Europe Asset Monitoring Market is expected to reach US$ 652.14 Million by 2031

Soaring Demand for Comprehensive Asset Performance Management Platform to Fuel Europe Asset Monitoring Market Growth During Forecast Period

According to our latest study, "Europe Asset Monitoring Market Size and Forecast (2021–2031), Regional and Country Share, Trend, and Growth Opportunity Analysis – by Component, Enterprise Size, End User Industry, and Geography," the market was valued at US$ 344.14 million in 2024 and is expected to reach US$ 652.14 million by 2031; it is estimated to register a CAGR of 9.7% during 2025–2031. The report includes growth prospects owing to the current Europe Asset Monitoring Market trends and their foreseeable impact during the forecast period.    

Digitalization is a critical aspect for players operating in the asset monitoring industry. Asset monitoring solutions are always evolving as technology advances. Industries are demanding comprehensive asset performance management platforms for real-time monitoring of machines, equipment, and systems. Businesses are recognizing the need to reduce operational downtime and optimize asset usage, which can directly affect profitability and operational efficiency. Comprehensive asset monitoring platforms are developed by leveraging digital technology that enables businesses to monitor the status and usage patterns of equipment, as well as predict maintenance needs. This proactive approach helps avoid unexpected breakdowns, extend asset lifecycles, and lower repair and maintenance costs.

Europe Asset Monitoring Market Analysis — by Geography

Major market players are developing digital asset monitoring solutions to attract customers from untapped markets. Companies such as ABB Ltd, Aptiv plc, and Amphenol Corporation are developing and adding advanced features to asset monitoring platforms to support industries in accurately tracking and monitoring their assets. In November 2023, ABB Ltd launched ABB Ability SmartMaster. This asset performance management platform is used for verifying and monitoring instrumentation and field devices in water, wastewater, chemical, oil & gas, and other industries. SmartMaster collects, analyzes, and verifies faulty data from instruments remotely without interfering with ongoing measurement tasks. The platform is compatible with instruments, including flow meters, level meters, temperature, and pressure sensors, and can be integrated into on-premise or cloud-based solutions. This integration delivers a vital fleet-level overview from the field directly to the customer's phone, tablet, or other device. Businesses in Europe are recognizing the importance of reducing operational downtime and optimizing asset usage, which may impact profitability and operational efficiencies. The need for comprehensive asset monitoring platforms among industries fuels Europe asset monitoring market growth.  

Asset Monitoring Solutions Limited; Yokogawa Electric Corp; Camlin Group; Emerson Electric Co; GE Vernova Inc; Oracle Corp; ABB Ltd; SGS SA; Prysmian SpA; and International Business Machines Corp are among the key players profiled in the Europe Asset Monitoring Market report. Other major players were also studied and analyzed in the market study to get a holistic view of the market and its ecosystem.

The Europe Asset Monitoring Market is segmented on the basis of component, software, enterprise size, end user, and geography. Based on component, the market is divided into hardware, software, and services. In terms of software, the market is bifurcated into on-premise and cloud. On the basis of enterprise size, the Europe Asset Monitoring Market is categorized as large enterprises and SMEs. In terms of end user, the market is divided into manufacturing, chemicals and petrochemicals, oil and gas, healthcare, construction, and others. The Europe Asset Monitoring Market in Europe is witnessing tremendous growth owing to the expansion of industries in countries such as Germany, Belgium, France, and the UK. The adoption of advanced technologies such as AI, ML, and 5G, favorable government initiatives, funding to promote new technology adoption, and the growing business awareness related to the benefits of using asset monitoring further contribute to the market growth. In terms of revenue, the hardware segment held the largest Europe asset monitoring market share in 2024.

The scope of the Europe Asset Monitoring Market report focuses on Europe (Finland, Sweden, Belgium, the Netherlands, Germany, and the Rest of Europe)

In terms of revenue, Germany held the largest Europe asset monitoring market share in Europe. Rising awareness related to the benefits of using asset monitoring solutions and market players' focus on expanding their presence to attract new customers is boosting the market growth in Germany. In June 2024, Giesecke+Devrient GmbH received a 2024 IoT Evolution Asset Tracking Award for developing mecSOLAR, a solar-powered IoT tracking and monitoring solution. mecSOLAR is designed to meet the diverse tracking and monitoring needs of non-powered logistics objects. It acts as a mobile gateway that collects data from sensor tags and allows asset managers to monitor customizable parameters such as temperature, humidity, and shock. With the growing demand for precise asset monitoring, the adoption of advanced solutions that can monitor diverse environmental and physical conditions leads to better decision-making, lower operational risks, and improved overall supply chain performance.

Increasing adoption of technological hardware and software solutions among businesses in nations including Finland, Sweden, Belgium, the Netherlands, and Germany surge the demand for IoT and AI-based asset monitoring solutions. These solutions monitor and generate real-time performance data of assets, which allows asset managers to rapidly monitor each asset's status, condition, and performance, preventing unexpected interruptions and increasing productivity. Thus, the increasing requirements for advanced asset monitoring software drive the Europe asset monitoring market growth.

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