According to IMARC Group latest report titled” Motor Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on motor monitoring industry size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global motor monitoring market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Motor monitoring systems are integral components in industrial and manufacturing settings, designed to track and assess the performance of electric motors. Their primary characteristics include the capability to detect fluctuations in voltage, current, temperature, vibration, and other critical parameters that may indicate potential malfunctions. Through sophisticated algorithms and sensory technologies, these systems proactively diagnose issues, enabling preemptive maintenance and minimizing downtime. Their working mechanism involves real-time data collection and analysis, which not only enhances the longevity and reliability of motors but also optimizes energy consumption, leading to cost savings. The advantages of using motor monitoring systems are substantial, ranging from extended equipment life to improved safety and operational efficiency.
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Market Trends:
The global market is primarily driven by the rising integration of Internet of Things (IoT) technology in industrial operations is facilitating more precise and timely monitoring, which in turn, is impelling the market forward. Additionally, stringent government regulations regarding energy efficiency and motor system health are reinforcing the commitment to motor monitoring. A rise in the adoption of wireless communication technology is enhancing monitoring capabilities and, hence, fueling the market. The transition towards automation and smart factories is necessitating continuous monitoring solutions that ensure operational excellence. Moreover, the emphasis on reducing operational costs by various industries is compelling the adoption of monitoring systems. Furthermore, advancements in data analytics and machine learning are streamlining motor monitoring processes, thereby stimulating market dynamics. The increasing availability of motor monitoring solutions that cater to the demands of different industries is another vital factor augmenting market growth.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AB SKF
- ABB Ltd
- ALS Limited
- Eaton Corporation plc
- Emerson Electric Co.
- General Electric
- Honeywell International Inc
- National Instruments Corp.
- Parker-Hannifin Corp
- Rockwell Automation Inc
- Schneider Electric
- Siemens AG
Motor Monitoring Market Segmentation:
Our report has categorized the market based on region, offering, monitoring process and end use.
Breakup by Offering:
- Hardware
- Software
Breakup by Monitoring Process:
- Oil Analysis
- Motor Current Analysis
- Ultrasound
- Thermography
- Vibration Analysis
- Others
Breakup by End Use:
- Oil and Gas
- Energy and Power
- Aerospace and Defense
- Automotive
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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