The global Motor Monitoring Market size is projected to reach a CAGR of 8.9% from 2022-2028.
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.
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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.
Recent Developments
- 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.
Prominent Players
- ABB
- Emerson Electric Co.
- Honeywell International Inc.
- Rockwell Automation, Inc.
- Siemens AG
- General Electric
- Parker Hannifin Corporation
- SKF Group
- National Instruments
- ALS Limited
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North America to Dominate the 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.
Motor Monitoring Market Segmentation:
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
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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