LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global wireless motor monitoring system market 2018-2022 to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
This market research report segments the global wireless motor monitoring system market into different segments by wireless products (wireless LAN, wireless HART, WiMAX, ZigBee, and Bluetooth), by products (vibration sensors, power sensors, and dual analog sensors), by end-user (oil and gas, automotive, water and wastewater, and food and beverage), and by regions (the Americas, APAC, and EMEA)
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In this report, Technavio analysts highlight the following three market drivers that are contributing to the growth of the global wireless motor monitoring system market:
- Increasing need for predictive maintenance
- Adoption of IoT in industries
- Advantages of using wireless solutions in industrial environment
Increasing need for predictive maintenance
In the current industrial environment, maintenance does much more than merely avoid downtime of individual assets. Machines are extensively interconnected along the production chain. One failing machine might pause the whole production process. In industries, poor maintenance strategies can decrease the overall productive capacity of the plant.
Predictive maintenance attempts to avert failures by maintaining equipment at pre-scheduled time intervals. This tactic is usually adopted when the cost of maintenance is modest and can be carried out outside production hours.
According to a senior analyst at Technavio for automation, “Predictive analytics is gaining importance among industries because of its competence of speculating future events and requirements with historical and currently available data. A wireless motor monitoring system uses predictive analytics to stimulate preventive maintenance of motors in end-user industries.”
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Global wireless motor monitoring system market segmentation
Of the three major product segments, the global wireless motor monitoring system market by vibration sensors held the largest market share in 2017, accounting for nearly 44% of the market. The market share for vibration sensors is expected to increase during the forecast period, considering the rising adoption of motors in industries.
The Americas was the leading region for the global wireless motor monitoring system market in 2017, accounting for a market share of more than 58%. The Americas has a higher market share compared with other regional markets as it was the early adopter of wireless monitoring systems.
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