According to IMARC Group latest report titled” Motor Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on motor monitoring market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global motor monitoring market size reached US$ 2.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.2 Billion by 2027, exhibiting a growth rate (CAGR) of 7.7% during 2022-2027.
Motor monitoring refers to one of the predictive maintenance aspects involving thorough inspection using modern and state-of-the-art equipment. It usually focuses on tracking the performance of motors and reducing downtime needed for repairs. In addition to this, motor monitoring also analyzes testing starting loads, ambient temperature, availability of spares, ease of testing, the number of starts and stops, etc. It aids in avoiding critical unplanned downtime, locating potential problems, ensuring efficiency, improving plant operations, etc. Consequently, motor monitoring finds extensive applications in several industries, including aerospace, automotive, oil and gas, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The inflating need for detecting potential issues in machines before their breakdown is primarily driving the motor monitoring market. Additionally, the launch of numerous favorable policies by government bodies across countries to promote the adoption of energy-efficient products and minimize carbon emissions from various industrial verticals is propelling the demand for motors as they are more environment-friendly and affordable than fossil-fuel engines. Besides this, the growing utilization of electric motors in domestic appliances, machine tools, industrial fans, etc., owing to their high endurance for fluctuating voltages, efficiency, durability, etc., is further catalyzing the market growth. Moreover, the rising popularity of motor monitoring in sports and thermal imaging is acting as another significant growth-inducing factor. Apart from this, the introduction of advanced test equipment that collect data via three voltage probes and corresponding current transformers is anticipated to fuel the motor monitoring market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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:
Breakup by Monitoring Process:
- Oil Analysis
- Motor Current Analysis
- Vibration Analysis
Breakup by End Use:
- Oil and Gas
- Energy and Power
- Aerospace and Defense
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 (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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