Press release
Motor Monitoring Market Size Forecasted To Achieve $249.6 Billion By 2029 With Steady Growth
Motor Monitoring
What Is the Motor Monitoring Market Size and Projected Growth Rate?
The Motor Monitoring Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Motor Monitoring Market Size and Projected Growth Rate?
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What Are the Major Segments in the Motor Monitoring Market?
The motor monitoring market covered in this report 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
Subsegments:
1) By Hardware: Sensors, Monitoring Devices, Communication Interfaces, Power Supply Units, Displays And Indicators
2) By Software: Data Analysis Software, Monitoring And Control Software, Predictive Maintenance Software, Cloud-Based Platforms, Mobile Applications
3) By Services: Installation And Configuration Services, Maintenance And Support Services, Consulting Services, Training Services, Customization Services
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What Are The Driving Motor Monitoring Market Evolution?
The growth of the motor monitoring market is anticipated to be propelled by the rising adoption of electric vehicles (EVs). Electric vehicles operate on one or more electric motors, which can be regularly monitored to detect system deterioration at an early stage and provide valuable data for improving quality. Consequently, the growing use of electric vehicles is predicted to stimulate the motor monitoring market. For example, a report from the International Energy Agency, an inter-governmental organisation based in France, documented that in 2023, there was an increase of 3.5 million in electric car sales compared to 2022. Therefore, the surge in electric vehicle use is a key factor fuelling the expansion of the motor monitoring market.
Which Firms Dominate The Motor Monitoring Market Segments?
Major companies operating in the motor monitoring market include 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
What Trends Are Expected to Dominate the Motor Monitoring Market in the Next 5 Years?
In the motor monitoring market, technological innovation is the prevailing trend. Prominent enterprises operating in this space are heavily investing in creating novel technologies. Such an example can be found in TMEIC Asia Pte. Ltd., a Singapore-based firm that specializes in the design and production of induction and synchronous motors and generators. In May 2022, this company rolled out TMASMS, a smart motor sensor backed by artificial intelligence (AI). Notably, this high-performing platform enhances predictive maintenance for electric motors, enabling early detection of motor failures. It also facilitates the uninterrupted operation of factories and plants through continuous data monitoring and analysis.
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Which Is The Largest Region In The Motor Monitoring Market?
North America was the largest region in the motor monitoring market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global motor monitoring market during the forecast period. The regions covered in the motor monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Motor Monitoring Market?
2. What is the CAGR expected in the Motor Monitoring Market?
3. What Are the Key Innovations Transforming the Motor Monitoring Industry?
4. Which Region Is Leading the Motor Monitoring Market?
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