Rising at 7.8% CAGR, Motor Monitoring Market Surge Towards Solid Growth by 2026

The increasing adoption of industry 4.0 principles in manufacturing sector and growing demand for predictive maintenance and analytics is the main driver for the motor monitoring market. The growing focus on energy audits and regulations worldwide and growing demand from aerospace and automotive industries provide lucrative opportunities for the motor monitoring market during the forecast period

According to a latest research report, the motor monitoring market is expected to grow from an estimated USD 2.0 billion in 2021 to USD 2.9 billion by 2026, at a CAGR of 7.8% during the forecast period.

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Key Market Players;

A few major players that have a wide regional presence dominate the well intervention market. The leading players in the well intervention market include General Electric (US), Siemens (Germany), ABB (Switzerland), Honeywell (US), and Schneider Electric (France).

The hardware segment is expected to dominate the motor monitoring market, by offering, during the forecast period.

The hardware segment is estimated to account for the largest market share of 69.2% of the motor monitoring market in 2021. This segment is expected to maintain its high market share during the forecast period, as various industries require sensors and other hardware components for motor monitoring. Moreover, with increasing penetration of IoT in end-user industries, various hardware components will be required to establish network connection; this will fuel the demand for hardware in the motor monitoring market.

This research report categorizes the motor monitoring market based by offering, deployment, monitoring process, and end-user industry.
Based on offering, the motor monitoring market has been segmented as follows:

Hardware
Vibration Sensors
Infrared Sensors
 Corrosion Probes
Ultrasound Detectors
 Spectrum Analyzers
Others
Software
Analytics Software
 Diagnostic Software
Services
Training Services
 Data Analysis Services
 Technical Support & Maintenance Services

Based on deployment, the motor monitoring market has been segmented as follows:

On-premise
Cloud

Based on monitoring process, the motor monitoring market has been segmented as follows:

Online
Offline/Portable

Based on End user, the motor monitoring market has been segmented as follows:

Automotive
Oil & gas
Metals & mining
Power Generation
Water & wastewater treatment
Food & beverages
Chemicals
Others - Agriculture and Electronics & Semiconductors

Based on the region, the motor monitoring market has been segmented as follows:

North America
Asia Pacific
Europe
South America
Middle East & Africa

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North America likely to emerge as the largest motor monitoring market

In this report, the motor monitoring market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the global motor monitoring market between 2021-2026. North America is at the forefront in deploying asset performance management and condition monitoring solutions, which are efficient in providing early warning notification with predictive analytics and diagnosis of equipment issues days, weeks, or months before failure. In recent years, the development of various software and deployment of automation solutions in various industries have improved business operations and consequently fueled the growth of the motor monitoring market in North America.

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This release was published on openPR.