The global motor monitoring market size is expected to reach USD 3.1 billion by 2027, registering a CAGR of 8.3% over the forecast period, according to a new study conducted by Grand View Research, Inc. Energy costs are a major part of operating expenditures of any facility, and motors account for the majority of those expenses. Monitoring motor performance helps in extending the life of the motor, improving reliability, and reducing the facility’s overall operating cost. Moreover, monitoring motor performance with highly trained workers using advanced equipment enables facilities to dictate their own downtime, improve plant operations, and identify poorly functioning equipment quickly. All these factors are anticipated to drive the market over the forecast period.
Motor
monitoring is the collection, sorting, and analysing of streamed data with the
help of detectors, sensors, diagnostic software and so on and has its
application in several industry verticals including oil & gas, power
generation, aerospace & defense, automotive, and others. Motor monitoring
cannot be done properly through manual methods, as it leads to unanticipated
outages, failures and unexpected financial losses. Motor monitoring systems
help record the undesired changes at an early stage, and are then rectified by
the analysis. Therefore, these systems are being extensively used for improving
the overall productivity of the organization.
The
market is highly influenced by several factors including increasing prominence
of predictive maintenance and rising demand to minimise revenue loss caused due
to motor faults. Rising popularity of wireless technologies across various
sectors, such as manufacturing, is also contributing to the market growth. In
addition, adoption of cloud computing platform is also anticipated to leverage
huge growth opportunity for the market over the forecast period.
Full Research Report On Motor Monitoring Market Visit Here:
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Motor Monitoring
Market Report Highlights
- The market is
driven by the development of advanced motor monitoring sensors, huge
investments in developing countries, and technological advancements
in AI and IoT
- On-premise
deployment segment is likely to lead the market. On-premise deployment is
more secure and helps collect accurate data in real time, with enough lead
time to resolve faults at early stage
- Online
monitoring process is anticipated to be the largest as well as
fastest-growing segment from 2020 to 2027 as it offers more detailed
monitoring and analysis as compared to portable systems
- The
automotive industry is under continuous pressure to improve performance in
a cost-sensitive and competitive environment and is expected to witness
the fastest CAGR over the forecast period
- Asia Pacific
is expected to register the fastest CAGR from 2020 to 2027 owing to
continuous business expansions and infrastructure development in the
region
- Increasing
demand for effective scheduling of machine maintenance along with
speculation of equipment failure across several industries, such as oil
& gas and manufacturing, is the major factor driving the market growth
in North America
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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