“The motor monitoring market is projected to grow at a CAGR of 7.8% from 2021 to 2026.”
The motor monitoring market is projected to reach USD 2.9 billion by 2026 from an estimated USD 2.0 billion in 2021, at a CAGR of 7.8% during the forecast period. The motor monitoring market is driven by the adoption of industry 4.0 in the industrial sector and wireless technology and increased adoption of motor monitoring in Electric vehicles and transportation. Globally the offers lucrative opportunities for the motor monitoring market during the forecast period.
“The cloud segment, by deployment type, is expected to be the fastest-growing market from 2021 to 2026”
The deployment type segment is categorized as cloud and on-premise. The cloud segment of the motor monitoring market is expected to grow at the fastest rate during the forecast period, as cloud-based solutions offer various advantages, such as scalability, adaptability, cost-effectiveness, and low energy consumption, due to which their adoption rate is increasing at a significant rate across organizations.
“The oil & gas segment, by End-User Industry, is expected to be the largest market from 2021 to 2026”
The oil & gas segment held the largest share of the motor monitoring market as oil & gas companies are looking for new ways to meet the rising energy needs as well as to cut down their operating costs and improve efficiency. As a motor is one of the key components of the machinery in oil & gas plants, there is a need for an exclusive monitoring solution that can be implemented. Moreover, as oil & gas companies are establishing their drilling operations in remote offshore locations, the implementation of proper monitoring solutions becomes necessary in this industry.
“North America: The largest region in the motor monitoring market.”
North America is expected to dominate the global motor monitoring market between 2021–2026. North America is at the forefront in deploying asset performance management and condition monitoring solutions, which are efficient in providing early warning notification with predictive analytics and diagnosis of equipment issues days, weeks, or months before failure. In recent years, the development of various software and deployment of automation solutions in various industries have improved business operations and consequently fueled the growth of the motor monitoring market in North America.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
- By Designation: C-Level- 30%, D-Level- 25%, and Others- 45%
- By Region: North America- 10%, Europe- 25%, Asia Pacific- 50%, and South America-8%, Middle East & Africa- 7%
Note: “Others” include sales managers, engineers, and regional managers
The tiers of the companies are defined based on their total revenue as of 2019: Tier 1: >USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: < USD 500 million
The motor monitoring market is dominated by a few major players that have a wide regional presence. The leading players in the motor monitoring market are ABB (Switzerland), General Electric (US), Siemens (Germany), Honeywell (US), SKF (Sweden), WEG (Brazil), and Schneider Electric (France). Some of the other major players include Banner Engineering (US), Mitsubishi Electric (Japan), National Instruments (US), Emerson (US), and Eaton (Republic of Ireland), and others.
Study Coverage:
The report defines, describes, and forecasts the motor monitoring market, by offerings, by monitoring process, by deployment type, end user, and geography. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the motor monitoring market.
Key Benefits of Buying the Report
- The report identifies and addresses the key markets for motor monitoring operations and services, which would help motor monitoring providers review the growth in demand.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
