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
PORTLAND, Ore., July 23, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Motor Monitoring Market By Offering (Hardware and Software), Monitoring Process (Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis, and Others), and End Use (Oil and Gas, Energy & Power, Aerospace & Defense, Automotive and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global motor monitoring market was pegged at $2.49 billion in 2019, and is projected to reach $4.17 billion by 2026, growing at a CAGR of 7.3% from 2019 to 2026.
Prime Determinants of the Market Growth
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 the market growth. On the contrary, surge in application of motor monitoring in intelligent transportation system and surge in adoption of motor monitoring in aerospace are expected to create lucrative opportunities for the market players in the coming future.
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The widespread of Covid-19 has adversely affected the global motor monitoring industry.
The Hardware Segment Dominated the Market
By offering, the hardware segment held the largest share in 2019, nearly three-fifths of the global motor monitoring market. The advancement of hardware in terms of its structure enhances the compatibility of hardware with different software, which increases the market demand. However, the software segment is expected to register the highest CAGR of 8.6% during the forecast period. Development of AI software for motor condition monitoring is lucrative for the global motor monitoring market.
The Aerospace and Defense Segment is Expected to Manifest the Highest CAGR through 2026
The aerospace & defense segment is projected to register the highest CAGR of 10.2% during the forecast period, as the industry uses motor condition monitoring for airplanes and various other big machinery. However, the oil & gas industry held the largest share in 2019, accounting for nearly one-fourth of the global motor monitoring market. The oil & gas industry finds a major application of motor monitoring, which contributes to its major market dominance.
Asia-Pacific, Followed By Europe and North America, Held the Largest Share
The global motor monitoring market across Asia-Pacific, followed by Europe and North America, held the largest share in 2018, accounting for penetration of IoT and AI in the developed and developing countries of the region. However, the market across LAMEA is expected to register the highest CAGR of 10.0% during the forecast period, as the region is one of the unexplored regions and has great potential for the motor condition monitoring market.
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