General Electric (US) and Siemens (Germany) are leading players in Motor Monitoring Market
The motor monitoring market is expected to grow from USD 1.6 billion in 2018 to USD 2.3 billion by 2023 at a CAGR of 7.4%. Major factors driving the motor monitoring market include the popularity of wireless technologies in the industrial sector and increasing need to minimize revenue loss caused by motor faults.
Key players in the motor monitoring ecosystem are Banner Engineering (US), ABB (Switzerland), National Instruments (US), SKF (Sweden), Siemens (Germany), Honeywell (US), General Electric (US), Emerson Electric (US), Rockwell Automation (US), Qualitrol (US), Schneider Electric (France), Mitsubishi Electric (Japan), Advantech (Taiwan), Eaton (Ireland), WEG (Brazil), Dynapar (US), KCF Technologies (US), Phoenix Contact (Germany), T.F. Hudgins (US), and Koncar (Croatia). Product launches and developments have been the key strategies adopted by the players to grow and stay competitive in the motor monitoring market from October 2015 to October 2018. The ongoing R&D in the motor monitoring space has encouraged companies to adopt these strategies. Besides product launches and developments, companies have adopted partnerships and collaborations to enhance their product portfolio. These strategies have significantly strengthened their position in the overall motor monitoring market.
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General Electric is one of the key players in the motor monitoring market; it focuses on improving the health and productivity of critical solutions and industry assets with the use of advanced technologies. The company provides its motor monitoring solutions worldwide through its Oil & Gas division; this division serves customers in more than 150 countries. After the acquisition of Bently Nevada (US), a leading condition monitoring company, General Electric launched a range of motor monitoring products and solutions. The company has been consistently launching products to increase its share in the motor monitoring market. However, it mainly targets its products and solutions toward the oil & gas industry.
Siemens focuses on innovation-driven growth by designing advanced solutions to meet the needs of customers in the motor monitoring market. Its leading market presence, based on its innovations, enables it to outperform its competitors. The company focuses on expanding its service network and investing a significant portion of its revenues in R&D; in 2017, it spent 6.3% of its total revenue on R&D. It aims to strengthen its product portfolio as well as customer base by offering a wide range of machine safety products in the market.
Related Reports:
Motor Monitoring Market by Offering (Hardware, Software), Monitoring Process (Online, Portable), Deployment, Industry (Oil & Gas, Power Generation, Metals & Mining, Water & Wastewater, Automotive), and Region - Global Forecast to 2023
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