Motor monitoring Market: Introduction
Motor monitoring may be defined as the process of continuously monitoring the motors, generators, clutches etc. in various end-use industries that is subjected to high stress. Proper monitoring of motors cannot be done manually as it results in unexpected outages, failures and unanticipated financial losses.
However, with motor monitoring systems, undesired changes are recorded at an early stage, which is then rectified by the analysis. Therefore, these systems are widely being used for improving the overall productivity of the organization. The global motor monitoring market is expected to witness a single-digit CAGR over the forecast period, 2018-2028.
Motors are widely used in manufacturing industries and the increasing manufacturing output has been identified as one of the key trends that is supplementing the global motor monitoring market growth. As per United Nations Industrial Development Organization (UNIDO), the global manufacturing value added (MVA) is likely to showcase a growth rate of 3.9% in 2018.
Therefore, owing to various factors such as increasing population, industrialization etc. the manufacturing output is expected to increase till 2028 that is augmenting the motor monitoring market growth.
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Moreover, adoption of Cloud Computing Platform, demand of Wireless Communication Technology for motor monitoring coupled with focus on Predictive Maintenance and advent of Automated Condition Monitoring Technologies are some of the factors providing traction to the motor monitoring market growth.
Focus on predictive analytics by end users is providing traction to the Motor monitoring market growth over the forecast period
Owing to the proliferation in cloud computing and efficient software, the end users are insisting on the adoption of predictive maintenance. As per Fact.MR study, predictive analytics proposes various benefits into the manufacturing industry, such as reduction & prevention of risk, optimized time & cost, efficient use of resources along with providing insights for taking better strategic decisions.
Furthermore, the growth in data analytics and cloud computing is also driving the market growth. As per Open Cirrus, by 2020, over 83% of the data will be cloud based. Moreover, adoption of Automated Condition Monitoring Technologies by automotive, oil & gas, food & beverages industries worldwide is leveraging huge growth prospectus to the global motor monitoring market growth till 2028.
Motor monitoring Market: Regional Outlook
The global Motor monitoring market is segmented into seven regions: North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA. Among the above-mentioned regions, North America accounted for a majority of the market share under the global motor monitoring market owing to high adoption of motor monitoring systems within the end users.
In addition, advancements in cloud computing coupled with the presence of major key players also drives the North America Motor monitoring market. Furthermore, Europe is projected to showcase moderate growth in the global motor monitoring market.
Moreover, East Asia and South Asia are expected to hold a significant market share till 2028 owing to rising end-use industries, rise in manufacturing industry coupled with significant investments by various companies for expansion within the Asian countries.
Key players of Motor monitoring Market
Prominent players in the global motor monitoring market are Schneider Electric, Banner Engineering, ABB, SKF, Mitsubishi Electric, Siemens, Honeywell, General Electric, Emerson Electric, Qualitrol etc. The motor monitoring market consists of well-diversified global and regional players with global vendors ruling the market.
The research report presents a comprehensive assessment of the Motor monitoring market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Motor monitoring market report provides analysis and information, according to market segments such as geographies, type and industry.
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Segmentation analysis of Motor monitoring Market
The global motor monitoring market is bifurcated into three major segments: deployment mode, monitoring process and end-user industry.
On the basis of offering, the global motor monitoring market is divided into:
- Software
- Hardware
On the basis of deployment mode, the global motor monitoring market is divided into:
- Cloud
- On-premise
On the basis of monitoring process, the global motor monitoring market is divided into:
- Online
- Portable
On the basis of end-use industry, the global motor monitoring market is divided into:
- Oil & Gas
- Water & Wastewater
- Metals & Mining
- Food & Beverages
- Chemicals
- Automotive
- Power Generation
- Others
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