Press release
The Impact Of Electric Vehicle Adoption On The Motor Monitoring Market: Powering Innovation and Expansion in the Global Motor Monitoring Market by 2025
Motor Monitoring Market
What Is the Expected CAGR for the Motor Monitoring Market Through 2025?
The size of the motor monitoring market has seen robust growth over recent years. The projected increase is from $2.45 billion in 2024 to $2.59 billion in 2025, translating to a compound annual growth rate (CAGR) of 5.6%. The growth experienced during the prior period can be linked to factors such as expansion in agriculture, efforts in water preservation, temperature control, escalated intensive farming, enhancements in crop quality, and increased crop yield.
What's the Projected Size of the Global Motor Monitoring Market by 2029?
In the coming years, the motor monitoring market is slated to experience considerable expansion. The market size is projected to reach $3.55 billion by 2029, with a compound annual growth rate (CAGR) of 8.2%. The growth during the forecast period can be linked to factors like efforts to counteract climate change, the proliferation of organic farming, precision agriculture techniques, growing population and concerns over food security, emphasis on maintaining soil health, and governmental financial aid and assistance. Some of the primary trends for the forecast period include progress in mulch film material technology, the use of mulch films in organic farming, initiatives to recycle film, advanced mulch technologies, and mulch films that are biodegradable.
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Top Growth Drivers in the Motor Monitoring Industry: What's Accelerating the Market?
The rise in the usage of electric vehicles (EVs) is predicted to stimulate the expansion of the motor monitoring market. Electric vehicles operate using one or more electric motors. Motor monitoring can reduce failures during operation, catching compromised systems early and providing valuable data to enhance quality improvement efforts. This increasing uptake of electric vehicles, as a result, catalyzes the growth of the motor monitoring market. For example, data from the France-based intergovernmental organization, International Energy Agency, indicated that sales of electric cars rose by 3.5 million in 2023 compared to 2022. Thus, the escalating use of electric vehicles is spurring on the evolution of the motor monitoring market.
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What Trends Will Shape the Motor Monitoring Market Through 2029 and Beyond?
The primary trend gaining momentum in the motor monitoring market is technological advancements. Large enterprises in this market are channeling their efforts into new technology development. An illustration of this is when TMEIC Asia Pte. Ltd., a Singaporean firm that specializes in producing induction, synchronous motors, and generators, launched TMASMS in May 2022. This is an AI-enabled smart motor sensor platform that provides premium predictive maintenance for electric motors. This forward-thinking technology facilitates the early detection of potential motor failures by constantly monitoring and analyzing data, thereby ensuring consistent operation of factories and industrial plants.
What Are the Main Segments in the Motor Monitoring Market?
The motor monitoringmarket 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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Which Top Companies are Driving Growth in the Motor Monitoring Market?
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
Which Regions Will Dominate the Motor Monitoring Market Through 2029?
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
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