North America Motor Monitoring Market Size, Share & Industry Trends Analysis Report By Offering (Hardware, Software, and Services), By End User, By Monitoring Process, By Deployment, By Country and Growth Forecast, 2021 - 2027
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Market Report Description
The North America Motor Monitoring Market would witness market growth of 6.9% CAGR during the forecast period (2021-2027).
Visual inspections, non-invasive measurements, performance data, and planned tests were conventionally utilized to monitor a machine for certain thresholds and indicators, and they were conducted at pre-set or predefined intervals. Preventive maintenance solutions rely on a set of procedures being followed on a regular basis. The schedule can be created based on utilization, time, or a combination of both factors. For instance, an oil change can be required every 10,000 rotations, or a component might need to be replaced at a specific period of time, according to the timetable. In such cases, the schedule would be strictly followed irrespective of the health of the lubricants or other parts.
The motor monitoring technique can be referred to as the deployment of sensors, detectors, and other hardware components guided by diverse software algorithms allowing the analysis of errors in a motor. Motor monitoring systems are used in industries such as oil & gas, aerospace & defense, energy & power, and automotive to ensure efficient motor operations. These systems are made up of two components viz. hardware and software. Moreover, various analyses such as oil analysis, ultrasound, motor current analysis, thermography, vibration analysis, and others are used to improve the effectiveness of motor monitoring.
There is a significant amount of electricity that is being generated by the United States annually. According to the data shared by the United States Energy Information Administration, in 2020, approximately 4,007 billion kilowatthours of electricity was generated by utility-scale electricity generation units across the United States. In addition, 790 billion kilowatthours of this electricity was generated from nuclear resources, while 792 billion kilowatthours of electricity was generated from renewable recourses. The process of power generation from all these sources requires efficiency in the motors that are operating the plant. Therefore, to optimize the power generation plants, the demand for motor monitoring systems would increase in this country.
In addition, the awareness of people and governments for energy conservation is increasing in this region. The rising concerns about the rising consumption of electricity, the generation of electricity through renewable energy resources would expedite across this region.
The US market dominated the North America Motor Monitoring Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $761.2 million by 2027. The Canada market is estimated to grow at a CAGR of 9.4% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 8.4% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Motor Monitoring Market is Estimated 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.
Scope of the Study
Market Segments Covered in the Report:
- Software, and
By End User
- Oil & Gas
- Aerospace & Defense
- Power Generation
- Water & wastewater Treatment
- Food & Beverages
- Metals & Mining, and
By Monitoring Process
- Online and
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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
- Banner Engineering Corporation
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