Equipment Monitoring Market Size Analysis and Top Companies
The global equipment monitoring market size is estimated to hit around USD 5.78 billion by 2033 from USD 3.51 billion in 2024 with a CAGR of 5.71%. The top companies operating in the equipment monitoring are 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., and Others.
Market Report Coverage
| Report Coverage |
Details |
| Market Size by 2033 |
USD 5.78 Billion |
| Market Size in 2023 |
USD 3.32 Billion |
| Market Size in 2024 |
USD 3.51 Billion |
| Market Growth Rate from 2024 to 2033 |
CAGR of 5.71% |
| Largest Market |
North America |
| Base Year |
2023 |
| Forecast Period |
2024 to 2033 |
| Segments Covered |
Monitoring Type, Monitoring Process, Deployment Type, Service Offering, and Regions |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Equipment Monitoring Market Key Players
- 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.
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