Motor Monitoring Market Size to Reach $4.16 Billion by 2026: Says AMR
April 13, 2020 - 11:48 AM EDT
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Motor Monitoring Market Size to Reach $4.16 Billion by 2026: Says AMR
Rise in usage of motor monitoring in sports, surge in adoption of motor monitoring in automotive and transportation, and increase in demand for thermal imaging applications have boosted the growth of the global motor monitoring market. The market across Asia-Pacific held the largest share in 2019, accounting for nearly one-third of the market. On the other hand, the hardware segment held the largest share in 2019, accounting for more than half of the market.
Portland, OR, April 13, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global motor monitoring market garnered $2.48 billion in 2019, and is projected to reach $4.16 billion by 2026, growing at CAGR of 7.3% from 2020 to 2026.
Rise in usage of motor monitoring in sports, surge in adoption of motor monitoring in automotive and transportation, and increase in demand for thermal imaging applications have boosted the growth of the global motor monitoring market. However, high cost associated with motor monitoring hampers market growth. On the contrary, rise in application of motor monitoring in intelligent transportation system and surge in adoption of motor monitoring in aerospace are expected to create lucrative opportunities in the near future.
The global motor monitoring market is segmented on the basis of offering, monitoring process, end use, and geography. Based on offering, the market is divided into hardware and software. The hardware segment held the largest share in 2019, accounting for more than half of the market. However, the software segment is projected to register the highest 8.6% during the forecast period.
On the basis of monitoring process, the market is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis and others. The vibration analysis segment dominated in 2019, accounting for nearly one-fourth of the total revenue. However, the ultrasound segment is projected to portray the highest CAGR of 11.0% during the study period.
Based on end use, the market is categorized into oil and gas, energy & power, aerospace & defense, automotive and others. The oil & gas segment held the largest share in 2019, accounting for nearly one-fourth of the market. However, the aerospace & defense segment is expected to manifest the highest CAGR of 10.2% during the forecast period.
The global motor monitoring market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for nearly one-third of the market. However, the market across LAMEA is projected to manifest the highest CAGR of 10.0% during the forecast period.
The global motor monitoring market report includes an in-depth analysis of the major market players such as Emerson Electric, Honeywell International, General Electric, ABB, Rockwell Automation, SKF Group, National Instruments, ALS Limited, Siemens, and Parker-Hannifin
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Source: GlobeNewswire PR
(April 13, 2020 - 11:48 AM EDT)
