0

Motor Monitoring Market Expected to Reach $4,168.4 Million By 2026

 
2022
Motor Monitoring Market

Report Code : A05434

quote Motor monitoring in oil & gas vertical is gaining wide acceptance and their market share is on the rise, due to increase in demand systems which 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 system that can provide output to the remote devices is increasing due to surge in adoption of smart connectivity for sharing data. In addition, the advancements in electronic components such as microcontrollers, sensors, and others, fuels the motor monitoring market growth. quote

Shantanu Sachan
Lead Analyst, Semiconductor and Electronics at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, "Motor Monitoring Market by Offering, Monitoring Technology and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026", 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.

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

Motor monitoring market refers to the use of sensors, detectors, among other hardware components governed by software algorithms for analysis of any faults or errors in the functioning of motor machineries. For efficient motor operations the motor condition monitoring systems are installed in industrial vertical such as oil & gas, energy & power, aerospace & defense, automotive, among others. The system includes two components that are hardware and software. Further, the efficiency of motor condition monitoring through various analysis 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 Preserves the health and extends the life of the assets, reduces energy expenses. Extend the maintenance staff’s reach optimizes your maintenance processes, makes smarter asset management decisions and avoids unplanned outages, minimizes downtime, works safer and reduces defects.  

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

According to motor monitoring market analysis, the hardware segment was the highest contributor to the motor monitoring market share in 2019, however, software is expected to experience fastest growth with a CAGR of 8.6% during the forecast period. The innovation and standardization in the smart analysis of fault detection are the factors for its fast growth in 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 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 wide presence of semiconductor companies in the country and stringent government regulations associated with electronics market.

Moreover, enhancement in industrial autonomy and increase in expenditure in the emerging markets such as Latin America and the Middle East to meet 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 opportunity for the expansion of the market.

The motor monitoring market share is segmented based on offering, monitoring process, end use and region. Based on offering, the market is bifurcated as hardware and software. Based on 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.

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.
  • On the basis of 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.

The report provides a comprehensive analysis of the major market players such as Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin. The companies follow various market strategies such as product launch, product development, collaboration, partnership, and others that leads to the motor monitoring market size.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Motor Monitoring Market by Offering (Hardware and Software), Monitoring Process (Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis and Others), and End Use (Oil and Gas, Energy & Power, Aerospace & Defense, Automotive and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Nov 2024

Plush Toy Market

Download Sample

Buy Full Version
"Motor Monitoring Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers