Motor Monitoring Market Size to Grow $3.5 billion by 2028
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. Motor monitoring is one of the aspects of predictive maintenance that tracks the performance of motors to minimize downtime needed for repairs. The failing machinery is predicted by monitoring the vibration or temperature of the motor case...
Motor Monitoring Market: Opportunities and Challenges
Global Motor Monitoring Market Scenario:
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% during the forecast period. Major factors driving the market growth are the growing prominence of predictive maintenance and increasing need to minimize revenue loss caused by motor faults.
Motor monitoring is one of the aspects...