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Revolutionizing Motor Monitoring: Insights into the Global Market Report 2024
Motor Monitoring Market Insights
According to The Business Research Company's, The motor monitoring market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to agricultural expansion, water conservation, temperature regulation, increase in intensive farming, crop quality improvement, crop yield enhancement.
The motor monitoring market size is expected to see strong growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to climate change mitigation, organic farming practices, precision agriculture, population growth and food security, focus on soil health, government subsidies and support. Major trends in the forecast period include technological advancements in mulch film materials, mulch films in organic farming, film recycling initiatives, smart mulch technologies, biodegradable mulch films.
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Market Drivers and Trends:
The increasing adoption of electrical vehicles (EVs) is expected to boost the growth of the motor monitoring market going forward. 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. For instance, according to a report published by the International Energy Agency, a France-based inter-governmental organization, in 2021, 16.5 million electric cars were on the road which showed a 9% increase in sales from 2020. It is expected to be 300 million electric cars on the road by 2030. Therefore, the increasing adoption of electrical vehicles (EVs) is driving the growth of the motor monitoring market.
Technological advancement is the key trend traction in the motor monitoring market. Major companies operating in the motor monitoring market are focusing on developing new technologies. For instance, in May 2022, TMEIC Asia Pte. Ltd., a Singapore-based company that designs and manufactures induction, synchronous motors, and generators, launched TMASMS, an artificial intelligence (AI) based smart motor sensor. The platform offers high-performance predictive maintenance can be used for electric motors that enables the early prediction of motor failures and contributes to the steady operation of factories and plants by continuously monitoring and analyzing data.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
ABB Ltd.; General Electric Company; Siemens AG; Honeywell International Inc.; Schneider Electric SE; Banner Engineering Corp.; National Instruments Corp.; AB SKF; Emerson Electric Co.; Rockwell Automation Inc.; Mitsubishi Electric Corporation; Eaton Corporation plc; WEG Group; KCF Technologies Inc.; Advantech Co. Ltd; Dynapar Corporation; Phoenix Contact GmbH & Co. KG; Parker Hannifin Corporation; Analog Devices Inc.; Texas Instruments Incorporated; STMicroelectronics N.V.; NXP Semiconductors N.V.; Infineon Technologies AG; Renesas Electronics Corporation; Maxim Integrated Products Inc.; ON Semiconductor Corporation; Microchip Technology Inc.; Broadcom Inc.; TE Connectivity Ltd.; Mouser Electronics Inc.; Amphenol Corporation; RS Components Ltd.; Vishay Intertechnology Inc.; Murata Manufacturing Co.Ltd.; Panasonic Corporation
Motor Monitoring Market 2024 Key Insights:
• The motor monitoring market will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• The Impact Of Electric Vehicle Adoption On The Motor Monitoring Market
• Revolutionizing Motor Monitoring With Ai-Based Smart Motor Sensor For Predictive Maintenance And Enhanced Operational Efficiency
• North America was the largest region in the motor monitoring market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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