28 April 2021
The new report the Motor Monitoring Market Report to 2031: Forecasts by Offering (Solution and Software), by Deployment Type (Cloud and On-Premise), by Industry (Metals & Mining, Oil & Gas, Power Generation, Water & Wastewater, Food & Beverages, Chemicals, Automotive, Aerospace & Defense, and Others), by Region, Country and Profiles of Leading Companies indicates that the Global Motor Monitoring Market will see $ XX bn in spending in 2020.
The lead analyst of the report said: "The Motor Monitoring Market is about to enter a period of phenomenal growth and innovation. The next ten years will see the upsurge demand of the motor monitoring market."
Motor monitoring is collecting, sorting, and analyzing streamed data from components such as sensors, detectors, and others on the device. The rising popularity of wireless technologies across various sectors, such as manufacturing, contributes to the growth of the market. The cloud computing platform's adoption is anticipated to leverage the market's potential growth opportunities during the forecast period. The factors such as the surge in motor monitoring usage in sports, the rise in the adoption of motor monitoring in automotive & transportation, and the increase in demand for thermal imaging applications drive the growth of the global motor monitoring market. However, the high cost of motor monitoring hinders the growth of market sizing. In addition, the surge in aerospace adoption and an increase in the adoption of intelligent transportation systems (ITS) are expected to create lucrative motor monitoring market opportunities.
The declining submeters and sensor's costs and development of big data technology have made motor monitoring affordable and accurate. These factors are primarily projected to drive the growth of the global market during the forecast period. However, avoiding motor failure was complicated and costly.
COVID-19 has impacted the company’s finance and results in rising demand for efficient operational features and models. Therefore, the manufacturing companies are highly investing in motor monitoring to reduce workforce and enhance operational efficiency. With the use of motor monitoring, companies can enable prior failure alerts to proactively correct issues of the rotating equipment and further reduces the overall energy expenses.
The XX page report contains 122 tables and 251 graphs that add visual analysis to explain developing trends within the motor monitoring market. The report provides $ XX bn forecasts during the forecast period 2021-2031 for the motor monitoring market submarkets, namely by offering, i.e., solution and software.
The XX page report offers market forecasts and analysis for 24 leading national markets and the rest of the world market. Besides, the report contains a dedicated leading companies' chapter covering more than 15 companies leading the field in the motor monitoring market.
The global motor monitoring market 2021-2031 report will be of value to anyone who wants to understand better the motor monitoring market and its various segments. It will be useful for businesses who wish to comprehend the part of the market better they are already involved in, or those wishing to enter or expand into a different regional or technical aspect of the motor monitoring market industry.
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