Global engine monitoring industry expected to reach $3.1 billion by 2027

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DUBLIN, April 14, 2022 /PRNewswire/ — The “Analysis Report of the Global Automotive Monitoring Market Size, Share and Trends by Offering (Hardware, Software and Services), by End User, by Monitoring Process, by Deployment, by Regional Outlook and Forecast, 2021-2027″ report has been added to from ResearchAndMarkets.com offer.

The global engine monitoring market size is expected to reach $3.1 billion by 2027, with market growth of 7.3% CAGR during the forecast period.

Motor condition monitoring is a system that uses data collected from electric motors and rotating equipment to identify faults before they occur. Rotating machinery and electric motors are the devices that consume the most electricity. Engine monitoring makes it possible to predict potential engine failures and to intervene in advance of the failure. Condition monitoring helps prevent unplanned downtime while increasing energy savings. In addition, monitoring the condition of the engine also avoids the costs associated with unnecessary engine maintenance.

Condition monitoring primarily focuses on preventing excessive downtime, asset failures, and wasteful practices by monitoring engine health to identify what maintenance needs to be performed and when. Any predictive maintenance approach would be incomplete without it. Engine monitoring ensures that maintenance is only undertaken when particular thresholds are reached or indicators show symptoms of declining performance or impending failure.

Predicting impending engine failures requires knowledge, experience, and the use of as many tools as possible. The more tools a technician has and knows how to use them, the more equipped he is supposed to be in estimating engine longevity and health. Online monitoring and offline testing are two aspects of engine monitoring that should be considered and fully utilized in order to acquire an adequate diagnosis of engine condition.

The motor itself contains a variety of components that must be tested accurately, including insulation systems, copper winding wires, bearings, and other electrical and mechanical elements. The insulation system includes very thin insulation produced on the magnet wire or winding while the ground wall insulation protects the magnet wire in the slots. Offline test equipment can accurately analyze the health of these insulation systems, and when the data is displayed appropriately, it can help predict the motor’s ability to remain running, as well as the requirement for any type of maintenance in the engine.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has severely affected global economies. The closure of various factories and plants, due to government-mandated shutdowns to regulate the spread of infection, has had a severe impact on supply chains across the globe, negatively affecting manufacturing, delivery schedules and product supply. Various companies have already said that there could be delays in product deliveries and a drop in future production. In addition, worldwide travel bans implemented by various countries in all regions affect opportunities for business cooperation and partnerships.

In addition, the pandemic has also severely affected the engine monitoring industry. Governments and city agencies imposed strict regulations, due to which all non-essential activities were halted. Due to a lack of focus on the development of end-user industries, this has had a negative impact on engine monitoring.

Market Growth Factors:

Growing demand for predictive analysis and maintenance

Predictive maintenance is increasingly recognized as one of the most easily controllable digitization applications. Predictive maintenance is a technique for predicting when equipment will fail and repairing or changing the component before it breaks. This reduces downtime and extends component life. Predictive maintenance can also reduce significant costs that can arise from lost production by avoiding production line downtime. Predictive maintenance has proven to be very important for projects, even though it is still in its infancy, providing a new source of data for original equipment manufacturers and end users. Motors and their equipment, such as motor controllers and bearings, require proactive maintenance to keep them safe.

The growing emergence of the mining industry

The mining industry deals with the extraction of valuable minerals as well as other geological elements. Mined minerals are converted to a mineralized state that benefits the miner or prospector. Metal production, metal trading, and metal investing are all common operations in the mining sector. Many machines are used during the mining process, such as large mining trucks, hydraulic mining shovels, large bulldozers, electric rope shovels, rotary and rock drills, graders and large loaders on tires.

Market restraining factors

Increased payback period

A higher initial cost in data collection and analysis technologies, as well as installation, is required for ongoing monitoring. Engineering and installation of systems, field instrumentation, such as sensors, wiring and system monitoring and diagnostics, namely hardware and software, installation, software licenses, user training and customer support, if necessary, system maintenance for replacement sensors and software updates, as well as required external expertise and support are all considered when calculating the total cost of deploying the system. These services, software and equipment are expensive and require certain skills to operate. As a result, operators need to devote more resources to the motor control process, training and maintenance.

Main topics covered:

Chapter 1. Market Scope and Methodology

Chapter 2. Market Overview
2.1 Presentation
2.1.1 Presentation
2.1.1.1 Market composition and scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market constraints

Chapter 3. Competitive Analysis – Global
3.1 Cardinal matrix KBV
3.2 Recent Industry-Wide Strategic Developments
3.2.1 Partnerships, collaborations and agreements
3.2.2 Product launches and product extensions
3.2.3 Acquisitions and mergers
3.3 Main winning strategies
3.3.1 Key Primary Strategies: Percentage Breakdown (2017-2021)
3.3.2 Key Strategic Movement: (Product Launches and Product Extensions: 2017, Oct – 2022, Feb) Key Players

Chapter 4. Global Engine Monitoring Market by Supply
4.1 Global Computer Hardware Market by Region
4.2 Global Software Market by Region
4.3 Global Services Market by Region

Chapter 5. Global Engine Monitoring Market by End User
5.1 Global Oil and Gas Market by Region
5.2 Global Aerospace and Defense Market by Region
5.3 Global Electric Power Generation Market by Region
5.4 Global Water and Wastewater Treatment Market by Region
5.5 Global Chemicals Market by Region
5.6 Global Food and Beverage Market by Region
5.7 Global Metals and Mining Market by Region
5.8 Global Other End User Market by Region

Chapter 6. Global Engine Monitoring Market by Monitoring Process
6.1 Global Online Market by Region
6.2 Global Offline/Portable Market by Region

Chapter 7. Global Engine Monitoring Market by Deployment
7.1 Global On-premises Market by Region
7.2 Global Cloud Market by Region

Chapter 8. Global Engine Monitoring Market by Region

Chapter 9. Business Profiles
9.1 ABB Group
9.1.1 Company Overview
9.1.2 Financial analysis
9.1.3 Sectoral and regional analysis
9.1.4 Research and development costs
9.1.5 Strategies and recent developments:
9.1.5.1 Product launches and product extensions:
9.2 Honeywell International, Inc.
9.2.1 Company overview
9.2.2 Financial analysis
9.2.3 Regional and sector analysis
9.2.4 Research and development costs
9.2.5 Strategies and recent developments:
9.2.5.1 Partnerships, collaborations and agreements:
9.2.5.2 Product launches and product extensions:
9.3 Schneider Electric SE
9.3.1 Company overview
9.3.2 Financial analysis
9.3.3 Sectoral and regional analysis
9.3.4 Research and development costs
9.3.5 Strategies and recent developments:
9.3.5.1 Partnerships, collaborations and agreements:
9.3.5.2 Product launches and product extensions:
9.3.5.3 Acquisition and merger
9.4 Emerson Electric Co.
9.4.1 Company Overview
9.4.2 Financial analysis
9.4.3 Sectoral and regional analysis
9.4.4 Research and development costs
9.4.5 Recent Strategies and Developments:
9.4.5.1 Product launches and product extensions:
9.5 Mitsubishi Electric Corporation
9.5.1 Company Overview
9.5.2 Financial analysis
9.5.3 Sectoral and regional analysis
9.5.4 Research and development costs
9.5.5 Recent Strategies and Developments:
9.5.5.1 Product launches and product extensions:
9.6 Siemens AG
9.6.1 Company Overview
9.6.2 Financial analysis
9.6.3 Sectoral and regional analysis
9.6.4 Research and development costs
9.6.5 Recent Strategies and Developments:
9.6.5.1 Partnerships, collaborations and agreements:
9.7 Rockwell Automation, Inc.
9.7.1 Company Overview
9.7.2 Financial analysis
9.7.3 Sectoral and regional analysis
9.7.4 Research and development costs
9.8 General Electric (GE) Co.
9.8.1 Company Overview
9.8.2 Financial analysis
9.8.3 Sectoral and regional analysis
9.8.4 Research and development costs
9.8.5 Recent Strategies and Developments:
9.8.5.1 Product launches and product extensions:
9.9 National Instruments Corporation
9.9.1 Company Overview
9.9.2 Financial analysis
9.9.3 Regional Analysis
9.9.4 Research and development costs
9.9.5 Strategies and recent developments:
9.9.5.1 Product launches and product extensions:
9.10. Banner engineering company
9.10.1 Company Overview
9.10.2 Strategies and recent developments:
9.10.2.1 Partnerships, collaborations and agreements:
9.10.2.2 Product launches and product extensions:

For more information on this report, visit https://www.researchandmarkets.com/r/4ely3l

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