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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