Motor Monitoring Market Size And Forecast
The Global Motor Monitoring Market report provides a holistic evaluation of the market. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics, involves the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Motor Monitoring Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
Motor Monitoring Market was valued at USD 2.37 Billion in 2019 and is projected to reach USD 4.04 Billion by 2027, growing at a CAGR of 6.93 % from 2020 to 2027.
What is Motor Monitoring?
Motor monitoring is a continuous monitoring process of motors, generators, clutches in various end-use industries that are exposed to high-stress. The sensors are permanently boarded on motors for sensing their performance. The sensors are coupled with output devices such as monitors, analyzers, and central servers to transmit data through a wireless network or cable network. The different monitoring techniques are – oil analysis/tribology, vibration analysis, motor circuit analysis, ultrasonic monitoring, radiography/radiation analysis, and others.
Motor monitoring enables safe, effective, productive operation, even the mechanical issues can easily be diagnosed, such as bearing faults, imbalance, mechanical and physical looseness, and eccentricity. These are predominantly used in aerospace, automotive, and transportation. The oil & gas companies hold the maximum usage of motor monitoring systems. Moreover, these systems also find extensive application energy & power, defense, chemicals, food & beverages, metals and mining industry.
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Global Motor Monitoring Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
The increase in usage of motor monitoring in sports, rise in adoption of motor monitoring in automotive and transportation, and increase in demand for thermal imaging applications is expected to fuel the growth of the global motor monitoring market. The increasing and growing importance of predictive maintenance and the increasing need to minimize revenue loss caused by motor faults is likely to drive the demand for the forecast period.
Moreover, increasing the popularity of wireless technologies in the industrial sector, and the adoption of cloud computing platform are anticipated to leverage the potential market growth. On the contrary, the high cost associated with motor monitoring, and the lack of skilled professionals are the potential restraints hampering the overall market. Whereas growing penetration of industrial IoT, an increase in the application of motor monitoring in intelligent transportation system (ITS), and untapped potential in emerging markets offers the favorable growth opportunities.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Motor Monitoring Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Motor Monitoring Market Competitive Landscape
The “Global Motor Monitoring Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Schneider Electric, Mitsubishi Electric, Advantech, Eaton, Weg Group, Dynapar, KCF Technologies, Phoenix Contact, Hudgins, Koncar, and Others. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
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Motor Monitoring Market, By Offering
• Hardware
• Software
Motor Monitoring Market, By Monitoring Process
• Online
• Portable
• Other
Motor Monitoring Market, By Deployment
• On-Premise
• Cloud
• Others
Motor Monitoring Market, By End-User
• Automotive
• Oil & Gas
• Mining
• Food & Beverage
• Aerospace & Defense
• Others
Motor Monitoring Market Geographic Scope
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Rest of the World
o Middle East & Africa
o Latin America
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