The Motor Monitoring Market Is Expected To Grow From An Estimated USD 2.0 Billion In 2022 To USD 2.9 Billion In 2030, At A CAGR Of 7.8% During The Forecast Period.

Motor Monitoring Market Overview:

Motor monitoring is the collection, classification, and analysis of streaming data from sensors, detectors, and other components on equipment.

The analyzed data is then processed by software using various algorithms and monitoring processes. Therefore, motor monitoring is available as a combination of hardware and software. Motor monitoring is used in various industry verticals such as oil and gas, energy and power, aerospace and defense, automotive, and more. Motor monitoring is the continuous monitoring process of motors, generators and clutches in various end-use industries under high stress. Sensors are permanently installed on the motor to monitor its performance. Sensors are coupled to output devices such as monitors, analyzers, and central servers to transmit data via wireless or wired networks. The different monitoring techniques are – oil analysis/tribology, vibration analysis, motor circuit analysis, ultrasonic monitoring, radiography/radiation analysis etc.

Motor Monitoring market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Motor Monitoring market in detail. Regional market sizes related to products by type, by application, and by the player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In March 2021, GE launched the software suite CONNECTIX and expert services. It includes operations, maintenance and service tools, and solutions that help optimize operations and enable predictive maintenance and cybersecurity service solutions.
• In September 2021, Siemens and Empolis entered into a cooperation agreement to digitize and structure the organizational knowledge of drive systems. With the Empolis Intelligent Views Platform's knowledge graph, the Siemens and Empolis collaboration strengthens the foundation for insight generation in SI-DRIVE IQ.
• In August 2020, ABB was awarded a contract from Södra to supply 70 ABB Ability Smart Sensors to measure the vibration and performance of numerous electric motors installed on pulp dryers.
• In December 2019, SFK entered into a partnership with Nornickel Harjavalta. SFK provides condition monitoring and lubrication management to support a continuous improvement process. Nornickel has also decided to deploy the condition monitoring system SKF Enlight ProCollect in the rest of its plant following a successful pilot project in 2021.

Major Segments Covered in the Global Motor Monitoring Market:

Market Key Players:
Banner Engineering, ABB, National Instruments, Megger, Siemens, Honeywell, General Electric, Emerson Electric, Rockwell Automation, Qualitrol, Schneider Electric, Mitsubishi Electric, Advantech, Eaton, Weg Group, Dynapar, KCF Technologies, Phoenix Contact, T.F. Hudgins, Koncar, And Others.

Motor Monitoring Market by Types:

• Hardware Devices
• Software System

Motor Monitoring Market by Applications:

• Metals & Mining
• Power Generation
• Food & Beverages
• Chemicals
• Automotive
• Aerospace & Defense
• Others

Motor Monitoring Market by Regions:

The report estimates revenue growth at the worldwide, regional, and country levels and delivers an analysis of the recent industry trends in each sub-segment from 2017 to 2030.

North America held a 7% share of the global motor monitoring market in 2020. The regional market scope includes the United States, Canada and Mexico. The growth of the region is driven by rising demand for electric vehicles (EV) and increasing investment in infrastructure development for various end-user industries in motor monitoring. For example, according to the International Energy Agency's World Energy Investment Report 2021, utilities in North America invested approximately $85 billion in generation infrastructure and $246 billion in oil and gas activities in 2020. Likewise, total North American vehicle sales, EV and hybrid sales are expected to account for 7 percent and 20 percent, respectively, by 2030, according to LMC International.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Drivers:

Growing Demand for Predictive Maintenance and Analytics

Predictive maintenance is gaining acceptance as one of the easier digital applications to leverage. Predictive maintenance (PdM) is a strategy for predicting when equipment will break down and replacing components before they fail. This helps reduce downtime and extend component life. Preventing production line downtime with predictive maintenance can save millions of dollars in lost output. While still in its early stages, predictive maintenance is proving to be very important to projects by providing OEMs and end users with a fresh stream of data. Predictive maintenance is critical to the safety of electric motors and their components such as motor controllers and bearings. Predictive maintenance requires measuring the functional parameters of the motor at full load, as well as the effective temperature and humidity conditions during use.

Predictive maintenance has many benefits for the industry, including reducing time spent maintaining assets, less downtime means less lost production time, and maximizing the useful life of existing assets to reduce spare parts costs

Restraints:

The increasing adoption of predictive maintenance and other monitoring solutions is forcing companies to appoint dedicated data analytics teams. The team should have a good understanding of the motor and its operation in the particular machine to get the right information about the health of the motor. This in turn increases overhead costs for the company. Also, motor manufacturing companies do not easily provide monitoring solutions; thus, in order to take advantage of monitoring solutions, the industry has to look for other companies that have expertise in providing monitoring solutions. Sometimes this can add to the overall cost structure in addition to the motor installation investment. Monitoring data points from exercise monitoring requires a different skill set, which requires training of staff as well as establishing standard procedures for exercise monitoring. Lack of skilled professionals at reasonable cost is expected to be the major factor restraining the market growth during the forecast period.

Opportunity :

Energy audit is a standard formulated by the government, which regulates the energy audit of various electrical equipment. It provides a comprehensive and systematic approach, such as energy cost optimization, safety aspects, and improving operation and maintenance practices of industrial systems. It also contributes to energy cost availability, energy structure decisions, energy savings and reliable energy supply.

This type of implementation is mandatory in North America, Europe and Asia. In Asia, energy audits are implemented in several countries, such as China and India. In the Middle East and Africa, a few countries such as Tunisia and Algeria require energy audits for high electricity consumption in all sectors. In Europe, industrial sectors and manufacturing plants are subject to mandatory energy audits. Manufacturing units and production facilities in industries such as automotive, aerospace and defense, consumer electronics, and medical devices need power analyzers to help them comply with energy audits. Furthermore, in Europe, the Energy Efficiency Directive makes it mandatory for large companies to carry out energy audits every four years. Failure to comply with these obligations can result in penalties. Motors account for nearly 70% of energy consumption in any industrial setting, so proper monitoring of motors can save significant amounts of electricity and help the industry comply with energy audits.

Challenges:

Continuous monitoring requires a higher initial investment in data collection and analysis technology and installation. The main investments considered when calculating TCO include systems engineering and installation; field instrumentation (e.g. sensors, cabling); monitoring and diagnostic systems (e.g. hardware and software, installation, software licenses); user training and customer support; system maintenance (eg, sensor replacement, software updates); and the need for external expertise and support. These software, services and devices are expensive and require certain skills to operate them. Therefore, operators must invest additionally in training and maintenance of the motor control process. The costs incurred depend on the size of the industry and the level of deployment of control services. While for large industries these costs can be recovered in a relatively short period of time, many small and medium industries face the challenge of controlling the payback period of the process investment.

Report Scope of Global Motor Monitoring Market:

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the Market such as Market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, region, type, application and etc., and custom research can be added according to specific requirements.
• The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Frequently Asked Questions-

What is the CAGR of Motor Monitoring market?

The Motor Monitoring Market is growing at a CAGR of 7.8% During Forecast Period.

 What are the key types and applications of Motor Monitoring market?

- Hardware Devices, Software System

- Metals & Mining, Power Generation, Food & Beverages, Chemicals, Automotive, Aerospace & Defense, Others

Who are the key players in Motor Monitoring market?

Banner Engineering, ABB, National Instruments, Megger, Siemens, Honeywell, General Electric, Emerson Electric, Rockwell Automation, Qualitrol, Schneider Electric, Mitsubishi Electric, Advantech, Eaton, Weg Group, Dynapar, KCF Technologies, Phoenix Contact, T.F. Hudgins, Koncar, And others.

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Note – In order to provide a more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19 and the Russia-Ukraine war.