New study: Motor Monitoring Market Size to Grow by Nearly $2.3 billion through 2018-2023 - WhaTech - 0 views
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Almira Coyne on 12 Apr 21According to the new research report "Motor Monitoring Market by Offering (Hardware, Software), Monitoring Process (Online, Portable), Deployment, Industry (Oil & Gas, Power Generation, Metals & Mining, Water & Wastewater, Automotive), and Region - Global Forecast to 2023", The motor monitoring market is expected to grow from USD 1.6 billion in 2018 to USD 2.3 billion by 2023, at a CAGR of 7.4% during the forecast period. Major factors driving the market growth are the growing prominence of predictive maintenance and increasing need to minimize revenue loss caused by motor faults. Software offerings to witness higher CAGR in global motor monitoring market during forecast period The motor monitoring market has been segmented on the basis of offering into hardware and software. The use of software offerings to collect data from hardware monitoring and generate a database to analyze the working of motors is likely to grow during the forecast period. These software are used for data analytics to deduce faults or errors in motors in a manufacturing plant; however, skilled workforce is required to successfully run preventive or predictive maintenance through motor condition monitoring solutions. Oil & gas to continue to hold largest share in global motor monitoring market during forecast period The oil & gas industry held the largest share of the motor monitoring market in 2018, and it is expected to be the leading segment over the forecast period. Oil & gas companies have been emphasizing on increasing productivity and lowering operating costs in response to the pressure built by the fluctuating oil prices in the global market.