Market Insights Reports delivers key insights on the Global Motor Monitoring market in its latest report titled, “Motor Monitoring Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The motor monitoring market is expected to grow at a CAGR of 6.8% during the forecast period 2021-2026.
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Top Key Players in the Global Motor Monitoring Market: ABB Group, Siemens AG(OTC: SMAWF), Honeywell International Inc.(NYS: HON), National Instruments Corporation, General Electric Company, Banner Engineering Corporation, Iris Power LP, Koncar- Electrical Engineering Institute, Inc., Dynapar Corporation, SKF Group (Baker Instrument Company)
Key Market Trends
Oil and Gas to Witness Significant Growth
– Oil and gas plants are running some of the most complex systems in industrial production today. In addition to this complexity, if a sudden failure occurs in the form of misalignment, looseness, imbalance, and bearing wear, the financial and environmental consequences could be extremely serious. In the oil and gas industry, as in most industries, induction motors are a core piece of machinery as they are versatile and rugged. Within an oil or gas refinery, induction motors supply rotational mechanical power to numerous systems, large and small, and are therefore important to monitor its working condition.
– Further, the oil & gas industry has long been a leader in the deployment of predictive maintenance technologies in pursuit of improved asset performance. A player such as Artesis’s predictive maintenance system aims to provide all the benefits of traditional condition monitoring systems at a fraction of the complication and cost. Artesis MCM (motor condition monitor) uses an intelligent, model-based approach to provide complete monitoring and diagnostic capabilities for most electric motor driven equipment.
– Also, according to a recent survey by Accenture, 62% of the executives in the global oil and gas industry are set to increase investments in digital technologies in the next 3 to 5 years. Further, Wireless Sensor Networks (WSNs) is one of the fastest-growing and emerging technologies and have a vast amount of applications, including environmental monitoring.
– The remote motor condition monitoring is implemented through a wireless sensor network (WSN) based on the IEEE 802.15.4 standard. The deployed network uses the beacon-enabled mode to synchronize several sensor nodes with the coordinator node, and the guaranteed time slot mechanism provides data monitoring with a predetermined latency in the oil and gas industry.
– A player such as ABB’s Ability smart sensor converts traditional motors into smart, wirelessly connected devices. It is attached to the frame of the motor, so no wiring or machining is needed. Using algorithms, based on ABBs decades of motor expertise, the ABB Ability smart sensor relays information about the motor’s operation and health via a Bluetooth-gateway or smartphone to a secure server.
– Further, in Canada, with increasing crude oil production in Western and Eastern Canada during the forecasted period, the demand for motor monitoring will increase, providing growth in the market. Moreover, the exploitation of shale reserves has led to increasing demand for EPC (Engineering, Procurement, and Construction) services. It is led by the United States, followed by Canada. According to International Energy Agency (IEA), the global demand for natural gas is also expected to increase by 1.6% a year between 2016 and 2022, with additional consumption of 370 billion cubic meters by 2022, up from 3630 billion cubic meters segmented in 2016. Hence, the upstream segment is expected to be the largest segment, which further the demand for motor monitoring increases during the coming years.
The report offers an in-depth assessment of the growth and other aspects of the Motor Monitoring market in important countries (regions), including:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Asia-Pacific Accounts to Hold Significant Market Growth
– Asia-Pacific is expected to account for significant market growth with the increase in industrial growth in countries such as China and India. The Indian manufacturing sector is one of the prominent growth sectors, which registers a 7.9% year-on-year growth. The government’s Make in India initiate the plans to make India equally strong for domestic and foreign players and give recognition to the Indian economy at a global level. At the end of 2020, it is estimated that the Indian manufacturing sector will touch USD 1 trillion. With the increasing scope, the demand for motor monitoring will significantly rise up in this nation.
– The country is also planning to reach 175 GW of installed renewable capacity by 2022, which includes solar and wind power. The country plans to get hold of 40% of the energy through renewable sources by 2030, which is currently at 15% at present in 2020. Also, the World Bank has estimated Indias energy efficiency market at around INR 1.6 lakh crore. Hence, the demand for an industrial motor is expected to grow further, in addition to increasing the demand for motor maintenance.
– China is one of the global hub for manufacturing and has the largest population worldwide, boosting investments in the power as well as in the infrastructure sector. The Chinese government, in the past, announced investments worth USD 78 billion for developing 110 nuclear power plants, which is planned to start operations by 2030. Such initiative developments are expected to widen the scope of the adoption of modern technologies, including vibration monitoring solutions, to assist condition-based monitoring for the motor.
This Motor Monitoring Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2026
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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