Motor monitoring market is anticipated to grow at a CAGR of 7.6% during the forecast period. The growing acquisition by key players across the globe is the major factor driving the growth of the market. Key players are adopting acquisition strategies to stay competitive in the market. For instance, in October 2019, Analog Devices, Inc. acquired Test Motors, which offers products and services that detect faults in electric motors before they cause damage to production cycles and advises on how and when to repair them. The acquisition aims to expand the Analog Devices, Inc portfolio of condition-based monitoring solutions. Furthermore, the acquisition builds on Analog Devices’ 2018 addition of OtoSense, a start-up that developed “sensing interpretation” software, which can learn and recognize sounds or vibrations and identify potential problems in a factory machine or a car’s engine before they become severe. Additionally, Analog Devices, Inc plans to combine software from OtoSense with Test Motors’ monitoring capabilities to create solutions that offer an advanced, holistic snapshot of machine health by capturing a wider breadth of potential faults.
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The global motor monitoring market is segmented based on offerings, deployment, and end-users. Based on the offerings, the market is bifurcated into hardware, and software & services. Based on the deployment, the market is divided into cloud and on-premise. Based on the end-users, the market is augmented into automotive, oil and gas, power generation, metal and mining, and others. Among these, the oil and gas segment is expected to hold a considerable share of the market due to rising concerns for efficiency, safety, and profitability in oil and gas operations. To fulfill the concern, key market players in the oil and gas industry are adopting motor monitoring systems, which increases the overall motor monitoring market.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Motor Monitoring Market Report Segment
By Offerings
- Hardware
- Software and Services
By Deployment
- Cloud-Based
- On-Premises
By End-Users
- Automotive
- Oil and Gas
- Power Generation
- Metal and Mining
- Others
Global Motor Monitoring Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global motor monitoring market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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