The motor monitoring market is projected to reach USD 3.5 billion by 2028 from an estimated USD 2.3 billion in 2023, at a CAGR of 8.7% during the forecast period. Factors such as the growing demand for predictive maintenance and analytics are driving the market. The motor monitoring market is served by a mix of large international players with a global operational presence and local players with a strong domestic supply network.
ABB (Switzerland), General Electric (US), Siemens (Germany), Honeywell (US), and Schneider Electric (France) are the market leaders in the motor monitoring market. These companies use strategies such as acquisitions, sales contracts, product launches, and partnerships to increase their market share.
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Siemens (Germany) is an energy technology company that provides products and services for the generation, transmission, and distribution of power. It also offers solutions for the production, conversion, and transportation of primary fuels and oil and gas. Siemens Energy's product portfolio includes gas turbines, steam turbines, generators, transformers, compressors, and wind turbines. Siemens Energy operates through two business segments namely, Gas & Power and Siemens Gamesa Renewable Energy. It offers hybrid power solutions through the gas & power segment.
Siemens Energy is a global company with operations in over 90 countries. The company's headquarters are in Munich, Germany, and it has regional headquarters in Alpharetta, Georgia, USA, Singapore, and Berlin, Germany.
ABB (Switzerland) is one of the leading companies offering power and automation solutions. It offers a broad range of products, systems, solutions, and services to various industries, such as aluminum, automotive, cement, chemicals, data center, food & beverages, process automation, life sciences, marine, metals, mining, oil & gas, ports, power generation, pulp & paper, railway, smart cities, solar power, water treatment, and wind power.
ABB has 548 offices in over 100 countries across five regions, namely, Europe, South America, North America, Asia, and the Middle East & Africa. It has approximately 320 consolidated operating and holding subsidiaries and serval production and R&D centers located across the world.
General Electric (US) is one of the leading digital industrial companies. The company operates through four business segments, namely, Aerospace, healthcare, power, and renewable energy. The company provides hybrid power solutions through its renewable energy segment. The company provides its services to various end-user applications such as mining, cement, chemicals, transportation, railways, and the oil & gas sectors.
GE has a presence in 170 countries with R&D facilities across the globe. It has 75 manufacturing plants in 26 states in the US and Puerto Rico and 130 manufacturing plants in 32 other countries.
Motor Monitoring Market by Offering, Deployment, Monitoring Process, End-use (Metals and Minings, Oil and Gas, Power Generation, Water and Wastewater, Food and Beverages, Chemicals, Automotive, Aerospace and Defense) and Region - Global Forecast to 2028
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