Motor Monitoring Market Size, Industry Statistics, Future Growth and Business Prospects 2022-2027

According to IMARC Group latest report titled" Motor Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on motor monitoring market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global motor monitoring market size reached US$ 2.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.2 Billion by 2027, exhibiting a growth rate (CAGR) of 7.7% during 2022-2027.

Motor monitoring is monitoring the performance and health of electric motors used in industrial equipment. It uses sensors and monitoring systems to detect abnormalities in motor behavior, such as changes in vibration, temperature, and current, and to diagnose potential faults before they lead to motor failure. It helps maintain the efficiency and reliability of industrial equipment, as motor failure can lead to costly downtime and repairs. It also helps to identify and address issues early on, reducing the risk of unplanned downtime and improving overall equipment effectiveness. Several motor monitoring techniques include vibration analysis, thermal imaging, and current monitoring. Motor monitoring systems are integrated with a plant's overall control and automation systems, allowing operators to monitor motor performance and diagnose faults in real time.

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Market Trends:

The global market is primarily driven by the growing demand for industrial automation. In line with this, the cost savings and improved equipment performance offered by motor monitoring is significantly contributing to the market. Furthermore, the increasing demand for real-time motor monitoring is positively influencing the market. Apart from this, advanced motor monitoring systems use predictive analytics and machine learning algorithms to detect issues before they occur, enabling operators to take proactive measures to avoid downtime. This, in turn, is expected to offer numerous opportunities for the market. Moreover, the rising awareness of the benefits of motor monitoring is bolstering the market. Besides, the advancements in sensor technology, data analytics, and machine learning are accelerating the development of more advanced and accurate motor monitoring systems. Additionally, the rapid industrialization of emerging economies is driving the demand for motor monitoring systems as more companies seek to enhance the efficiency and reliability of their equipment.

Explore Full Report with Table of Contents: https://www.imarcgroup.com/motor-monitoring-market

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

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

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