Motor Monitoring Market Outlook 2031
The global motor monitoring market size was valued at USD 2.16 Billion in 2022 and is anticipated to reach USD 4.25 Billion by 2031, expanding at a CAGR of 7.8% during the forecast period, 2023–2031. The growth of the market is attributed to the rise in demand as well as adoption in multiple industries such as aerospace & defense, oil & gas, power generation, and automotive.
Motors are mechanisms used to power a variety of equipment in multiple industries as they are directly proportional to the output, productivity, and financial strength of industries. Thus, these mechanisms play an essential role in terms of components of various devices and equipment.
Additionally, motor monitoring includes a range of processes such as the analysis, collection, and sorting of streaming data with the use of sensors, detectors, and diagnostic software. Any inaccuracy in motor monitoring must be identified and remedied on priority basis.
The COVID-19 pandemic is continuously hampering the production & supply of motor monitoring products across the globe. The market, however, is expected to recover soon as the COVID cases are increasingly subsided across the globe.
Motor Monitoring Market Trends, Drivers, Restraints, and Opportunities
- Factors such as more accurate monitoring ability and inexpensive cost of sensors and sub-meters are key factors driving the market growth.
- Increasing adoption of wireless technologies in multiple industries such as automotive and manufacturing presents a key driver of the market.
- High cost of motor failure along with limited skillset to manage monitoring solutions and analyze data are major challenges that can hinder the market growth in the coming years.
- Adaptation of cloud computing services and wide integration of advanced technology for motor monitoring devices are expected to offer potential growth opportunities for the market.
Scope of Motor Monitoring Market Report
The report on the global motor monitoring market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Motor Monitoring Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Monitoring Processes (Online and Portable), Deployments (Cloud-based and On-premise), Offerings (Hardware and Software), and End-users (Metals & Mining, Oil & Gas, Power Generation, Automotive & Transportation, Aerospace & Defense, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Siemens AG; Weg Group; Mitsubishi Electric Corp; Eaton Corp.; ABB Group; Emerson Electric Co.; General Electric Co.; Honeywell International, Inc.; KCF Technologies; National Instruments; Rockwell Automation, Inc.; Schneider Electric; and AB SKF
Motor Monitoring Market Segment Insights
Monitoring Process Segment Analysis
Based on monitoring process, the global motor monitoring market is bifurcated into online and portable. The online segment accounted for major market share in 2020 and is expected to dominate the market during the forecast period owing to the capacity to provide operators with real-time data and innovative solutions.
However, the portable segment is anticipated to witness considerable CAGR during the forecast period due to wide adoption of the product type as it helps in determining the state of the motor's insulation systems.
Deployment Segment Analysis
On the basis of deployments, the market is segregated into cloud-based and on-premise. The on-premise segment is projected to hold major market share during the forecast period since on-premise software is widely adopted in domestic IT assistance, lengthier integration time, and domestic server hardware.
On the other hand, the cloud-based segment is anticipated to register considerable CAGR during the forecast period. The platform easily allows to access and regulate temperature, vibration, and current data of devices at anytime from anywhere in the plant. Additionally, cloud-based software assists industry staff in detecting equipment failures and problems in a timely manner as well as avoiding downtime.
Offering Segment Analysis
Based on offerings, the market is bifurcated into hardware and software. The hardware segment accounted for major market share in 2019 and is projected to witness considerable CAGR during the forecast period.
The segment growth is attributed to rising demand for several vital hardware components such as detectors, probes, and sensors, which are examples of the hardware used to monitor the condition of motor.
However, the software segment is expected to account for considerable market share during the projected period due to rising demand for data analytics to reduce motor errors and defects.
End-user Segment Analysis
On the basis of end-users, the market is segregated into metals & mining, oil & gas, power generation, automotive & transportation, aerospace & defense, and others. The oil & gas segment is projected to hold major market share during the forecast period as it reduces revenue loss due to predictive maintenance, motor failure, and insights.
On the other hand, the automation & transportation segment is projected to witness considerable CAGR during the forecast period as automobile manufacturers need to focus on excellent quality control and achieve high production levels in consideration of changing consumer preferences.
In terms of regions, the global motor monitoring market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is expected to constitute a key share of the market during the projected period owing to the presence of key players in the region along with the rapid adoption of new technologies and infrastructural networks.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to rise in urbanization, industrial sector, and the expansion of manufacturing activities.
The global motor monitoring market has been segmented on the basis of
- Metals & Mining
- Oil & Gas
- Power Generation
- Automotive & Transportation
- Aerospace & Defense
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Siemens AG
- Weg Group
- Mitsubishi Electric Corp.
- Eaton Corp.
- ABB Group
- Emerson Electric Co.
- General Electric Co.
- Honeywell International, Inc.
- KCF Technologies
- National Instruments
- Rockwell Automation, Inc.
- Schneider Electric
- AB SKF
Key players competing in the global motor monitoring market are Siemens AG; Weg Group; Mitsubishi Electric Corp; Eaton Corp.; ABB Group; Emerson Electric Co.; General Electric Co.; Honeywell International, Inc.; KCF Technologies; National Instruments; Rockwell Automation, Inc.; Schneider Electric; and AB SKF.
Companies are focusing on business strategies such as partnerships, collaborations, and merger & acquisitions to expand their market share. Furthermore, key players are also engaging to expand their capacity to leverage their market position.