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Equipment Monitoring Market in united states Continues to Grow

Author : Ronak Bora | Published Date : 2019-04-16 

MarketStudyReport.com present the report on equipment monitoring market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024.

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.

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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.

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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 market 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.

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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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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