly improves transformer monitoring options by providing thorough and simple supervision. Asset managers may access transformer fleet health data securely through the cloud with Sentinel PRO, giving them access to full grid analytics. H2cloud is a potent cloud-based technology that offers centralized intelligence in real-time for tracking and evaluating transformer fleet health. Data from H2scan's GRIDSCAN sensors is easily integrated, providing cyber-secure visibility into asset status across transformer fleets and warning owners of irregularities in transformer operation.

Equipment Monitoring Market Companies

• 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.

Recent Developments

• In June 2024, Teledyne FLIR LLC, a defense industry company, announced the launch of the SV89 Vibration Monitoring Solution Kits and FLIR SV88, which assist customers in monitoring critical equipment by continuously detecting faults, alerting to potential defects and future problems and analyzing vibration. The SV88 and SV89 Vibration Monitoring Solution Kits' multi-communication protocols, IP66 rating, wireless functionality, and rugged design enable customers to make crucial data-driven decisions that prolong the life of expensive equipment by warning of possible problems.
• In May 2024, Datadog, Inc., a company that is focused on developing the monitoring and security platform for cloud applications, revealed the launch of the IT Event Management to its suite of AIOps (artificial intelligence for information technology operations) capabilities. Datadog's event management feature allows it to intelligently combine, correlate, and enhance all alert events and significant signals from both Datadog and other third-party observability tools into a single, coherent view. By reducing alert fatigue, this technique enables teams to concentrate their efforts and resources on fixing problems.

Segment Covered in the Report

By Monitoring Type

• Vibration Monitoring
• Thermal Monitoring
• Lubrication Monitoring
• Corrosion Monitoring
• Noise Monitoring
• Motor Current Monitoring
• Gps Tracking
• Alarm Monitoring

By Monitoring Process

• Portable Equipment Monitoring
• Online Equipment Monitoring

By Deployment Type

• Cloud
• On-premises

By Service Offering

• Chemicals
• Automotive
• Aerospace & Defense
• Food & Beverages
• Oil & Gas
• Power Generation
• Metals & Mining
• Others (Electronic &Semiconductor, Cement, Paper & Pulp, and Healthcare)

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa