The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Current Market Size and Growth

• Market Size in 2023: $2.31 billion
• Market Size in 2024: Expected to grow to $2.51 billion
• CAGR: 8.5% from 2023 to 2024
• Historic Growth Drivers:
  • Agricultural expansion
  • Water conservation
  • Temperature regulation
  • Increase in intensive farming
  • Crop quality improvement
  • Crop yield enhancement

Future Market Projections

• Market Size in 2028: Expected to reach $3.37 billion
• CAGR: 7.7% from 2024 to 2028
• Forecast Period Growth Drivers:
  • Climate change mitigation
  • Organic farming practices
  • Precision agriculture
  • Population growth and food security
  • Focus on soil health
  • Government subsidies and support

Read The Full Motor Monitoring Market Report Here:
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Major Trends in the Forecast Period

• Technological advancements in mulch film materials
• Mulch films in organic farming
• Film recycling initiatives
• Smart mulch technologies
• Biodegradable mulch films

The Impact of Electric Vehicle Adoption on the Motor Monitoring Market

• EV Adoption Boosts Market Growth: Increasing adoption of electric vehicles (EVs) enhances the demand for motor monitoring.
• EVs and Motor Monitoring:
  • Electric vehicles use multiple electric motors.
  • Motor monitoring helps in early detection of failures and improves quality.
• EV Market Data:
  • 2021: 16.5 million electric cars on the road, 9% sales increase from 2020.
  • 2030: Expected to be 300 million electric cars.
• Key Companies:
  • ABB Ltd., General Electric Company, Siemens AG, Honeywell International Inc., Schneider Electric SE, and more.

Revolutionizing Motor Monitoring with AI-Based Smart Motor Sensors

• Technological Advancements: Major trend driving the motor monitoring market.
• New Developments:
  • TMEIC Asia Pte. Ltd. launched TMASMS in May 2022.
  • AI-based smart motor sensor for predictive maintenance.
  • Benefits: Early prediction of motor failures, continuous monitoring, and enhanced operational efficiency.

Cummins Inc. Expands Sustainability Goals with Acquisition of Siemens’ Commercial Vehicles Business

• Acquisition Details:
  • November 2022: Cummins Inc. acquired Siemens’ Commercial Vehicles business.
  • Deal worth $209 million.
• Impact on Sustainability Goals:
  • Advancing towards net-zero emissions by 2050.
  • Benefits clients and the environment.

Market Segmentation

• By Offering: Hardware, Software, Services
• By Deployment: On-Premise, Cloud
• By Monitoring Process:
  • Oil Analysis
  • Motor Current Analysis
  • Ultrasound
  • Thermography
  • Vibration Analysis
  • Other Monitoring Processes
• By End User:
  • Automotive
  • Oil And Gas
  • Metals And Mining
  • Power Generation
  • Water And Wastewater Treatment
  • Food And Beverages
  • Chemicals
  • Other End Users

Regional Insights

• Largest Region in 2023: North America
• Fastest-Growing Region: Asia-Pacific expected to lead during the forecast period

The motor monitoring market is poised for significant growth driven by advancements in technology, the rise of electric vehicles, and increased emphasis on sustainable practices. With robust historic and forecast growth rates, the market is set to play a crucial role in various industries, ensuring enhanced operational efficiency and contributing to environmental sustainability.

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The Motor Monitoring Global Market Report 2024  provides an overview of the motor monitoring market 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 and their market positions.

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