What’s driving the equipment monitoring market outlook? | Emerson Electric, General Electric, Honeywell International, Inc., Rockwell Automation, SKF, National Instruments, Siemens AG, Parker Hannifin Corp., SPM Instrument, Fluke Corporation
Request for an in-depth table of contents for this report @
The U.S. equipment monitoring market is predicted to grow significantly owing to the presence of a large number of equipment producers and consumers in the country. The increased advances in the industrial sector and the automation in the region have led to the maximum utilization of these systems. These systems are efficiently operated in the country due to the availability of skilled workforce and system operators. The emerging economies in the Asia Pacific region including China, Japan, and India are expected to cover the largest equipment monitoring industry share. The growth is attributed to an increase in the number of facilities manufacturing consumer electronics and semiconductors in China and Taiwan. Additionally, increasing organizational investments improve equipment security, stability, and performance in India.
The increased government initiatives in several countries that focus on digitization and industrial automation are driving the equipment monitoring market growth. These systems implemented in various industrial applications allow the efficient management of equipment by using either software or solutions. For instance, in September 2014, the government of India launched the Make in India initiative that focused on making industrial automation compulsory in the manufacturing industry to gain better productivity and higher output in heavy industrial manufacturing.
The equipment monitoring market is hindered by high initial costs required for implementing these systems in various low and high-end applications. These are technically advanced systems and use costly software, making them less affordable for SMEs. These systems are highly susceptible to unpredicted and unplanned management schedules. These systems are prone to receiving upgrades at unexpected times, increasing the organizations’ maintenance costs. These problems can be solved by developing energy-efficient and cost-effective device monitoring solutions. The requirement of skilled labor and trained operators for performing the managing and monitoring tasks is a challenge in the equipment monitoring industry. Organizations need to appoint specialized people for handling these systems as they cannot be controlled and operated by unskilled employees, leading to an increase in the maintenance costs.
Make an inquiry for purchasing this report @
The equipment monitoring market is witnessing the implementation of big data analytics in these systems and software. These analytics assist in the prediction of failure risks that aid the operators of large equipment in taking a corrective action by adjusting the production lines before a failure occurs. Big data analytics is used in the systems to help the users manage the equipment and update the operating status of the machinery.
The equipment monitoring market power generation application has gained popularity in the recent years. This segment is expected to dominate the industry owing to its varied implementation in power plant conditioning monitoring, generator health conditioning, and diagnostics of the power plant machinery. These also aid in maximizing the power plant profits by improving the efficiency and reducing the maintenance costs. The oil & gas segment in the equipment monitoring industry is expected to grow at a high pace over the forecast period. The growth is attributed to increased incorporation of these electronics in components such as compressor, tank, LACT meter, and rectifier monitoring in the large oil fields.
Browse Full Report: www.gminsights.com/industry-analysis/equipment-monitoring...
Players in the equipment monitoring market include Emerson Electric, General Electric, Honeywell International, Inc., Rockwell Automation, SKF, National Instruments, Siemens AG, Parker Hannifin Corp., SPM Instrument, and Fluke Corporation. Several companies adopt product development and innovations, acquisitions, mergers, collaborations, and partnership strategies to provide technically-advanced monitoring systems to their clients. For instance, in August 2017, Emerson Electric Co. announced the launch of its wireless equipment monitoring system for applications in manufacturing plant operations. This system incorporates wireless instruments and software analytics for monitoring the manufacturing plants.
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release What’s driving the equipment monitoring market outlook? | Emerson Electric, General Electric, Honeywell International, Inc., Rockwell Automation, SKF, National Instruments, Siemens AG, Parker Hannifin Corp., SPM Instrument, Fluke Corporation here
News-ID: 1800892 • Views: 64
More Releases from Global Market Insights Inc.
North America Machine learning as a service market size to witness significant C …
Global Market Insights adds global Machine Learning as a Service Market report which focuses on the major drivers and restraints for the key players. It also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market. Request for an in-depth table of contents for this report @ https://www.gminsights.com/request-toc/upcoming/2213 North America dominates the machine learning as a service market owing to high demand for integrating machine learning with
What’s driving the text analytics market report?
Text Analytics Market report gives attention to market segmentation, market size, and forecast of 2019-2025 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export. North America holds a major share of the text analytics market owing to availability of advanced IT infrastructure in the region coupled with a thriving e-commerce industry. With rapid adoption
Mobile video surveillance market 2019: Evolving Technology, Trends and Industry …
Mobile video surveillance market report gives attention to market segmentation, market size, and forecast of 2019-2025 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export. Request for an in-depth table of contents for this report @ https://www.gminsights.com/request-toc/upcoming/2269 North America mobile video surveillance market is predicted to grow significantly during the forecast timespan. This growth can be
Global cybersecurity market Likely to Emerge over a Period of 2019 – 2024
The North America region is leading the cybersecurity market with over 40% share in 2017. The increasing investments and acquisition of cybersecurity start-ups by major players in the region are adding to market growth. The European region accounted for over 20% market share of the cybersecurity market in 2017. The rising public-private partnerships and government investments are driving the cybersecurity market in the region. The government has also enforced various