The total revenue of the motor monitoring market was USD 2,126 million in 2022, and it will grow at a rate of 7.9% by the end of this decade, to reach USD 3,916 million by 2030, as stated by a market research institution, P&S Intelligence.
On-premises category led the industry, with 68% share, in 2022. The conformist method for integrating motor tracking solutions in an organization is on-premises. Manufacturing sites and other industries choose on-premises solutions as they allow total control over the data and guarantee its privacy.
Additional advantages of on-premises software are enhanced system management and reduced requirement on external elements, for example networks, as the data, hardware, and software platforms are totally possessed and achieved by the business.
Consequently, on-premises disposition has a higher probability of data security than cloud storage. Thus, one of the key motivations pushing businesses toward the acceptance of on-premises motor monitoring software is the necessity for wide-ranging control over important data.
The oil & gas category would grow significantly at a rate of 8.4%, in the years to come. Some of the most-complicated systems are put to use in industrial production today are positioned at oil & gas facilities.
Numerous governments have set energy standards, governing the consumption of power of several electrical equipment. Motor monitoring delivers systematic ways, for example augmenting costs, diminishing safety apprehensions, and improving industrial systems' working and maintenance processes. It also supports in decisions with regards to the energy mix, power competence, and supply.
In Europe, North America, and APAC, these audits are strongly required. Nations with the robust need for these kinds of practices comprise India and China. Few nations in the MEA, for example Algeria and Tunisia, conduct these kinds of audits as a result of their high-power use across all sectors, while in Europe, these kinds of audits are compulsory for the industrial sector.
As a result of the widespread industrialization in China and India, APAC will experience a growth of the market of 8.8% in the years to come. One of the main development sectors in India is manufacturing. Making India correspondingly profitable for domestic and international businesses and inspiring its economy to a global scale are the goals of the Make in India initiative.
Additionally, the Indian manufacturing industry will reach about USD 1,100 billion by the end of 2023. Therefore, the motor monitoring market in the country would witness a growth rate of 8.7% in the years to come.
It is because of the rise in factory automation all over the globe, the demand for motor monitoring solutions will continue to grow by the end of this decade.
