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 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.
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.
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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.
Scope of the Report
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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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