Wireless Motor Monitoring System Industry Growth Opportunities and Sales Volume
Global wireless
motor monitoring system market is
anticipated to witness an exponential growth in the forecast period. The
factors that propel the growth of the market include increasing usage of
wireless motor monitoring systems in the water and waste water, power
industries, and oil and gas, rise in the usage of wireless technologies in
industries, and technological advancement. The market is anticipated to expand
at a significant CAGR of 6.38% in the upcoming period as the scope, product
types, and its applications are increasing across the globe.
The new trend in the wireless motor
monitoring system market is emergence of cloud-based motor condition monitoring
system. Condition-based maintenance comprises a process wherein maintenance
check is performed to determine whether the equipment is prone to failure or
its efficiency will decrease. Technologies such as motor current signature,
vibration analysis, ultrasound, and oil examination help assess machinery
health and expect upcoming failures using condition-based monitoring.
Wireless motor monitoring system market could
be explored by product type, wireless protocol, end user, and geography. Market
by product type could span dual analog sensors, vibration sensors, and power
sensors. The “Vibration Sensors” segment led the market in 2017 and will
continue to lead in the forecast period. The key factors that attributed to the
growth of market include increasing acceptance of motors in industries,
increased usage of vibration sensors to measure the vibration based on
displacement, velocity, and acceleration in motors.
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Based on wireless protocol, the market
could span wireless HART, wireless LAN, ZigBee, WiMAX, and Bluetooth. The
market could be explored based on end user as automotive, food and beverage,
oil and gas, water and wastewater, and others. The “Oil and Gas” segment led
the market in 2017 and will continue to lead in the forecast period. The key
factors attributed to the growth of market include advantages such as easier
installation in numerous terrains and lower retrofit costs.
North America accounted for the major
share of the wireless motor monitoring system industry in 2017 and will
continue to lead in the forecast period. The factors that could be attributed
to the growth include increasing usage of wireless motor monitoring systems in
the water and waste water, oil and gas, and power industries, and technological
innovations.
Some of the key players that fuel the
growth of the wireless motor monitoring system market comprise Eaton, ABB,
Rockwell Automation, Emerson Electric, Siemens and Schneider Electric, Banner
Engineering, Advantech, Dynapar, Honeywell International, Nidec, General
Electric, KCF Technologies, Monnit, Littelfuse, National Instruments, PCB
Piezotronics, NXP Semiconductors, Pet sense, RF Micron, Plexus Controls, SKF,
Texas Instruments and Soft bit Technologies. The leading companies are taking
up partnerships, mergers and acquisitions, and joint ventures in order to boost
the inorganic growth of the industry.
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