Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Motor Monitoring market.
Trusted Business Insights presents an updated and Latest Study on Motor Monitoring Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Motor Monitoring market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Motor Monitoring Market
The global motor monitoring market size was valued at USD 0.5 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 7.2% from 2021 to 2027. Motors are used in several industries to power various equipment. They play an critical role in terms of components as they are directly proportional to the productivity, output, and financial strength of industries, and thus any error in the monitoring of motor must be analyzed and corrected at an early stage. Motor monitoring is the collection, sorting, and analyzing of streamed data with the help of detectors, sensors, diagnostic software, and so on and has its application in several industry verticals including oil & gas, power generation, aerospace & defense, automotive, and others.
Electric motors are exposed to several operational and environmental hazards that cause thermal stress on the windings thus degrading the motor insulating quality and affecting the life expectancy. Hence, motor monitoring has become an important aspect and most effective tactic to locate potential problems.
Until recently, preventing motor failure was complex and costly. However, the declining costs of submeters and sensors coupled with advancements in the big data technology have made motor monitoring accurate and affordable. All these aforementioned factors are anticipated to drive the growth of the global market over the forecast period 2021-2027.
Rising popularity of wireless technologies across various sectors, such as manufacturing, is also contributing to the growth of this market. In addition, adoption of cloud computing platform is anticipated to leverage potential growth opportunities for the market over the years to come.
Offerings Insights: Motor Monitoring Market
The hardware segment led the market in 2019 and accounted for more than 60% market share. The segment is anticipated to expand further at the fastest CAGR of 8.6% over the forecast period. Probes, detectors, and sensors are some of the types of hardware used for monitoring the conditions of the motor. They help monitor the corrosion, temperature/-85+17+, noise, and vibration in a motor.
Software segment is also anticipated to register considerable growth during the foreseeable years. Rising demand for data analytics for minimizing the errors and faults in the motors is expected to catapult the segment growth. Software helps in proper analysis of motor on a daily basis, saves time and cost, and helps in making suitable decisions as per the industry requirements.
End-Use Insights: Motor Monitoring Market
The oil & gas end-use segment held the largest market share of more than 31% in 2019 and is estimated to retain its leading position throughout the forecast years. Motor monitoring system includes services, software, instruments, and sensors required to ensure monitoring of motors across several end-use industries. It offers benefits, such as reduced revenue loss caused due to motor failure, predictive maintenance, and insights to make better strategic decisions.
The market for automotive & transportation end-use segment is anticipated to expand at the fastest rate over the forecast period. With the changing consumer preferences, automotive manufacturers need to focus on effective quality management and keep the production level up. This requires good conditions for motor used in machines.
Moreover, the automotive industry is focusing on upgrading and automating the assembly lines, which needs continuous monitoring of motors for avoiding downtime. The industry needs proper maintenance of equipment to increase production output and to shorten the production cycle without affecting the quality of the product. All these factors will boost the segment growth.
Monitoring Process Insights: Motor Monitoring Market
The online monitoring process accounted for the majority market share of over 58% in 2019 and is expected to witness healthy growth over the forecast period. It involves sensors mounted on the motor and is used to monitor motor in its natural environment. Online process has the ability to offer real-time data and advanced solutions to the operators. It provides information regarding load as well as operating condition and power quality of motor.
Moreover, online process can be performed without interrupting the plant operation or other processes. It also helps diagnose many mechanical issues, such as bearing faults, eccentricity, imbalance, and physical and mechanical looseness. Online monitoring is used mainly in production-intensive industries with a high probability of motor failure including, metals & mining, power generation, oil & gas, and so on.
The portable process segment is anticipated to witness growth at a CAGR of over 6% from 2021 to 2027. This process helps in effectively assessing the condition of the motors insulation systems, and to predict motor repairs or adjustments as well as its life.
Deployment Insights: Motor Monitoring Market
The on-premise deployment segment held the maximum market share of over 65% in 2019. The segment is anticipated to continue its dominance throughout the forecast years. However, the on-premise software requires longer integration periods, domestic IT support, and domestic server hardware, making it costlier than the cloud software.
Thus, cloud deployment is expected to register the highest CAGR of 8.1% from 2021 to 2027. Cloud-based software helps industry personnel to timely detect equipment faults and problems, as well as in avoiding downtime by accessing temperature, vibration, and current data at any given time from anywhere in the plant.
Regional Insights: Motor Monitoring Market
North America accounted for the largest market share of 38.1% in 2019. This is ascribed to the presence of major players coupled with quick adoption of advanced technologies and infrastructure networks in the region. The regional market will expand further as it is witnessing constant advancements in motor monitoring software, such as improved security measures for cloud users and developments in cloud computing.
Europe is anticipated to witness moderate growth by 2027. However, Asia Pacific is expected to emerge as the fastest-growing region over the forecast years. Significant investments by several companies to expand within the region is anticipated to drive the market growth in APAC. Furthermore, presence of huge industrial sector, rapid urbanization, and expansion of manufacturing activities will add to the market growth.
Key Companies & Market Share Insights: Motor Monitoring Market
Kay companies focus on offering wide range of motor monitoring services, tools, and products to strengthen their presence in the global market. Companies have also undertaken several business strategies, such as R&D, M&A, partnerships, and contractual agreements, to maintain a competitive edge and to achieve a higher market share. Some of the prominent players in the motor monitoring market include:
Key companies Profiled: Motor Monitoring Market Report
- ABB Group
- Eaton Corp.
- Emerson Electric Co.
- General Electric Co.
- Honeywell International, Inc.
- KCF Technologies
- Mitsubishi Electric Corp.
- National Instruments
- Rockwell Automation, Inc.
- Schneider Electric
- Siemens AG
- AB SKF
- Weg Group
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global motor monitoring market report on the basis of offerings, monitoring process, deployment, end use, and region:
Offerings Outlook (Revenue, USD Million, 2016 – 2027)
Process Outlook (Revenue, USD Million, 2016 – 2027)
Deployment Outlook (Revenue, USD Million, 2016 – 2027)
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Oil & Gas
- Automotive & Transportation
- Power Generation
- Metals and Mining
- Aerospace and Defense
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