“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% during the forecast period. Major factors driving the market growth are the growing prominence of predictive maintenance and increasing need to minimize revenue loss caused by motor faults.
Some of the prominent key players are: 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).
Software offerings to witness higher CAGR in global motor monitoring market during forecast period
The market has been segmented on the basis of offering into hardware and software. The use of software offerings to collect data from hardware monitoring and generate a database to analyze the working of motors is likely to grow during the forecast period. These software are used for data analytics to deduce faults or errors in motors in a manufacturing plant; however, skilled workforce is required to successfully run preventive or predictive maintenance through motor condition monitoring solutions.
Oil & gas to continue to hold largest share in global motor monitoring market during forecast period
The oil & gas industry held the largest share of the motor monitoring market in 2018, and it is expected to be the leading segment over the forecast period. Oil & gas companies have been emphasizing on increasing productivity and lowering operating costs in response to the pressure built by the fluctuating oil prices in the global market. Hence, these industries are likely to adopt monitoring solutions and related services to maintain the efficient working of their critical assets and reduce downtime.
APAC to hold largest share of motor monitoring market by 2023
APAC is expected to overtake North America to hold the largest share of the motor monitoring market by 2023. The region has a huge industrial sector with the presence of several manufacturing units of big companies. APAC has become a global focal point for large investments and business expansion opportunities. Many countries in this region also has supportive governments that implement several initiatives and policies to support the local manufacturing industry. China, Japan, South Korea, and India are some of the prolific countries in APAC with a considerable presence of manufacturing industries; therefore, there is a continuous demand for motor monitoring systems in APAC.