Motor Monitoring Market Is Set to Garner Staggering Revenues By 2026

Limited Growth Opportunities Likely to Curb Motor Monitoring Market Growth Over 2026

WILMINGTON, DELAWARE, UNITED STATES, May 9, 2024 /EINPresswire.com/ -- Motor monitoring in the oil & gas vertical is gaining wide acceptance and their market share is on the rise, due to an increase in demand systems that prejudge the faults curbing any sort of fault. Vibration analysis among the monitoring technology segment dominated the global market. Furthermore, the demand for IoT-based motor condition monitoring systems that can provide output to remote devices is increasing due to a surge in the adoption of smart connectivity for sharing data. In addition, the advancements in electronic components such as microcontrollers, sensors, and others, fuel the motor monitoring market growth. The global motor monitoring market was valued at $2.49 Billion in 2019 and is projected to reach $4.17 Billion by 2026, growing at a CAGR of 7.3% from 2019 to 2026.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/5799

In 2019, Asia-Pacific dominated the market, contributing a major share of the overall revenue, followed by Europe and North America. Emerging advancements in IoT and AI, rapid adoption of automated features in automobiles, and penetration of motor condition monitoring in the oil & gas industry fuels the growth of the global motor monitoring industry.

The motor monitoring market refers to the use of sensors, and detectors, among other hardware components governed by software algorithms for analysis of any faults or errors in the functioning of motor machinery. For efficient motor operations, the motor condition monitoring systems are installed in industrial verticals such as oil & gas, energy & power, aerospace & defense, and automotive, among others. The system includes two components: hardware and software. Further, the efficiency of motor condition monitoring through various analyses such as oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others.

Motor condition monitoring system provides various advantages to the user after installation such as preserving health extending the life of the assets, reduces energy expenses. Extending the maintenance staff’s reach optimizes your maintenance processes, makes smarter asset management decisions avoids unplanned outages, minimizes downtime, works safer, and reduces defects.

Factors such as the adoption of motor monitoring systems in sports, penetration of motor condition monitoring systems in automotive & transport, and increasing demand for thermal imaging applications influence the market growth. However, the high cost associated with motor condition monitoring hampers the global market. Further, the increasing application of Motor condition monitoring in intelligent transportation systems (ITS) and the growing adoption of Motor monitoring in aerospace creates a lucrative motor monitoring market opportunity.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/5799

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Motor Monitoring industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐌𝐨𝐭𝐨𝐫 𝐌𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

ABB
Emerson Electric Co.
Honeywell International Inc.
Siemens AG
ALS Limited
Rockwell Automation, Inc.
National Instruments
Parker Hannifin Corporation
General Electric
SKF Group

According to the motor monitoring market analysis, the hardware segment was the highest contributor to the motor monitoring market share in 2019, however, the software is expected to experience the fastest growth with a CAGR of 8.6% during the forecast period. Innovation and standardization in the smart analysis of fault detection are the factors for its fast growth in the future.

Among various regions, Asia-Pacific was the major revenue generator in 2019 and is expected to maintain its dominance in the future. This is attributed to the rise in the industrial sector and its automation.

According to motor monitoring market trends, Asia-Pacific is projected to experience rapid growth throughout the analysis period, China witnessed the highest demand for motor condition monitoring systems, due to the wide presence of semiconductor companies in the country and stringent government regulations associated with the electronics market.

Moreover, enhancement in industrial autonomy and increase in expenditure in emerging markets such as Latin America and the Middle East to meet the demand for exponentially growing economies in these countries have strengthened the market growth. Furthermore, technological advancements for cost-effective and high-precision applications in these nations offer lucrative opportunities for the expansion of the market.

The motor monitoring market share is segmented based on offering, monitoring process, end-use, and region. Based on the offering, the market is bifurcated as hardware and software. Based on the monitoring process, the market is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. Based on end use the market is divided into oil & gas, energy & power, aerospace & defense, automotive, and others. Region-wise the market is segmented as North America, Europe, Asia-Pacific, and LAMEA.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/5799

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

- By offering, the hardware segment accounted for the highest share of the motor monitoring market share in 2019 with $1,418.9 million, growing at a CAGR of 6.3% from 2019 to 2026.
- Based on monitoring technology, the vibration analysis segment generated the highest revenue, accounting for $607.8 million in 2019.
- By region, Asia-Pacific is expected to dominate the market, garnering 8.2% share during the motor monitoring market forecast.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
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