Motor Monitoring Market Research Report
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.
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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
o
Vibration Sensors
o
Infrared Sensors
o
Corrosion Probes
o
Ultrasound Detectors
o
Spectrum Analyzers
o
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
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
About GMI Research
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