Motor Monitoring Market size is Expected to Reach $4.17 Billion by 2026 | Registering a CAGR of 7.3%

Allied Market Research published a report on the Motor Monitoring Market by Offering, Monitoring Process, and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026. 

The global motor monitoring market was valued at $2.49 billion in 2019, and is projected to reach $4.17 billion by 2026, registering a CAGR of 7.3% from 2019 to 2026.

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Motor monitoring market refers to the use of sensors, detectors, among other hardware components governed by software algorithms for analysis of any faults or errors in the functioning of motor machineries. For efficient motor operations the motor condition monitoring systems are installed in industrial vertical such as oil & gas, energy & power, aerospace & defense, automotive, among others. The system includes two components that are hardware and software. Further, the efficiency of motor condition monitoring through various analysis such as oil analysis, motor current analysis, ultrasound, thermography, vibration analysis and others.

Motor condition monitoring system provides various advantages to the user after installation such as Preserves the health and extends the life of the assets, reduces energy expenses. Extend the maintenance staff's reach optimizes your maintenance processes, makes smarter asset management decisions and avoids unplanned outages, minimizes downtime, works safer and reduces defects.

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Factors such as adoption of motor monitoring systems in sports, penetration of motor condition monitoring system in automotive & transport and increasing demand for thermal imaging applications influences the market growth. However, high cost associated with motor condition monitoring hampers the global market. Further, increasing application of Motor condition monitoring in intelligent transportation system (ITS) and growing adoption of Motor monitoring in aerospace creates lucrative motor monitoring market opportunity.

According to motor monitoring market analysis, the hardware segment was the highest contributor to the motor monitoring market share in 2019, however, software is expected to experience fastest growth with a CAGR of 8.6% during the forecast period. The innovation and standardization in the smart analysis of fault detection are the factors for its fast growth in future.

Businesses can evaluate the Porter's Five Forces Analysis to determine the structure, level of competition, and industry's strengths and weaknesses. The report also contains information and statistics, tables and figures that are used in strategic planning for the company's success. The report will be remarkable in its ability to provide worldwide investors with the information they need to make informed judgments about the market. Also, these research report provides accurate economic, global, and country-level predictions and analysis.

Competitive Analysis:
The motor monitoring industry key players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the motor monitoring industry include:
⦁ ALS Limited
⦁ Emerson Electric Co.
⦁ Rockwell Automation, Inc.
⦁ General Electric
⦁ ABB
⦁ SKF Group
⦁ Siemens AG
⦁ Honeywell International Inc.
⦁ National Instruments
⦁ Parker Hannifin Corporation

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Top Impacting Factors:
Rise in penetration of motor monitoring in sports, growth in adoption of motor monitoring in automotive & transportation and increase in demand for thermal imaging applications are the factors that surge the market demand of motor monitoring device.

However, high cost associated with motor monitoring hampers the market growth. The demand for motor monitoring in intelligent transportation system (ITS) and growth in adoption of motor monitoring in aerospace create lucrative opportunities in the motor monitoring industry.

Key Benefits for Stakeholders:
⦁ This report provides an extensive analysis of the current and emerging market trends and dynamics in the global motor monitoring market share.
⦁ In-depth analysis is conducted by semiconductor and electronics market estimations for the key market segments between 2019 and 2026.
⦁ Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the motor monitoring market forecast framework.
⦁ Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global motor monitoring market.

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