Industry Background:
In the current era automation has become a basic need for various industries such as automotive, oil & gas, food & beverages, and energy & power, among others. In addition to this, with the increasing use of electric machinery, there is surging need to extract data or information from the machines to improve their control system and maintenance management. In the current scenario, manufacturers are continuously focusing to develop innovative techniques and development in the quality of sensors, owing to increasing wireless motor monitoring system need in manufacturing industries across the world. Moreover, advancements in predictive maintenance technologies are encouraging the manufacturing companies to deploy wireless motor monitoring systems in mainstream operations propelling market growth.
According to AMA, the market for Wireless Motor Monitoring System is expected to register a CAGR of 6.47% during the forecast period to 2026. This growth is primarily driven by Growing Need for Predictive Maintenance for Industrial Applications and Increasing Use of Wireless Sensors in the End-Use Industries.
Globally, a noticeable market trend is evident Emergence of Cloud-Based Wireless Motor Monitoring System
. The Industrial Machinery sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as The Emerson Electric Co. (United States), General Electric (United States), Honeywell International Inc. (United States), National Instruments (United States), SKF (Sweden), Parker Hannifin Corporation (United States), Rockwell Automation, Inc. (United States), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), SPM Instrument (Sweden) and Analog Devices, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
19th April 2019, ABB operating in heavy electrical equipment, power, automation technology, and robotics collaborated with Emile Egger, a Swiss pump-maker company to adapt their smart motor-sensing technology for remote monitoring of pumps.
Market Drivers
- Growing Need for Predictive Maintenance for Industrial Applications
- Increasing Use of Wireless Sensors in the End-Use Industries
Market Trend
- Emergence of Cloud-Based Wireless Motor Monitoring System
- Technological Advancement in the Wireless Equipment Monitoring System
Restraints
- High Cost of Wireless Motor Monitoring System
- Lack of Technical Operators to Adopt New Technology
Opportunities
Rising Demand from the Automotive Industry and Increasing Demand from the Developing Economies Owing to Growth in Industrialization
Challenges
Lack of Awareness in the Emerging Economies
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Wireless Motor Monitoring System Study Sheds Light on
The Wireless Motor Monitoring System Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Wireless Motor Monitoring System industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Wireless Motor Monitoring System industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.