DUBAI, United Arab Emirates, Feb. 07, 2022 (GLOBE NEWSWIRE) -- The Motor Monitoring Market size is projected to grow at a rate of 8% CAGR during the forecast period to surpass a valuation of US$ 2.9 Bn by 2026, from US$ 2 Bn in 2021. Key motor monitoring market trends include the high popularity of predictive maintenance, which underpins healthy sales prospect.
According to a recent Motor Monitoring Market report by Future Market Insights (FMI), the motor monitoring market is anticipated to advance at a healthy CAGR of 8% during the forecast period 2022-2032.
The increasing use of wireless communication technology in machine condition monitoring and the rising demand for predictive maintenance are two crucial factors driving the growth of the motor monitoring system market.
| Attributes | Details | |
| Motor Monitoring Market CAGR (2022 – 2032) | 8% | |
| Motor Monitoring Market (2026) | US$ 2.9 Bn | |
| Motor Monitoring Market Attraction | Mandatory implementation of energy audit in developed regions to offer opportunities | |
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The trend in the automotive industry toward automated systems has mandated the use of a motor monitoring system. In addition, the need for motor monitoring systems has grown as the demand for efficient working systems has increased for greater performance and fuel efficiency.
Motor monitoring sensors are widely used in airplanes, buses, cranes, and trucks in the aerospace industry. The seamless integration of autonomous Electric motors in aerospace and aviation is optimistic for market expansion.
Initiatives to modernize existing power infrastructure to fulfill global energy demand has boosted the global adoption of the motor control market. The increased use of predictive maintenance and other motor monitoring modules prompts businesses to hire a data analysis staff. To obtain accurate information on the health of motors, this team should be well-versed on motors as well as their operation in a specific machine.
As a result, the indirect cost to businesses will rise. During the forecast period, the scarcity of skilled professionals at reasonable prices is the primary factor limiting motor monitoring market growth.
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Scope of the Report
| Attributes | Motor Monitoring Market | Motor Control Centers Market | Machine Condition Monitoring System Market | |||
| CAGR (2022 - 2032) | 8% | 6.5% | 7.3% | |||
| Market Value (2026) | US$ 2.9 Bn | US$ 6.5 Bn | US$ 3.6 Bn | |||
| Growth Factor | Growing demand for motor monitoring systems from aerospace and automotive industry to sustain growth opportunities. | Increasing power generation capacity to improve sales prospect in Asia Pacific. | Use of wireless technology to support growth. | |||
| Opportunity | High adoption of EVs in Europe to open new channel of revenue. | Rising uptime in industrial plant provide opportunities for the adoption of motor control centers. | Investment in the development of vibration monitoring techniques to offer opportunities. | |||
| Key Trends | Improvements in motor monitoring devices to enhance efficiency can boost adoption. | Inorganic growth through acquisitions and mergers are the go-to- market move. | Collaborations and product launches to upkeep growth momentum. | |||
KEY TAKEAWAYS:
- Popularity of hardware is anticipated to remain high over software and services during the forecast period.
- Mission critical applications are rising, which prompts at high adoption of online motor monitoring system.
- Environmental repercussion from manufacturing plant failure makes oil and gas industry a prominent end user.
- In 2020, North America accounted for 33.7% of the motor monitoring market share. The regional market encompasses the United States, Canada, and Mexico. An increase in demand for electric vehicles (EVs) and increased investment in infrastructure development in various end-user industries of motor monitoring is supporting the region's growth.
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Competitive Landscape
Novel solution offerings and predictive analytics integration are the key drivers facilitating innovation in the motor monitoring system market through product differentiation. There are several key companies in the motor monitoring market, including ABB Group and Siemens AG The following are recent market developments:
Product launch, product development, collaboration, partnership, and other market tactics are used by organizations to increase the motor monitoring market share.
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