Increase in Need for Predictive Maintenance is Set to Drive Global Wireless Motor Monitoring System Market: Ken Research

Wireless motor monitoring-system is a specific type of technology that allows the smart use of data related to the power consumption. This type of system is able to analyze information on temperatures, usage and other variables throughout the building or facility. Moreover, increasing need to capture the real-time data for continuous-monitoring is also anticipated to drive the demand for these types of systems throughout the forecast period.

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Referring to the study, Global Wireless Motor Monitoring System Industry Research Report 2021 Segmented by Major Market Players, Types, Applications and Countries Forecast to 2027. Some of the key companies operating in the global wireless motor monitoring system market include SKF, Rockwell Automation, Emerson Electric, Honeywell, Yokogawa, Fluke, Siemens, SPM Instrument, Petasense, Analog Devices, PCB Piezotronics, Parker Hannifin, National Instruments, General Electric, Flir Systems and among others. With the growing need for wireless motor monitoring systems in manufacturing industries around the world, manufacturers are constantly focusing on developing innovative techniques and developing sensor quality.

In terms of type, wireless motor monitoring system market has been segmented as cloud type and on-premise type. Cloud type wireless motor monitoring system is usually used to perform various tasks such as accounting management and equipment maintenance for long periods of time without interruption. Additionally, in the terms of applications, market has been segmented as power, oil & gas and automotive. In the automotive sector, wireless motor monitoring-systems offer many benefits as they help reduce costs for automakers so they can make more profits on every unit sold while increasing customer satisfaction and loyalty through better technical support.

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Increase in need for predictive maintenance, followed by growth in implementation of wireless communication technology in the machine condition monitoring, increase in government initiatives for reducing carbon emissions, growth in oil & gas industries, rise in investments in renewable energy projects and surge in demand from the power sector owing to growing scarcity of fossil fuels are some major factors, which are responsible for growth of the wireless motor monitoring system market. Apart from this, frequent interruption caused by signal interference and lack of awareness in the emerging economies may impact the market. Moreover, emergence of big-data analytics, machine-learning, and cloud-based motor condition monitoring-system are leading opportunities for market. Furthermore, evident emergence of cloud-based wireless motor monitoring is a key trend for global market.

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Based on regional analysis, the North-America is a leading region in global wireless motor monitoring system market owing to development of Internet-of-Things (IoT), increase in investment by the government on smart cities initiatives across Mexico and Canada, rise in energy consumption due to increasing population and strict regulations about the safety of personnel operating electric equipment across the region. The Asia-Pacific and Europe regions are predicted to exhibit higher growth rate due to presence of key participants coupled with growth in industries such as metal & mining, manufacturing, food & beverage, oil & gas infrastructure and consumer goods over the forecast period. It is projected that future of the global wireless motor monitoring system market will be bright on account of growth in technological innovations during the forecast period.

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