Motor Monitoring Market
The Motor Monitoring Market is expected to witness a CAGR of around 7% during the forecast period (2021–2027). UnivDatos Market Insights
NOIDA, UTTAR PRADESH, INDIA, November 28, 2022 /EINPresswire.com/ — A comprehensive overview of the motor monitoring market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the motor monitoring market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
The Motor Monitoring Market is expected to witness a CAGR of around 7% during the forecast period (2021–2027). In several sectors, motors are utilized to power various pieces of machinery as they are closely correlated to the output, productivity, and financial health of industries, they play a significant role in terms of components. Furthermore, motor monitoring is the collection, sorting, and analysis of streaming data using detectors, sensors, diagnostic software, and other tools and has applications in several industry verticals including oil & gas, power generation, aerospace & military, automotive, and others. Electric motors are subject to several operational and environmental risks that put thermal stress on the windings, lowering the quality of the motor’s insulation and shortening its lifespan. Therefore, motor monitoring is an essential process for the industries which lowers the unexpected failure and provides monetary advantages to the firm.
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Industry growth witnessed some stress and negative impact due to COVID-19. The sudden outbreak of COVID-19 has sent shockwaves across industries manufacturing, power generation, renewables, nuclear, and oil and gas. The outbreak and the resulting economic slowdown have had an intermediate impact on the motor monitoring industry. Although the COVID-19 pandemic has forced stop all the fieldwork of several major projects, the market is nonetheless expected to remain robust with the rising demand for motor and predictive maintenance.
The moto monitoring market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Offering, the market is primarily bifurcated into:
Based on the offering, the motor monitoring market is segmented into hardware and software segments. The hardware segment holds a significant share in the market for the year 2020. The hardware is the most important component for all industries including IR sensors, vibrational sensors, and ultrasound detectors among others. The government’s plans to adopt energy audits with more mandatory rules, increasing demand for electric vehicles (EVs), and a developing market for the Internet of Things (IoT) are expected to drive the hardware segment. However, the software segment is expected to show significant growth during the forecast period owing to the increasing use of data analytics to reduce possible failure.
By End-Users, the market is primarily bifurcated into:
• Oil & Gas
• Power Generation
• Metal and Mining
Based on end-users, the market is segmented into oil & gas, power generation, automotive, chemicals, metals & mining among others. The oil and gas industries are expected to show higher growth owing to meeting the increasing energy demand across the world and requirements of the process optimization to reduce the operational cost and ensure profitability with the safety of machinery and individual.
By Deployment, the market is primarily bifurcated into:
Based on deployment, the market is segmented into on-premises and cloud. The on-premises segment dominated the motor monitoring market in 2020. The motor monitoring locally installed on computers, servers, motors, bearings, shafts, and other equipment inside a business’s walls is the on-premises software or solution. As a result, on-premises deployment has higher control over data security than cloud storage. Therefore, one of the main reasons pushing industries toward the adoption of on-premises motor monitoring systems is improved control over the data in terms of its storage location.
By Application, the market is primarily bifurcated into:
Based on application, the market is segmented into online and portable/offline. The online segment holds a significant position in the market in the year 2020 and is expected to show higher growth during the forecast period owing to the ability to collect and analyze the data under critical situations along with rapid notifications for issues that would go overlooked in routine maintenance, this process offers crucial information for sustaining process performance. The inherent dangers of such operations are decreased since online and remote monitoring eliminates the requirement for in-person inspections of spinning equipment which will drive the market expansion for online motor monitoring.
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Motor Monitoring Market Geographical Segmentation Includes:
• North America
Rest of North America
Rest of Europe
Rest of Asia-Pacific
• Rest of the World
For a better understanding of the market adoption of the motor monitoring industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, U.K., Spain, Italy, France, and the Rest of Europe); Asia-Pacific (China, Japan, India, Rest of Asia-Pacific); and Rest of the World. In 2020, North America accounted for a significant share of the market, which is supported by the increasing focus on EV, oil & gas activities along with rising investment. In 2020, North America, accounted for a significant share in the market owing to high investment and active deployment of the advanced technologies in the region’s motor monitoring and distribution sector.
The major players targeting the market include:
• ABB Ltd.
• Siemens AG
• Honeywell International Inc.
• Schneider Electric SE
• Emerson Electric Co.
• Rockwell Automation
• Qualitrol Company LLC
• Advantech Co. Ltd.
• Mitsubishi Electric Corporation
• Eaton Corporation
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the motor monitoring market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the motor monitoring market?
• Which factors are influencing the motor monitoring industry over the forecast period?
• What are the global challenges, threats, and risks in the motor monitoring market?
• Which factors are propelling and restraining the motor monitoring industry?
• What are the demanding global regions of the motor monitoring market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
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