Innovations Drive Global Equipment Monitoring Market to Reach USD 6.06 Billion by 2029

The Equipment Monitoring Market, valued at US$3.65 billion in 2022, is poised for substantial growth, projecting to reach nearly US$6.06 billion by 2029, with a robust CAGR of 7.5% during the forecast period from 2023 to 2029.

The study also includes information on the major players in the global Freight Management System Market, such as company biographies, product images and specifications, production capacity, pricing, cost, and contact information. This study examines the entire Freight Management System Market Size from a global perspective and makes predictions about future trends based on past data.

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Freight Management System Market Scope:

Aftermarket engineering undertook thorough primary research that included data triangulation, market breakdown, estimates, computations of market statistics, and calculations of market size in order to gather information, validate important figures, and verify the findings. To calculate percentage splits, market shares, and segment breakdowns, weights based on usage rate and average sale price are applied to each location. Based on the stated market size's acceptance or usage in the relevant region, the global markets and their sub-segments are segmented by country. Numerous market and industry-related topics are highlighted in the research. New product launches, business expansions, partnerships, joint ventures, and acquisitions are a few examples of marketing techniques. Additionally, the key components of the market research that clearly focus on the industry landscape have all been taken into consideration when structuring this study.

Market Dynamics:

Key drivers include advancements in wireless technology, cost-effective IoT components, and the acceptance of equipment monitoring systems. Cloud-based solutions, Industrial Internet of Things (IIoT), and big data analytics further contribute to the market's growth potential. The COVID-19 pandemic accelerated the adoption of remote supervision and operational control, boosting the demand for equipment condition monitoring systems.

Segmentation Analysis:

by Monitoring Type

Vibration Monitoring
Lubrication Monitoring
Thermal Monitoring
Corrosion Monitoring
Motor Current Monitoring
Noise Monitoring
GPS Tracking
Alarm Monitoring

The market is divided into segments according to the kind of monitoring, including vibration, lubrication, thermal, corrosion, motor current, noise, GPS tracking, and alarm monitoring. Over the projection period of 2023–2029, the vibration monitoring segment is anticipated to increase at a CAGR of quickly. One common predictive maintenance method is vibration monitoring, which is useful for both identifying an issue before it worsens and locating it precisely. Because vibration sensors and wireless devices are becoming more and more affordable, vibration monitoring has become the most widely used technique.

by Monitoring Process

Online Equipment Monitoring
Portable Equipment Monitoring

The market is divided into two segments: online equipment monitoring and portable equipment monitoring, based on the monitoring process. By 2029, it is anticipated that the Online Equipment Monitoring category would have the biggest market share. This is because plant managers may obtain real-time data using online equipment monitoring, which is a more sophisticated monitoring technique than portable equipment monitoring. Additionally, demand for online equipment monitoring is growing. Online equipment monitoring solutions are utilised in businesses where manufacturing must run around the clock.

by Deployment Type

On-premise
Cloud

The market is divided into On-premise and Cloud segments based on the type of deployment. It is anticipated that the on-premise category would expand at a compound annual growth rate (CAGR) of 2023–2029. While incurring more expenses for hardware, software, and resources, the monitoring solutions help organisations keep all of their systems and data. When using on-premise deployment, dependable real-time data collection is possible with sufficient lead time to address emerging problems.

by Industry

Oil & Gas
Power Generation
Metals & Mining
Chemicals
Automotive
Aerospace & Defense
Food & Beverages
Marine
Others

Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace & Defence, Food & Beverages, Marine, and Others are the market segments based on industry. The oil and gas sector is anticipated to expand at a compound annual growth rate (CAGR) of 2023–2029. In the oil and gas sector, increasing productivity and lowering operating expenses are top priorities for businesses. Therefore, in order to maintain the optimal operation of its essential assets and minimise downtime, the oil and gas sector is anticipated to implement equipment monitoring systems and associated services. Equipment monitoring reduces maintenance costs and boosts machine efficiency by ensuring that production equipment operates efficiently with little downtime. Consequently, there will likely be a greater demand for oil and gas equipment monitoring systems in the near future.

Key Competitors:

The industry placed a strong emphasis on alliances, purchases, and collaborations as inorganic growth tactics. The Freight Management System Market's potential for future rapid growth means that industry participants should benefit from it. The businesses listed below make up the global Freight Management System Market.

1. General Electric
2. Emerson Electric
3. Honeywell
4. SKF
5. National Instruments
6. Parker Hannifin
7. Siemens
8. Rockwell Automation
9. Yokogawa
10.Flir Systems
11.Pruftechnik Dieter Busch
12.SPM Instrument
13.Fluke Corporation
14.Analog Devices
15.PCB Piezotronics
16.Teledyne Technologies Incorporated
17.Thermofisher Scientific
18.TE Connectivity
19.Merck KGaA
20.Danaher Corporation

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Regional Analysis:

After examining the political, economic, social, and technological aspects influencing the Freight Management System Market in each of these regions, the report also includes extensive PESTLE assessments for each of the five regions—North America, Europe, Asia Pacific, the Middle East, Africa, and South America.

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