Growth opportunities in the Motor Monitoring Market look promising over the next six years. This is mainly due to their wide usage to enhance the organization’s overall productivity and record undesirable changes at the initial stage.
Motor Monitoring Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting demand for thermal imaging applications and the growing prominence of wireless technologies across the industrial sectors are the two major drivers responsible for the growth of the global motor monitoring market. In this technologically advanced era, wireless mechanisms are alluring several industries, including oil & gas, automotive, and chemicals. Enormous enterprises have initiated the usage of these technologies as it is economical and straightforward to build devices with a wireless communication feature. All these modernization are witnessed in smart meters, which helps to extract data automatically instead of sending someone to read the meter manually. In addition, the escalating adoption of predictive maintenance programs to define, locate, and act on potential problems before they become disastrous is strengthening the motor monitoring market size. Therefore, routine supervision is the most efficient tactic to recognize capable areas and encourage invaluable follow-up inspections. Multiple issues could be solved through exploring with proper equipment, which evades the critical downtime and protects more efficient operations. Hence, the motor monitoring process permits plant managers to administer downtime, enhance plant operations, and identify poor-performing devices.
Offering Segment Drivers
Based on offering, the market is segmented into hardware and software. Among these, the hardware is projected to witness a higher CAGR during the forecast period. This is mainly due to the carping implementation to ensure basic level surveillance of motors in systems and plants. Probes and systems account to be the main types of hardware that are used for tracking conditions by checking temperature, vibration, noise, and corrosion. On the other hand, the software is expected to expand at a higher CAGR over the forecast period due to the increasing requirement for data analytics in order to minimize fallacies or faults in a manufacturing plant.
Regional Drivers
Based on the regional coverage, North America is predicted to grow at a faster CAGR during the forecast period. This is owing to the escalating endorsement of sophisticated technologies and infrastructure networks. Furthermore, the persistent developments in software, including expansion in cloud computing and security measures for cloud users, fuel market growth.
Motor Monitoring Market’s leading Manufacturers:
- Mitsubishi Electric Corporation
- Rockwell Automation Inc
- General Electric Company
- SKF AB
- ABB Ltd
- Schneider Electric SE
- Emerson Electric Company
- Honeywell International Inc
- National Instruments Corporation
- Banner Engineering Corporation
Motor Monitoring Market Segmentation:
Segmentation by Offering
- Hardware
- Vibration Sensors
- Infrared Sensors
- Corrosion Probes
- Ultrasound Detectors
- Spectrum Analyzers
- Others
- Software
Segmentation by Monitoring Process
- Online
- Portable
Segmentation by Deployment
- On-Premises
- Cloud
Segmentation by Industry
- Metals & Mining
- Oil & Gas
- Power Generation
- Water & Wastewater
- Food & Beverages
- Chemicals
- Automotive
- Aerospace & Defense
- Others (Agriculture and Electronics & Semiconductor)
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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