The Latin America, Middle East and Africa Motor Monitoring Market would witness market growth of 8.8% CAGR during the forecast period (2021-2027).
Moreover, radiation analysis leverages radiation imaging in order to examine the insides of the motor and its components. This is one of the most complete non-destructive testing methods available. Radiation analysis examines the rate of absorption of radiation prevailing in the material under investigation. Internal defects like rust may be undetected by the human eye. These imperfections absorb different amounts of radiation, making them detectable. On the other hand, Laser interferometers can be applied in any application that requires precise measurements. This approach uses a beam splitter to measure the wave displacement of two laser beams, which can detect faults in both, the surface as well as subsurface of various materials. Amplitude-splitting and wavefront splitting laser interferometers are two types of laser interferometers.
There are a lot of oil exporters that are operating in this region, owing to this, various other countries are importing substantial amounts of oil from these exporters. Various key market players in this region are determined to offer more oil intending to meet the requirements of their customers. Due to this, the number of oil mining activities is rising across this region. According to the United States Energy Information Administration, in 2020, Saudi Arabia holds approximately 15% of the oil reserves that are existing across the world. In addition, the oil production capacity of this country is nearly 12 million barrels per day. Additionally, the oil export of the country is recorded to be 70% of the overall export of the country.
Owing to the increased mining activities, the demand for time-efficient and effective monitoring solutions for the motors, that are operating the heavy machineries, is increasing. Therefore, the growth of the regional market is expected to incline.
The Brazil market dominated the LAMEA Motor Monitoring Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $62 million by 2027. The Argentina market is exhibiting a CAGR of 9.4% during (2021 - 2027). Additionally, The UAE market would display a CAGR of 8.5% during (2021 - 2027).
Based on Offering, the market is segmented into Hardware, Software, and Services. Based on End User, the market is segmented into Oil & Gas, Aerospace & Defense, Power Generation, Water & wastewater Treatment, Chemical, Food & Beverages, Metals & Mining, and Others. Based on Monitoring Process, the market is segmented into Online and Offline/Portable. Based on Deployment, the market is segmented into On-premise and Cloud. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Motor Monitoring Market is Predict to reach $3.1 Billion by 2027, at a CAGR of 7.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Honeywell International, Inc., Schneider Electric SE, Emerson Electric Co., Mitsubishi Electric Corporation, Siemens AG, Rockwell Automation, Inc., General Electric (GE) Co., National Instruments Corporation, and Banner Engineering Corporation.
By Offering
By End User
By Monitoring Process
By Deployment
By Country
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