According to IMARC Group latest report titled” Motor Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on motor monitoring market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global motor monitoring market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Machine condition monitoring refers to the process of identifying possible faults and tracking the health and performance of an appliance. It involves the measurement of various parameters, such as current, vibration, humidity, pressure, temperature, and revolutions per minute (RPM). Machine condition monitoring impacts the overall product quality and prevents potential damage by monitoring corrosion, ultrasound emissions, thermography, vibrations, and oil and motor current analysis. In addition to this, this process also enables precise scheduling of maintenance programs and provides the required data for critical diagnostics. As a result, machine condition monitoring finds widespread applications in anticipating the essentials of electric motors, internal combustion engines (ICEs), pumps, and presses.
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Market Trends:
The extensive utilization of this process across several industries, including manufacturing, packaging, food and beverage (F&B), robotics, and steelmaking, is among the primary factors driving the machine condition monitoring market. Besides this, the continuous technological advancements, such as the usage of secure cloud computing platforms, wireless technologies, the integration with the internet of things (IoT), and the emerging trend of digitization, are further augmenting the market growth. Moreover, the increasing awareness toward preventive maintenance among the masses and the growing popularity of vibration monitoring systems that are used for measuring oscillations of components, including gears, bearings, belts, drive motors, and other parts, are also catalyzing the global market. Apart from this, the expanding infrastructural developments and the elevating requirement for heating, ventilation and air conditioning (HVAC) systems are acting as significant growth-inducing factors. Furthermore, the rising need for this process in the manufacturing sector, as it aids in taking necessary actions to reduce repair costs and improve overall productivity and profitability, is anticipated to propel the machine condition monitoring market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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:
- Hardware
- Software
Breakup by Monitoring Process:
- Oil Analysis
- Motor Current Analysis
- Ultrasound
- Thermography
- Vibration Analysis
- Others
Breakup by End Use:
- Oil and Gas
- Energy and Power
- Aerospace and Defense
- Automotive
- Others
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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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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