Motor Monitoring Market Analysis With Opportunity Segments For 2024-2033

LONDON, GREATER LONDON, UK, August 13, 2024 /EINPresswire.com/ -- The motor monitoring market has experienced robust growth in recent years, expanding from $2.31 billion in 2023 to $2.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to agricultural expansion, water conservation, temperature regulation, increase in intensive farming, crop quality improvement, crop yield enhancement.

Strong Future Growth Anticipated
The motor monitoring market is projected to continue its strong growth, reaching $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to climate change mitigation, organic farming practices, precision agriculture, population growth and food security, focus on soil health, government subsidies and support.

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Growth Driver Of The Motor Monitoring Market
The increasing adoption of electrical vehicles (EVs) is expected to boost the growth of the motor monitoring market going forward. An electric vehicle can be propelled by one or more electric motors. Motor monitoring can decrease in-use failures by detecting prematurely deteriorated systems and giving information for quality improvement initiatives. Hence, the increasing adoption of electrical vehicles (EVs) is expected to boost the motor monitoring market.

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Major Players And Market Trends
Key players in the motor monitoring market include ABB Ltd., General Electric Company, Siemens AG, Honeywell International Inc., Schneider Electric SE, Banner Engineering Corp.
Technological advancement is the key trend traction in the motor monitoring market. Major companies operating in the motor monitoring market are focusing on developing new technologies.

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

Geographical Insights: North America Leading The Market
North America was the largest region in the motor monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global motor monitoring market during the forecast period. The regions covered in the motor monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Motor Monitoring Market Definition
Motor monitoring refers to a procedure that makes it possible to do preventive maintenance on electric motors. It is used in a variety of machinery, including rotating equipment, auxiliary systems, and components including motors, pumps, and presses.

Motor Monitoring Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Motor Monitoring Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on motor monitoring market size, motor monitoring market drivers and trends, motor monitoring market major players, motor monitoring competitors' revenues, motor monitoring market positioning, and motor monitoring market growth across geographies. The motor monitoring market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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