Motor Monitoring Market Forecasts to 2028 - Global Analysis By Monitoring Process (Oil Analysis, Motor Current Analysis, Ultrasound), Offering (Software, Hardware, Services), Deployment, End User, and By Geography

According to Stratistics MRC, the Global Motor Monitoring Market is accounted for $1.96 billion in 2021 and is expected to reach $3.40 billion by 2028 growing at a CAGR of 8.2% during the forecast period. Motor monitoring is the collection, sorting, and analyzation of streamed data from components such as sensors, detectors, and others on the device. The data analyzed in then processed through the software using various algorithms and monitoring process. Therefore, motor monitoring is available as the combination of hardware and software.

Market Dynamics:

Driver:

Rising awareness of predictive maintenance and augmenting

Rising awareness of predictive maintenance and augmenting it with analytics drive the market. The importance of electric motor monitoring is connected with the damages deriving from the failure of even a single motor. Further implementing predictive maintenance and training the internal maintenance staff, with the goal of making them autonomous in the shortest possible time, is one of the low-cost solutions. Rule-based predictive maintenance relies on sensors to continuously collect data about assets, and sends alerts according to predefined rules, including when a specified threshold has been reached. With rule-based analytics, product teams work alongside engineering and customer service departments to establish causes or contributing factors to their motor failing.

Restraint:

Lacking customization with the high initial investment

The lacking customization with high initial investment, is restraints the growth of the market. Due to the integration of new technologies, industrial systems are becoming more complex. At the same time, it makes maintenance and monitoring activities more expensive and complicated to get reliable data on time. The more sensors will be integrated into the system; the more data will be generated that should be handled. But processing this growing number of data through database technologies will be challenging.

Opportunity:

Growing adoption of wireless systems

The growing adoption of wireless systems for motor monitoring drives the market. Electrical motors and drives consume about 45% of the power generation. On contrary, if the electrical machines are not maintained properly, it consumes about 5% to 10 % of excess power, which affects productivity and revenue. Wireless monitoring of the motor is capable of capturing the machine parameters more accurately with automatic detection of abnormal conditions and reporting to the server within a few microseconds. The advantage of wireless technology is that it is very reliable and operates even at very slow network speed and handles multiple devices at once. The designed system is easy to install and scale up to large industrial setup as it does not involve a complex mechanism and uses a lightweight MQTT protocol.

Threat:

Lack of skilled professionals

Rising adoption of predictive maintenance and other monitoring solutions is compelling enterprises to appoint a dedicated data analysis team. In addition, motor manufacturing companies do not readily provide the monitoring solutions; thus, to avail monitoring solutions, industries have to look for other companies that have expertise in providing monitoring solutions. To monitor the data points coming from motor monitoring, different skill sets are required, which demands the training of staff as well as setting up a standard procedure for motor monitoring. The lack of skilled professionals at reasonable costs is expected to be the factor threatens the market growth during the forecast period.

The on-premises segment is expected to be the largest during the forecast period

The on-premises segment is estimated to have a lucrative growth. On-premises solution is installed locally on bearings, shafts, computers, servers, and motors within a company's premises. Industries get a complete control over the data when they deploy on-premises solutions as the data is physically stored at the premises of the industry. Some of the benefits associated with on-premise deployment include better control over the overall system, as the hardware, data, and software platform is owned and managed by the company, and reduced dependency on external factors such as network and third-party dealers. Hence, the chance of data security is higher in on-premise deployment compared to cloud storage.

The hardware segment is expected to have the highest CAGR during the forecast period

The hardware segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the government initiatives toward implementing energy audits with an increase in mandatory regulations, growing demand for electric vehicles (EVs), and a growing market for Internet of Things (IoT). The hardware segment mainly includes vibration sensors, infrared sensors, ultrasound detectors, spectrum analyzers, and corrosion probes.

Region with highest share:

North America is projected to hold the largest market share during the forecast period. This is due to the presence of major players coupled with quick adoption of advanced technologies and infrastructure networks in the region. Moreover, 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 thereby increasing the product demand.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period due to the increase in industrial growth in countries such as China and India. China is one for the global hub for manufacturing and has the largest population worldwide, boosting investments in the power as well as in the infrastructure sector. The Chinese government, in the past, announced investments worth USD 78 billion for developing 110 nuclear power plants, which is planned to start operations by 2030. Such initiative developments are expected to widen the scope of the adoption of modern technologies, including vibration monitoring solutions, to assist condition-based monitoring for the motor.

Key players in the market

Some of the key players profiled in the Motor Monitoring Market include ABB, Advantech, Banner Engineering, Dynapar, Eaton, Emerson, General Electric, Honeywell, Mitsubishi Electric, National Instruments, Qualitrol, Rockwell Automation, Schneider Electric, Siemens, and SKF.

Key Developments:

In September 2021, Siemens and Empolis cooperate on digitalizing and structuring organizational knowledge for drive systems. The cooperation of Siemens Large Drives Applications and Empolis targets to further strengthen the foundation for insight generation in SIDRIVE IQ - the digital platform for drive systems & solutions of Siemens. With the power of knowledge graphs at the core of Empolis Intelligent Views Platform ® already existing data in documents, applications or employees' minds becomes progressively available, easily accessible and automatically reusable.

In March 2021, GE Power Conversion launches Connectix™ Intuitive software applications and expert services to drive operational and business outcomes that matter. The digital expertise and visualization technology embedded in this software suite will allow our customers to increase energy efficiency and asset availability, through easier and faster decision-making, creating more value in their daily operations.

Monitoring Processes Covered:

• Oil Analysis
• Motor Current Analysis
• Ultrasound
• Thermography
• Vibration Analysis

Offerings Covered:

• Software
• Hardware
• Services

Deployments Covered:

• Cloud
• On-premise

End Users Covered:

• Agriculture
• Automotive
• Chemicals
• Electronics & Semiconductors
• Food & Beverages
• Metals & Mining
• Oil & Gas
• Power Generation
• Water & Wastewater Treatment

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances