Motor Monitoring Market Will Touch USD 3,916 Million by 2030, Says P&S Intelligence

NEW YORK, April 18, 2023 /PRNewswire/ -- The motor monitoring market is projected to generate USD 3,916 million by 2030, advancing at a CAGR of 7.9%, according to P&S Intelligence.

This can be ascribed to the increasing need for prognostic maintenance and the fact that the procedure can be advanced with appropriate analytics. The substantial damage that can be triggered by the failure of even one motor in a factory makes users focus on electric motor monitoring.

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Software Is Mostly Installed On Premises 

In 2022, on the basis of deployment, the on-premises category led the industry with a 68% share. The conservative technique for integrating motor monitoring solutions throughout an organization is on-site computers and servers.

Industrial users majorly select on-premises solutions as they permit control over the information and guarantee its confidentiality. Other benefits of on-premises software are better-quality system supervision and less dependence on external elements, such as networks, as the hardware, information, and software are managed by the company that owns it.

Oil & Gas Sector To Experience Considerable Growth in Solution Demand

In the coming years, the oil & gas category is set to witness significant growth, of 8.4%. Oil and gas companies employ some of the most-complicated and critical industrial production machines.

Additionally, there can be significant economic and environmental consequences as a result of a loosening, misalignment, wear, or disbalance in the bearing.

Induction motors are a major machine in the oil and gas industry because of their flexibility and robustness. They play a vital role in offering rotational energy, which several different systems, both small and big, within an oil or gas refinery require.

Severe Guidelines and Energy Audits by Governments Worldwide

Several governments have established power standards, which oversee the energy utilization of electrical equipment. Motor screening provides systematic methods for lessening safety worries, optimizing prices, and advancing industrial systems' function and maintenance. It also helps in taking decisions about the power mix, energy efficiency, and supply.

Solution Demand in APAC Is Projected To Witness Fastest Market Growth 

Because of the extensive industrialization in countries such as India and China, the Asia-Pacific region is projected to witness a market growth of 8.8% in the coming few years.

Browse detailed report on Motor Monitoring Market Share, Growth, Development and Demand Forecast to 2030

One of the main sectors in India in terms of its contribution to the GDP is manufacturing. Making India profitable for domestic and international companies and uplifting its economy to a worldwide scale are the aims of the government's Make in India program. Additionally, the nation's manufacturing sector is projected to be worth approximately USD 1,100 billion by the end of 2023.

Motor Monitoring Market Segmentation Coverage in the Report

Motor Monitoring Market by Offering

• Hardware
• Software
• Services

Motor Monitoring Market by Deployment

• On-premise
• Cloud

Motor Monitoring Market by Monitoring Process

• Online
• Offline/Portable

Motor Monitoring Market by End user

• Automotive
• Oil & Gas
• Metals & Mining
• Power Generation
• Water & Wastewater Treatment
• Food & Beverages
• Chemicals

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SOURCE P&S Intelligence