Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) — The “Motor Monitoring Market by Offering, Deployment, Monitoring Process, End-use (Metals and Minings, Oil and Gas, Power Generation, Water and Wastewater, Food and Beverages, Chemicals, Automotive, Aerospace and Defense) and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The market is projected to expand from USD 2.3 Billion in 2023 to USD 3.5 Billion by 2028, flourishing at an impressive CAGR of 8.7% during the forecast period.
As industries increasingly adopt advanced monitoring systems for improved operational efficiency, the global motor monitoring market is witnessing a significant surge. The incorporation of sensor technologies, sophisticated data analytics, and the Internet of Things (IoT) has been pivotal in the market’s growth. These innovations are empowering predictive maintenance strategies across various sectors, thereby optimizing the health and performance of critical motors.
Online Motor Monitoring Systems: Spearheading Market Growth
The research indicates that online motor monitoring systems are the largest segment within the market. The convenience of continuous tracking of parameters like machine vibration, alignment issues, and air gap variations contributes to their dominance. With the implementation of sensors for real-time data transmission and assessment, industries are able to minimize downtime and enhance productivity.
Automotive Sector: A Key Contributor
Among end-use industries, the automotive sector is showing promising growth in the adoption of motor monitoring solutions. This industry’s focus on quality management and maintaining high production standards makes motor monitoring systems essential. The technology helps in streamlining assembly lines and mitigating production bottlenecks.
Cloud-Based Deployment: Gaining Momentum
The shift toward cloud-based solutions is emerging as a game-changer in the motor monitoring space. Cloud platforms facilitate the management of large data volumes generated from IoT sensors, linking the physical machinery to digital monitoring applications. This trend is particularly relevant for power generation, oil & gas, and other process industries looking for scalable and efficient data management solutions.
North America: A Hub for Motor Monitoring Innovations
North America is positioned to become the second-fastest-growing region in the motor monitoring market. The region’s focus on automation, coupled with substantial investments in smart manufacturing, is propelling market expansion. North American industries are leveraging motor monitoring systems to achieve operational excellence and reduce costly equipment failures.
Competitive Landscape and Market Dynamics
The report encompasses an in-depth market analysis, elaborating key drivers, restraints, opportunities, and challenges faced by industry players. Moreover, an extensive review of the competitive landscape reveals that the market is currently led by a few major international companies with vast regional networks.
Highlighted Developments in Motor Monitoring
- Innovations like ABB’s Ability Smart Sensors and SKF Enlight Collect IMx-1 are shaping the market.
- The trend towards predictive maintenance through IoT and data analytics continues to intensify.
- General Electric’s release of CONNECTIX represents a significant step forward in predictive maintenance and service solutions.
|No. of Pages
|2023 – 2028
|Estimated Market Value (USD) in 2023
|Forecasted Market Value (USD) by 2028
|Compound Annual Growth Rate
- Advantech Co Ltd
- Allied Reliability
- Banner Engineering Corp
- Emerson Electric Co
- General Electric
- Honeywell International Inc
- Kcf Technologies
- Koncar- Electrical Engineering Institute
- Mitsubishi Electric Corporation
- Phoenix Contact
- Qualitrol Company LLC
- Rockwell Automation
- Schneider Electric
- Wilson Transformers
For more information about this report visit https://www.researchandmarkets.com/r/9w37ha
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- Global Motor Monitoring Market