Motor Monitoring Market Worth $2.9 Billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 10, 2022 /PRNewswire/ -- According to the new market research report "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 - Global Forecast to 2026", published by MarketsandMarkets™, the global Motor Monitoring Market size will grow to  USD 2.9 billion by 2026 from USD 2.0 billion in 2021, at a CAGR of 7.8% during the forecast period.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142439618

The growing demand for predictive maintenance and analytics is one of the driving factors for the Motor Monitoring Market, globally. Predictive maintenance is gaining recognition as one of the more easily exploited applications of digitalization. Predictive maintenance (PdM) is a strategy for predicting when equipment will break and replacing the component before it fails. This aids in the reduction of downtime and the extension of component life. Predictive maintenance entails measuring the motors functioning parameters under full load, as well as the effective temperature and wetness conditions, while it is in use. For the maintenance of electric motors, there are 2 widely used methods of analysis, i.e., vibration analysis and infrared imaging. Vibration analysis is primarily employed in the case of rotating machinery while the technician can use infrared imaging to determine the temperature of the electric motor. Vibration analysis can detect any imbalance, misalignment, looseness, or bearing problems in the motor. Infrared imaging aids in the detection of problems such as bearing failure, airflow, insulation failure, unbalanced voltage, and shaft misalignment.

The hardware segment is expected to dominate the Motor Monitoring Market, by offering, during the forecast period.

The hardware segment is estimated to account for the largest market share of 69.2% of the Motor Monitoring Market in 2021. This segment is expected to maintain its high market share during the forecast period, as various industries require sensors and other hardware components for motor monitoring. Moreover, with increasing penetration of IoT in end-user industries, various hardware components will be required to establish network connection; this will fuel the demand for hardware in the Motor Monitoring Market.

Browse in-depth TOC on "Motor Monitoring Market"

303 – Tables
54 – Figures  
316 – Pages

View Detailed Table of Content Here: https://www.marketsandmarkets.com/Market-Reports/motor-monitoring-market-142439618.html 

The Oil & Gas segment is expected to be the largest Motor Monitoring Market, by end-user industry, during the forecast period.

The Oil & Gas segment is expected to account for the largest share of the Motor Monitoring Market during 2021-2026. This trend is expected to continue during the forecast period. The oil & gas industry is one of the biggest end users of motors and deploys many motors that are very critical for operations and face harsh environmental situations. Thus, motor monitoring plays an important role in the oil & gas sector. Apart from that, the increasing focus on safety in drilling activities will also provide more opportunities to the Motor Monitoring Market.

North America likely to emerge as the largest Motor Monitoring Market

In this report, the Motor Monitoring Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. 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.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=142439618 

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Motor Monitoring Market.

Some of the key players are General Electric (US), Siemens (Germany), ABB (Switzerland), Honeywell (US), and Schneider Electric (France). The leading players are adopting various strategies to increase their share in the Motor Monitoring Market.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Browse Related Reports:

Industrial Control & Factory Automation Market by Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Component (Industrial Robots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region - Global Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/factory-industrial-automation-sme-smb-market-541.html

Machine Condition Monitoring Market with COVID-19 Impact Analysis, by Monitoring Technique (Vibration Monitoring, Oil Analysis, Corrosion Monitoring), Monitoring Process, Deployment Type, Offering, Industry, and Region - Global Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/machine-health-monitoring-market-29627363.html 

Electric Motor Market by Type (AC, DC), Power Rating (<1KW, 1-2.2KW, 2.2-375 KW, >375KW), End User (Industrial, Commercial, Residential, Transportation, and Agriculture), Rotor Type, Output Power, and Region - Global Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/electric-motor-market-alternative-fuel-vehicles-717.html 

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com 
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/motor-monitoring-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com 
Content Source: https://www.marketsandmarkets.com/PressReleases/motor-monitoring.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg