Motor Monitoring Market by Offering (Hardware, Software, Services), Monitoring Process (Online, Portable), End-User Industry (Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive), Deployment, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America), The global Motor Monitoring Market size is projected to reach a CAGR of 8.9% from 2022-2028.
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Top Key Players of Motor Monitoring Market
· ABB
· Emerson Electric Co.
· Honeywell International Inc.
· Rockwell Automation, Inc.
· Siemens AG
· General Electric
· Parker Hannifin Corporation
· SKF Group
· National Instruments
· ALS Limited
Motor monitoring is the collection, sorting, and analyzation of streamed data from components such as sensors, detectors, and others on the device. The data analysed in then processed through the software using various algorithms and monitoring process. Therefore, motor monitoring is available as the combination of hardware and software. The motor monitoring finds its application in various industry verticals such as oil & gas, energy & power, aerospace & defence, automotive, and others.
Increase in usage of motor monitoring in sports, rise in adoption of motor monitoring in automotive & transportation, and increase in demand for thermal imaging applications are some of the factors that have supported long-term expansion for Motor Monitoring Market.
COVID-19 has slowed the growth of the motor monitoring, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the motor monitoring owing to less focus on development of end user’s industry.
Regional Analysis of Motor Monitoring Market
North America has strong demand for motor monitoring market which is further growing due to increasing maritime trade and growth of electric vehicles and government policies.
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Recent Developments of Motor Monitoring Market
In March 2021, General Electric launched CONNECTIX, a software suite and expert services. It includes operations, maintenance, and services tools, and solutions which help to optimize operations and enable predictive maintenance and cyber-secure service solutions.
In September 2021, Siemens and Empolis entered into a collaboration agreement in order to digitalize and structure the organizational knowledge for drive systems. The collaboration of Siemens and Empolis strengthens the foundation for insight generation in SIDRIVE IQ with the help of Empolis Intelligent Views Platform’s knowledge graphs.
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Motor Monitoring Market is segmented into offering, deployment, monitoring process, end user and region.
On the basis of Offering
· Hardware
· Software
· Services
On the basis of Deployment
· On-premise
· Cloud
On the basis of Monitoring Process
· Online
· Offline/Portable
On the basis of End-User
· Automotive
· Oil & gas
· Metals & mining
· Power Generation
· Water & wastewater treatment
· Food & beverages
· Chemicals
· Others – Agriculture and Electronics & Semiconductors
On the basis of Region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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