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,
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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