Equipment Monitoring Market Size Growth - 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)), and By Region: Statistics Reports, Supply & Demand Analysis, Global Opportunity 2025-2032

Global Market Synopsis, Forecast, Trend, and Growth Up To 2032

The Equipment Monitoring Market size was valued at US$ 3.76 Bn in 2025, it is estimated to grow at a CAGR of 5.74% from 2025 to 2032 and reach US$ 5.51 Bn by the end of 2032. The rising need for safety and security is finding the requirement for equipment monitoring, which is projected to boost the equipment monitoring industry in the given forecast period.

Market Overview

These IoT-backed equipment monitors will assist in the collection of real-time data on status, usage, performance, and condition. Optimize the functioning of equipment and save time in equipment maintenance-related activities involving manufacturing, construction, healthcare, oil and gas, electrical, mining, and many more. One may also engage with accounting software, asset management software, ERP, among others, to have fully synchronized data. Commercial or industrial equipment can be monitored and tracked using the system of equipment monitoring.

The equipment monitoring market consists of three categories namely telematics devices/sensors, connectivity, and data processing. Equipped with equipment telematics, these telematics devices/sensors comprise GPS equipment that allows for real-time tracking, engine diagnostic data, equipment usage statistics, amongst others.

Data collected by the device must be viewed once connected to an on-site server or cloud. Cellular, satellite, WiFi, and Bluetooth are popular types of connectivity. Data processing refers to the analytics applied to raw data. It helps end-users identify trends and understand usage trends besides sensing problems with it.

Combining all these parts leads to a network of devices that communicates across the Internet to exchange data with other systems and devices. It is also called Internet of Things, or IoT. Otherwise known as the Industrial Internet of Things (IIoT), this technology is commonly used to refer to the same thing when used in an industrial setting.

The monitoring and detection of sensor data from equipment creates opportunities for efficiency that save money and time. For instance, the chance of an unexpected breakdown goes down if machinery and equipment are frequently checked. If a problem code arose or if diagnostics showed that the equipment was not operating at its optimal level, you could take corrective action right away.

Equipment Monitoring Market Growth Drivers

• Growing adoption of inorganic growth strategies like mergers for launching new equipment monitoring technology is expected to enhance the growth of the market during the forecast period.
• Increasing health care service is expected to be boosting the equipment monitoring market in the near future.
• Augmenting adoption of organic strategies, such as marketing and market expansion, by major companies will propel the market in the near future.
• New technologies in equipment monitoring are on the rise, thereby contributing to the growth of the market in the near future.
• Increasing equipment monitoring to lower the operational cost is estimated to drive the market growth in the forecast period.
• With new policy launches by the government to support equipment monitoring, the market for equipment monitoring is expected to grow during the forecasted period.
• Increased adoption of equipment monitoring in the food and beverage industry to ensure consumable material remains healthy as well as safe, will drive the growth prospects of the equipment monitoring market in the forecast period.

Top Key Players

Some of the major players functioning in the equipment monitoring industry include:

• SKF
• Emerson Electric
• General Electric
• National Instruments
• Parker Hannifin Corporation
• Rockwell Automation, Inc.
• Schaeffler AG
• Honeywell International
• ABB
• Fortive Corporation
• ALS Limited
• Schneider Electric Co.

Segment Analysis

Monitoring Type Segment

The equipment monitoring market was led by the vibration monitoring segment in 2024, as due to increasing new technology vibration monitoring kits and devices launches in the market. A European based software company, Worldsensing, announced in November 2023 that it was going to release a new vibration meter, which assists in automating data collection in long term, continuous vibration monitoring projects.

It expands the list of available wireless monitoring devices by the technology company Worldsensing. The solution can support providers of engineering services in compliance with standards, among them the British BS 7385-2, German DIN 4140-3, and the ISO 2631-2, which attempted to address the effects of vibrations on humans and integrity of buildings.

Monitoring Process Segment

The online equipment monitoring segment is expected to gain momentum at a higher rate during the forecast period in the equipment monitoring market. The growing deployment of innovative online equipment monitoring by the leading players is likely to propel the growth of the segment in the near future.

In February 2024, Cisco Systems, Inc., a conglomerate corporation in digital communications technology declared the availability of real user monitoring with digital experience monitoring.  The session replay modules are now integrated to deliver deeper insights into the applications' performance as well as on mobile and browser ones, along with the effective resolution of issues at the session level.

Deployment Type Segment

On-premises segment dominated the market for equipment monitoring in 2024. The development of new product launches associated with on-premises equipment monitoring is expected to propel the growth of the segment during the forecast period. Moreover, the market for the cloud segment is anticipated to observe the highest CAGR throughout the forecast period. The development in cloud-based equipment monitoring is expected to fuel growth for the market segment during the forecast.

It dominated the market for equipment monitoring in 2023 based on market share, due to the fact that new technology oil and gas monitoring systems are being increasingly released in the market by the major players.

In May 2024, H2scan, a company dedicated to hydrogen sensing and industrial monitoring solutions development, announced four innovative products developed to drive noteworthy efficiencies and performance enhancement in transformer monitoring and protection for industrial and utilities asset managers. These four new products collectively make up a well-rounded solution to enhance 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.

Market Scope

Equipment Monitoring Market Dynamics

Driver

Introduction of the new product

The increasing launch of new products into the market is likely to drive the growth of the equipment monitoring market during the following forecast period. On January 10, 2023, Dodge Industrial, Inc., a manufacturer and a software developer, introduced OPTIFY-a condition monitoring platform. With OPTIFY, customers can remotely monitor and oversee industrial activities in real-time, thus ensuring an improvement of safety, reducing unscheduled downtime, and saving costs.

Restraint

Issues and limitations with equipment monitoring

The equipment monitoring system facilitates the gathering and interpretation of real-time data from IoT-based sources related to the status, usage, performance, condition, and other variables for the equipment. Some of the noted constraints while utilizing equipment monitoring tools include the high initial setup cost for equipment monitoring, the requirement of skilled professionals, the high maintenance cost of monitoring equipment, and too many alerts causing operational disruption, which can hamper the growth of the equipment monitoring market during the forecast period.

Network and internet connectivity may cause a problem with reliability. That is typically connected to environmental conditions and weather. So, connection or no connection typically depends on that. Internet of Things remote device monitoring collects and sends sensitive information. Such things put it at the risk of being penetrated by security breaches. For example, it can be related to financial information, personal information, or other private information. Cyber threats have to be strongly defended by sound security standards implemented by organizations and industries.

Opportunity

Advances in technology

Market participants are enthusiastic about researching and developing sophisticated equipment monitoring technology devices and launching them in the markets, hence creating an opportunity to capitalize on the increased demand that can help spur market growth over the forecast period. In July 2023, automation company ABB Ltd. Released the 'XIO' input/output series to continue meeting the increasing demands of digital monitoring in gas and oil fields.

The new 'XIO' makes possible real-time monitoring and control, strengthens data integrity, and supports increased data access through an Ethernet-to-Serial passthrough application. The XIO series' advanced site automation features develop the process efficiency of oil and gas operations.

Regional Analysis

North America Equipment Monitoring Market Held the Highest Share in 2024

In 2024, North America dominated the equipment monitoring market. The introduction of new monitoring equipment tools by the leading players and the organizations' need for advanced monitoring of their equipment is expected to propel the growth of the equipment monitoring market in North America. In April 2024, US-headquartered Microsoft announced the new industrial artificial innovations coming from the cloud, which are set to help the manufacturing industry contend with issues plaguing industrial challenges.

New industrial solutions cloud involving AI will help the manufacturing industry improve the cost optimization of the factory and production to yield reproducible results and enhance the resilience of the operations. Microsoft offers new artificial intelligence monitoring through cloud deployment and data solutions to manufacturers in pursuit of optimizing their operations, increasing productivity of the workers, igniting innovation, and powering smarter manufacturing.

The Asia Pacific region is expected to grow at a fast rate in the equipment monitoring market during the forecast period. This is due to the rising launch of advanced technology equipment monitoring tools. Rapid industrialization and urbanization are driving the Asia Pacific region to opt for effective equipment monitoring solutions that help operate and maintain machinery without any flaws. These countries-China, India, and Southeast Asian countries-are increasing the size of their manufacturing and industrial sectors. As such, the demands for an equipment monitoring system to reduce the downtime and increase productivity are climbing.

Development Updates

• June 2024: Defense Industry Company Teledyne FLIR LLC unveiled the SV89 Vibration Monitoring Solution Kits and FLIR SV88, offering customers the ability to monitor critical equipment through continuous fault detection and warning of potential defects and future problems with vibration analysis. The multi-communication protocols, IP66 rating, wireless functionality, and rugged design of the SV88 and SV89 Vibration Monitoring Solution Kits allow customers to make crucial data-driven decisions, warning of possible problems, to prolong the life of expensive equipment.
• Datadog, Inc is in the businesses which provides its customers with the best monitoring and security platform for cloud applications. In May 2024, the company made an announcement of the launch of IT Event Management to its suite of AIOps capabilities. The event management feature of Datadog allows the product to intelligently merge, correlate, and enrich all alert events and key signals with both Datadog and third-party observability tools in a unified view. The method often reduces alert fatigue. This helps teams focus more effort and resources on fixing problems.

Segments 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