The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The growing popularity of electric vehicles (EVs) is likely to spur innovation in motor monitoring manufacturing, propelling the market during the forecast period.

The global motor monitoring market is expected to grow from $2.12 billion in 2022 to $2.31 billion in 2023 at a compound annual growth rate (CAGR) of 8.93%. The global motor monitoring market size is expected to reach $3.12 billion in 2027 at a CAGR of 7.78%.

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Global Motor Monitoring Market Segments Include:

• By Offering: Hardware, Software, Services
• By Deployment: On-Premise, Cloud
• By Monitoring Process: Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis, Other Monitoring Process
• By End User: Automotive, Oil And Gas, Metals And Mining, Power Generation, Water And Wastewater Treatment, Food And Beverages, Chemicals, Other End Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global motor monitoring market in 2021.

Major Market Players in the motor monitoring market include ABB Ltd., General Electric Company, Siemens, Honeywell International Inc., Schneider Electric, Banner Engineering Corp., National Instruments Corp., AB SKF, Emerson Electric Co.

The primary trend traction in the motor monitoring market is technological advancement. Major players in the motor monitoring market are focusing on the development of innovative technologies. TMEIC Asia Pte. Ltd., a Singapore-based firm that designs and manufactures induction, synchronous motors, and generators, for example, launched TMASMS, an artificial intelligence (AI)-based smart motor sensor, in May 2022. The platform provides high-performance predictive maintenance for electric motors, allowing for the early prediction of motor failures and contributing to the smooth operation of factories and plants through continuous data monitoring and analysis.

The Motor Monitoring Global Market Report 2023  provides a motor monitoring market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The motor monitoring market forecast analyzes motor monitoring market size, motor monitoring market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Motor monitoring is a process that allows for preventive maintenance on electric motors. It’s found in a wide range of machinery, including rotating equipment, auxiliary systems, and components like motors, pumps, and presses.

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