Motor Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Motor Monitoring Market Introduction
Predictive maintenance has in no time become a globally accepted practice and is highly implemented and finely tuned by nearly every industry category. Detecting, defining, and acting on potential issues before they turn catastrophe have become a basic need for effective working. Routine monitoring is gaining traction, owing to numerous benefits of this practice. Motor monitoring has become a paramount tool with two facets (offline testing and online monitoring) that need to be considered and fully utilized to perform a successful diagnosis of the condition of a motor.
Monitoring motor performance with properly trained technicians using advanced equipment enables plant managers to command their own downtime, enhance plant operations, and identify poorly performing equipment easily. The growing popularity of wireless technologies, especially in the industrial sector, is a primary factor fueling growth in the motor monitoring industry. The motor monitoring market is expected to be valued at nearly US$ 2 billion in 2018.
Motor Monitoring Market – Notable Developments
Some of the most prominent competitors operating in the competitive landscape of global motor monitoring market include –
Motor Monitoring Market Dynamics
Online Motor Monitoring Registering Growth in Motor Monitoring Market
The market for online motor monitoring is likely to grow substantially in the forthcoming years, owing to its ability to provide real-time data and an advanced solution to the operators. The applications of online vibration monitoring systems are proliferating in the industries that demand 24-hour production. Online motor monitoring is witnessing traction in production-intensive industries, such mining, power generation, and as oil & gas, which exhibit a higher probability of motor failure. Dynamics or online motor monitoring systems monitor motors in their natural environment, and provides data regarding power quality, the operating condition of the motor, and load-related essential information.
Stakeholders Reaping Benefits Out of Growing Adoption of Motor Monitoring Systems in Automotive Industry
The global automotive industry is focusing on automating and improving assembly lines, which need uninterrupted motor monitoring to prevent downtimes. Motor current analysis aids in reducing machine failures and add to the life of machines. As the automotive industry witness notable progress in number of units generated per day, demand for proper maintenance machinery is set to grow in order to increase production output, without compromising on product quality. Quality management is closely associated with the health of motors in the machines used to manufacture automobiles. Consequently, automotive companies are investing in motor monitoring solutions to reduce the bottlenecks in the assembly line, thereby keeping the production rates high.
Developed Regions Dominate the Motor Monitoring Market, Emerging Economies to Record Fastest Growth
Developed regions, such as North America and Europe are likely to account for a significant share in the growth of the motor monitoring market with the availability of technologically advanced base for diverse industries. North America is among the most advanced regions in terms of the adoption of cutting-edge technologies and infrastructure network. Continuing advancements in the motor monitoring software, including advancement in cloud computing and security measures for cloud users, are anticipated to trigger the growth of the market in North America.
The untapped lucrative opportunities for industries in emerging economies are likely to increase developments in the motor monitoring market in emerging nations. For instance, APAC has a huge industrial sector with the presence of numerous manufacturing units of leading companies. The region has turned into a global focal point for heavy investments and business expansion opportunities, in recent time. As a result, the region is likely to witness a continuous demand for motor monitoring solutions.
Motor Monitoring Market Segmentation
Based on offering, the motor monitoring market is segmented into,
Based on Monitoring Process, the motor monitoring market is segmented into,
Based on Deployment/Industry, the motor monitoring market is segmented into,
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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