DUBLIN--(BUSINESS WIRE)--The "Motor Monitoring Market by Offering, Monitoring Process, and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
The global motor condition monitoring market is expected to generate revenue worth $2,487.6 million in 2019, and is projected to reach $4,168.4 million by 2026, to register a CAGR of 7.3 % during the forecast period.
Motor condition monitoring is the collection, sorting, and analyzation of streamed data from components such as sensors, detectors, and others on the device. The data analyzed in then processed through the software using various algorithms and monitoring process. Therefore, motor condition monitoring is available as the combination of hardware and software. It finds its application in various industry verticals such as oil & gas, energy & power, aerospace & defense, and automotive.
The factors such as increase in usage of motor condition monitoring in sports, increase in adoption of motor condition monitoring in automotive & transportation, and a rise in demand for thermal imaging applications drive the market growth. However, the high cost associated with motor condition monitoring hampers the market growth. Further, increase in adoption of intelligent transportation system (ITS) and in aerospace creates lucrative opportunities in the market.
The motor condition monitoring market is segmented on the basis of offering, monitoring process, end use, and region. By offering, the market is bifurcated as hardware and software. By monitoring process, it is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. By end use, it is classified into oil & gas, energy & power, aerospace & defense, automotive, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- By offering, the hardware segment accounted for the highest share of the market in 2019 with $1,418.9 million, growing at a CAGR of 6.3% from 2019 to 2026.
- On the basis of monitoring technology, the vibration analysis segment generated the highest revenue, accounting for $607.8 million in 2019.
- By region, Asia-Pacific is expected to dominate the market, garnering 8.2% share during the forecast period.
- Increase in usage of motor monitoring in sports
- A rise in the adoption of motor monitoring in automotive and transportation
- Increase in demand for thermal imaging applications
- High cost associated with motor monitoring
- Increase in application of motor monitoring in intelligent transportation system (ITS)
- Increase in adoption of motor monitoring in aerospace
- Emerson Electric
- General Electric
- Honeywell International
- Rockwell Automation
- National Instruments
- SKF Group
- ALS Limited
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