According to a new report, published by KBV research, The Global Motor Monitoring Market size is expected to reach $3.1 billion by 2027, rising at a market growth of 7.3% CAGR during the forecast period.
The Hardware segment acquired maximum revenue share in the Global Motor Monitoring Market by Offering in 2020, and thereby, achieving a market value of $1.9 billion by 2027. Government initiatives to adopt energy audits with an increase in required laws, increased demand for electric vehicles and a developing market for the Internet of Things are the factors that are fueling the growth of the hardware segment. In addition, hardware is the most crucial component of a machine monitoring system. Vibration sensors, infrared sensors, ultrasonic detectors, spectrum analyzers, and corrosion probes are parts of the hardware of these systems.
The Oil & Gas segment is leading the Global Motor Monitoring Market by End User in 2020, thereby, achieving a market value of $801.6 million by 2027. This segment is growing due to oil and gas businesses are seeking new solutions to meet the growing demand for oil, while also lowering costs and increasing efficiency. Some of the most complex systems in advanced industrial production may be found in oil and gas plants.
The Online segment generating high revenue in the Global Motor Monitoring Market by Monitoring Process in 2020, thereby, achieving a market value of $2.1 billion by 2027. Online motor monitoring eliminates the requirement for in-person rotating equipment inspections, lowering the dangers associated with such operations. Because of the reducing costs of sub meters and sensors, as well as the introduction of big data analytics, online motor monitoring solutions are becoming more accurate and economical. These reasons are propelling the growth of the online motor monitoring market.
The Cloud segment is showcasing a CAGR of 9% during (2021 - 2027). The demand for cloud-based motor monitoring solutions is rising due to the attribute that it eliminates the requirement of the installation of a system that is entirely dedicated to monitor the motor. The cloud-based analysis allows the user to receive data on a cloud, due to which, users can remotely access the data of the motor. Moreover, cloud storage and management also reduce the risk of data loss as it is stored on a safe platform.
The North America market dominated the Global Motor Monitoring Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1.0 billion by 2027. The Europe market is estimated to witness a CAGR of 7.1% during (2021 - 2027). Additionally, The Asia Pacific market would exhibit a CAGR of 7.5% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/motor-monitoring-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography
Companies Profiled
Unique Offerings 
