According to IMARC Group latest report titled” Motor Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market exhibited moderate growth during 2015-2020. The global motor monitoring market to grow at a CAGR of around 6% during 2021-2026. Motor monitoring refers to a predictive maintenance aspect that relies on modern, state-of-the-art equipment for a thorough inspection. It assists in tracking the performance of motors and minimizing downtime needed for repairs. It also aids in ensuring efficiency, avoiding critical unplanned downtime, locating potential problems, and improving plant operations. As a result, it is employed in aerospace, automotive, and oil and gas industries across the globe.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
There is a significant rise in the need for detecting potential issues in machines before their breakdown. This represents one of the key factors strengthening the growth of the market. Besides this, the introduction of innovative test equipment that collects data through three voltage probes and corresponding current transformers is positively influencing the market. Moreover, leading players are offering motor monitoring services via online platforms, which provide details about power quality and operating conditions. Furthermore, considerably expanding applications of motor monitoring in sports and thermal imaging are acting as another growth-inducing factor.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Motor Monitoring Market Segmentation:
Our report has categorized the market based on region, offering, monitoring process and end use.
Breakup by Offering:
Breakup by Monitoring Process:
Breakup by End Use:
Breakup by Region:
Key highlights of the report:
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