DUBAI, United Arab Emirates, 07 Feb. 2022 (GLOBE NEWSWIRE) — The Engine Monitoring Market the size is expected to grow at a rate of 8% CAGR over the forecast period to exceed a valuation of US$2.9 billion by 2026, from US$2 billion in 2021. engine monitoring include the high popularity of predictive maintenance, which underpins a healthy sales outlook.
According to a recent Engine Monitoring Market According to a report by Future Market Insights (IMF), the engine monitoring market is expected to grow at a healthy CAGR of 8% during the forecast period 2022-2032.
Increasing use of wireless communication technology in machine condition monitoring and increasing demand for predictive maintenance are two crucial factors driving the growth of the engine monitoring systems market.
|CAGR of Motor Monitoring Market (2022-2032)||8%|
|Motor Monitoring Market (2026)||US$2.9 billion|
|Engine Monitoring Market Attraction||Mandatory implementation of an energy audit in developed regions to provide opportunities|
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The automotive industry’s trend towards automated systems has made it mandatory to use a engine monitoring system. Moreover, the need for engine monitoring systems has grown as the demand for efficient working systems has increased for better performance and energy efficiency.
Engine monitoring sensors are widely used in airplanes, buses, cranes and trucks in the aerospace industry. The seamless integration of standalone Eelectric motors in aerospace and aviation is optimistic about market expansion.
Initiatives to upgrade existing electrical infrastructure to meet global energy demand have driven global adoption of the motor control market. The increased use of predictive maintenance and other engine monitoring module prompts companies to hire data analysis staff. To get accurate information about the health of the motors, this team must be familiar with the motors as well as how they work in a specific machine.
Therefore, the indirect cost to businesses will increase. During the forecast period, the scarcity of qualified professionals at reasonable prices is the main limiting factor Motor monitoring market growth.
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|Attributes||Engine Monitoring Market||motor control center market||Machinery Condition Monitoring System Market|
|CAGR (2022 – 2032)||8%||6.5%||7.3%|
|Market value (2026)||US$2.9 billion||US$6.5 billion||US$3.6 billion|
|Growth factor||Growing demand for engine monitoring systems from the aerospace and automotive industry to support growth opportunities.||Increased power generation capacity to improve sales prospects in Asia-Pacific.||Using wireless technology to support growth.|
|Opportunity||Strong adoption of electric vehicles in Europe to open up new revenue streams.||Increasing uptime in industrial facilities provides opportunities for the adoption of motor control centers.||Investment in the development of vibration monitoring techniques to provide opportunities.|
|Key trends||Improvements to engine monitoring devices to improve efficiency can drive adoption.||Inorganic growth through acquisitions and mergers is the go-to-market movement.||Collaborations and product launches to maintain growth momentum.|
KEY POINTS TO REMEMBER:
- The popularity of hardware is expected to remain high over software and services over the forecast period.
- Mission critical applications are increasing, prompting high adoption of online engine monitoring system.
- The environmental repercussions of a manufacturing plant failure make the oil and gas industry a major end user.
- In 2020, North America represented 33.7% of the engine monitoring market share. The regional market encompasses the United States, Canada and Mexico. An increase in the demand for electric vehicles (EVs) and increased investments in infrastructure development in various motor monitoring end-user industries are supporting the growth of the region.
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New solution offerings and the integration of predictive analytics are key drivers facilitating innovation in the engine monitoring systems market through product differentiation. There are several key companies in the motor monitoring market including ABB Group and Siemens AG. Here are recent market developments:
Product launch, product development, collaboration, partnership and other go-to-market tactics are used by organizations to increase the engine monitoring market share.
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