The Asia Pacific Motor Monitoring Market would witness market growth of 7.5% CAGR during the forecast period (2021-2027).
One of the major attributes of motor monitoring is that it strictly adheres to the principle of only performing activities when they are actually required to maintain maximum optimization and motor uptime. This usually refers to monitor monitoring, which ensures that maintenance is initiated when assets satisfy pre-set criteria.
There are various procedures that are being followed in the motor monitoring process, For instance, oil analysis. Lubricants, as well as other fluids, are tested as part of oil analysis. Information about the fluid and the equipment can be easily acquired through this process. Oil analysis in motor monitoring can instantly test wear particles, water pollution, viscosity, and other factors. Pollutants in lubricants and other fluids could indicate the tendency of failure. The oil analysis is being leveraged in numerous industries, such as Compressors, gearboxes, and, the transportation industry.
This region is considered as one of the most mineral-rich regions of the world. There is a significant presence of numerous mineral resources due to the unique geographical conditions of this region. For instance, coal, iron, petroleum, and manganese are majorly present across this region. In addition, according to the Press Information Bureau, of the Ministry of Coal, in 2020, the production of coal, in India, was recorded at 729 million tons. Moreover, according to the United States Environment Protection Agency, China ranks first in coal production across the world in 2020. Additionally, the coal production of this country was 3.6 billion metric tons in 2012.
The increasing number of mining activities in this region is displaying the requirement of various capitals. Due to the fact that these machineries are operated through a motor, the demand for a solution to optimize the performance of these motors is surging. Therefore, the demand for motor monitoring across this region is increasing and presenting tendencies for further growth of the regional market.
The China market dominated the Asia Pacific Motor Monitoring Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $251.2 million by 2027. The Japan market is poised to grow at a CAGR of 6.9% during (2021 - 2027). Additionally, The India market would experience a CAGR of 8.1% during (2021 - 2027).
Based on Offering, the market is segmented into Hardware, Software, and Services. Based on End User, the market is segmented into Oil & Gas, Aerospace & Defense, Power Generation, Water & wastewater Treatment, Chemical, Food & Beverages, Metals & Mining, and Others. Based on Monitoring Process, the market is segmented into Online and Offline/Portable. Based on Deployment, the market is segmented into On-premise and Cloud. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Motor Monitoring Market is Projected to reach USD 3.1 Billion by 2027, at a CAGR of 7.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Honeywell International, Inc., Schneider Electric SE, Emerson Electric Co., Mitsubishi Electric Corporation, Siemens AG, Rockwell Automation, Inc., General Electric (GE) Co., National Instruments Corporation, and Banner Engineering Corporation.
By Offering
By End User
By Monitoring Process
By Deployment
By Country
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