The motor monitoring market is expected to grow from USD 1.6 billion in 2018 to USD 2.3 billion by 2023, at a CAGR of 7.4% between 2018 and 2023
NEW YORK, March 7, 2019 /PRNewswire/ -- Overall motor monitoring market to grow at CAGR of 7.4% from 2018 to 2023
The motor monitoring market is expected to grow from USD 1.6 billion in 2018 to USD 2.3 billion by 2023, at a CAGR of 7.4% between 2018 and 2023. The growing prominence of predictive maintenance and increasing need to minimize revenue loss caused by motor faults are driving the growth of the motor monitoring market. Further, the growing popularity of wireless technologies in the industrial sector is also contributing to the growth of the motor monitoring market. However, lack of faith in prediction capabilities of motor monitoring technology is a major factor limiting the market growth.
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Online motor monitoring process to continue to hold larger share of market during forecast period
The online monitoring process is expected to continue to hold a larger share of the motor monitoring market during the forecast period.The online motor monitoring systems include a sequence of sensors permanently mounted on motors for sensing their behavior.
These sensors are connected to output devices such as monitors, analyzers, and central servers, and transmit data to plant operators either through a wireless network or cable network. Online monitoring processes are used in several production-intensive industries, such as oil & gas, power generation, and mining, where any failure may lead to a high cost.
Motor monitoring market for automotive industry to grow at highest CAGR from 2018 to 2023
The market for automotive is expected to grow at a significant CAGR during the forecast period.With the changing customer requirements, the automotive players are facing challenges regarding the implementation of a solution for effective quality management, while keeping the production levels up.
Quality management is directly related to the health of motors in the machines used to design and manufacture automobiles. The motor monitoring solutions help reduce the bottlenecks in the assembly line, thereby keeping production levels up to the mark.
APAC likely to witness highest growth in overall market during forecast period
APAC is expected to overtake North America to lead the motor monitoring market by 2023 and is also expected to be the fastest-growing region during the forecast period.The region has a huge industrial sector with the presence of several manufacturing units of big companies.
It has become a global focal point for large investments and business expansion opportunities. Therefore, there is a continuous demand for motor monitoring solutions in APAC.
Break-up of the profiles of primary participants is as follows:
• By Company Type: Tier 1 – 65%, Tier 2 – 10%, and Tier 3 – 25%
• By Designation: C-Level Executives – 74% and Others – 26%
• By Region: North America – 35%, Europe – 15%, APAC – 40%, and RoW – 10%
Banner Engineering (US), ABB (Switzerland), National Instruments (US), SKF (Sweden), Siemens (Germany), Honeywell (US), General Electric (US), Emerson Electric (US), Rockwell Automation (US), Qualitrol (US), Schneider Electric (France), Mitsubishi Electric (Japan), Advantech (Taiwan), Eaton (Ireland), WEG (Brazil), Dynapar (US), KCF Technologies (US), Phoenix Contact (Germany), T.F. Hudgins (US), and Koncar (Croatia) are a several of the players operating in the motor monitoring ecosystem.
Research Coverage:
This research report segments the global motor monitoring market based on offering, monitoring process, deployment, industry, and geography.The report discusses major drivers, restraints, challenges, and opportunities pertaining to the motor monitoring market and also includes value chain analysis of this industry.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall motor monitoring market and the subsegments.It is also likely to help stakeholders understand the competitive landscape and gain more insights to better position their businesses as well as to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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