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Motor Monitoring Global Market Report 2023

Jun 19, 2023

Major players in the motor monitoring market are ABB Ltd., General Electric Company, Siemens, Honeywell International Inc., Schneider Electric, Banner Engineering Corp., National Instruments Corp., AB SKF, Emerson Electric Co.

New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Motor Monitoring Global Market Report 2023" - , Rockwell Automation, Mitsubishi Electric Corporation, Eaton Corporation plc., WEG Group, KCF Technologies, and Advantech Co. Ltd.The global motor monitoring market is expected to grow from $2.12 billion in 2022 to $2.31 billion in 2023 at a compound annual growth rate (CAGR) of 8.93%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $3.12 billion in 2027 at a CAGR of 7.78%.The motor monitoring market consists of revenues earned by entities by providing motor monitoring services such as monitoring rotor flux, vibration, and shaft voltage monitoring services.The market value includes the value of related goods sold by the service provider or included within the service offering.The motor monitoring market also includes sales of vibration sensors, ultrasound detectors, corrosion probes, and infrared sensors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Motor monitoring refers to a procedure that makes it possible to do preventive maintenance on electric motors. It is used in a variety of machinery, including rotating equipment, auxiliary systems, and components including motors, pumps, and presses.North America was the largest region in the motor monitoring market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in the motor monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main offerings of motor monitoring are hardware, software, and services.Hardware refers to any tangible part that houses a circuit board, integrated circuits, or other devices.It is used to evaluate the state of the equipment to foresee probable equipment breakdown.The deployments include on-premise, cloud.The monitoring process includes oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others that are used by various end users such as automotive, oil and gas, metals and mining, power generation, water and wastewater treatment, food and beverages, chemicals, and others.The increasing adoption of electrical vehicles (EVs) is expected to boost the growth of the motor monitoring market going forward.An electric vehicle can be propelled by one or more electric motors.Motor monitoring can decrease in-use failures by detecting prematurely deteriorated systems and giving information for quality improvement initiatives.Hence, the increasing adoption of electrical vehicles (EVs) is expected to boost the motor monitoring market.For instance, according to a report published by the International Energy Agency, a France-based inter-governmental organization, in 2021, 16.5 million electric cars were on the road which showed a 9% increase in sales from 2020. It is expected to be 300 million electric cars on the road by 2030. Therefore, the increasing adoption of electrical vehicles (EVs) is driving the growth of the motor monitoring market.Technological advancement is the key trend traction in the motor monitoring market.Major companies operating in the motor monitoring market are focusing on developing new technologies.For instance, in May 2022, TMEIC Asia Pte. Ltd., a Singapore-based company that designs and manufactures induction, synchronous motors, and generators, launched TMASMS, an artificial intelligence (AI) based smart motor sensor. The platform offers high-performance predictive maintenance can be used for electric motors that enables the early prediction of motor failures and contributes to the steady operation of factories and plants by continuously monitoring and analyzing data.In November 2022, Cummins Inc., a US-based power technology company, acquired Siemens’ Commercial Vehicles business for a deal of $209 million. This acquisition marked an advancement in Cummins’ aim to achieve net-zero emissions by 2050 in a manner that benefits both its clients and the environment. Siemens is a Germany-based technology company.The countries covered in the motor monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.The motor monitoring market research report is one of a series of new reports that provides motor monitoring market statistics, including motor monitoring industry global market size, regional shares, competitors with motor monitoring, market share, detailed motor monitoring market segments, market trends, and opportunities, and any further data you may need to thrive in the motor monitoring industry. This motor monitoring, market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.Read the full report: ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________