Press release
Motor Monitoring Market Share 2023, Global Trends, Demand Factors
Motor Monitoring Global Market
The Business Research Company's Motor Monitoring Global Market Report 2023 identifies increasing adoption of electrical vehicles (EVs) as the major driver for the Motor Monitoring market's growth in the forecast period. An electric vehicle can be propelled by one or more electric motors. Motor monitoring can decrease in-use failures by detecting prematurely deteriorated systems and giving information for quality improvement initiatives. Hence, the increasing adoption of electrical vehicles (EVs) is expected to boost the motor monitoring market.
The global motor monitoring market size is expected to grow from $2.12 billion in 2022 to $2.31 billion in 2023 at a compound annual growth rate (CAGR) of 8.93%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The global motor monitoring market size is expected to reach $3.12 billion in 2027 at a CAGR of 7.78%.
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Major competitors in the Motor Monitoring market are ABB Ltd., General Electric Company, Siemens, Honeywell International Inc., Schneider Electric, Banner Engineering Corp.
A key trend in the Motor Monitoring market includes Technological advancement. Major companies operating in the motor monitoring market are focusing on developing new technologies.
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The Motor Monitoring market is segmented -
1) By Offering: Hardware, Software, Services
2) By Deployment: On-Premise, Cloud
3) By Monitoring Process: Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis, Other Monitoring Process
4) By End User: Automotive, Oil And Gas, Metals And Mining, Power Generation, Water And Wastewater Treatment, Food And Beverages, Chemicals, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Motor Monitoring market.
The Business Research Company's "Global Motor Monitoring Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Motor Monitoring Market Include:
1. Executive Summary
2. Motor Monitoring Market Characteristics
3. Motor Monitoring Market Trends And Strategies
4. Motor Monitoring Market - Macro Economic Scenario
5. Motor Monitoring Market Size And Growth
……
27. Motor Monitoring Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Motor Monitoring Market
29. Motor Monitoring Market Future Outlook And Potential Analysis
30. Appendix
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