Motor Monitoring Market Forecast and Trends Analysis Research Report 2020-2027by Ashish Kumar Consultants
Motor monitoring is a process of progressively monitoring generators, motors, and clutches, used in multiple industries. Appropriate monitoring of equipment cannot be done manually as it results in unexpected failures, outages, and unanticipated financial losses. With the motor monitoring system, undesired changes are recorded at initial stage and is rectified by analysis. These systems are used widely to enhance the overall productivity of the organization.
The major factors propelling the growth of the Global Motor Monitoring market include the increasing demand for thermal imaging applications and rising popularity of wireless technologies in the industrial sector. In the technically advanced business landscape, wireless technologies are gaining traction among multiple industries, such as oil & gas, automotive, chemicals, and other industries. Numerous industries have started deploying wireless technologies as it is easy and cheap to build device with a wireless communicate feature. Such advancement has been observed in smart meters. Instead of sending someone to read the meters manually, data is extracted from meters automatically. Predictive maintenance has been accepted industries across the world. Defining, locating, and acting on potential problems before they become disastrous is the primary objective of predictive maintenance program. Therefore, routine monitoring is the most-effective tactic for identifying potential areas and can encourage invaluable follow-up inspections. Through inspections with appropriate equipment, multiple issues could be rectified, therefore avoiding critical downtime and safeguarding more-efficient operations. Hence, the motor monitoring process allows plant managers to monitor down-time, enhance plant operations, and identify poor performing equipments. Moreover, the rapid advancement in motor monitoring process through wireless technologies is further fuelling the growth of the market.
Based on offering, the market is segmented into hardware and software. Among these, the hardware segment is expected to grow at a higher CAGR during the forecast period due to the criticality of usage of hardware to ensure basic level monitoring of motors in systems and plants. Probes and systems are main types of hardware, that are used for monitoring motor conditions by checking temperature, vibration, noise, and corrosion. On the other hand, the software segment is projected to grow at a higher CAGR during the forecast period due to the increasing need for data analytics in order to reduce errors or faults in motors in a manufacturing plant.
On the basis of monitoring process, the market is segmented into online and portable motor monitoring. Among these, the online motor monitoring segment is expected to grow at a higher CAGR in the market over the forecast period. Online monitoring provides an advanced solution and real-time data to operators. It has various applications in industries that require 24-hour production. This type of monitoring system is primarily used in production intense industries including power generation, oil & gas, and mining as they have high probability of motor failure.
Based on industries, the market is segmented into metals & mining, oil & gas, power generation, water & wastewater, food & beverages, chemicals, automotive, aerospace & defense, and others. Among these, the automotive industry is expected to grow at a higher CAGR during the forecast period as the industry is focusing on upgrading and automating assembly lines that requires progressive monitoring of motors to avoid downtime. Motor current analysis aids in decreasing machine failure and increasing machine life. Moreover, the automotive industry is observing high growth in the quantity of units produced each day, that fuels the requirement of proper maintenance machinery on the production floor to shorten production cycle and to enhance production output without hindering product quality. This generates the demand for motor monitoring process in automotive industry.
On the basis of Region, North America is projected to grow at a higher CAGR during the forecast period. The region is increasingly adopting advanced technologies and infrastructure networks. Furthermore, continuous advancements in motor monitoring software including development in cloud computing and security measures for cloud users are expected to fuel the growth of market in North America.
The major players in the market include Banner Engineering Corporation, ABB Ltd., National Instruments Corporation, SKF AB, Honeywell International Inc, General Electric Company, Emerson Electric Company, Rockwell Automation Inc, Schneider Electric SE, and Mitsubishi Electric Corporation among others.
The Global Motor Monitoring market has been segmented based on Offering, Monitoring Process, Deployment, Industry, and Regions. Based on Offering, the market is segmented into Hardware and Software. Based on Monitoring Process, the market is segmented into Online and Portable. Based on Deployment, the market is segmented into On-Premises and Cloud. Based on Industry, the market is segmented into Metals & Mining, Oil & Gas, Power Generation, Water & Wastewater, Food & Beverages, Chemicals, Automotive, Aerospace & Defense, and Others.
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Created on May 13th 2020 06:38. Viewed 342 times.