Motor Monitoring Global Market Report 2024

Description

“Motor Monitoring Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on motor monitoring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for motor monitoring? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The motor monitoring market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Offering: Hardware; Software; Services
2) By Deployment: On-Premise; Cloud
3) By Monitoring Process: Oil Analysis; Motor Current Analysis; Ultrasound; Thermography; Vibration Analysis; Other Monitoring Process
4) By End User: Automotive; Oil And Gas; Metals And Mining; Power Generation; Water And Wastewater Treatment; Food And Beverages; Chemicals; Other End Users
Companies Mentioned: ABB Ltd.; General Electric Company; Siemens AG; Honeywell International Inc.; Schneider Electric SE
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Motor monitoring is a preventive maintenance procedure utilized for electric motors across a range of machinery, including rotating equipment and auxiliary systems such as motors, pumps, and presses.

The primary components of motor monitoring include hardware, software, and services. Hardware refers to tangible parts housing circuit boards or integrated circuits, used to assess equipment condition and anticipate potential breakdowns. These monitoring solutions can be deployed on-premises or on cloud-based platforms.

The monitoring process involves various techniques such as oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and other methodologies. These are employed across diverse industries including automotive, oil and gas, metals and mining, power generation, water and wastewater treatment, food and beverages, chemicals, among others, catering to their specific monitoring needs.

The motor monitoring market research report is one of a series of new reports from The Business Research Company that provides motor monitoring market statistics, including motor monitoring industry global market size, regional shares, competitors with motor monitoring, market share, detailed motor monitoring market segments, market trends, and opportunities, and any further data you may need to thrive in the motor monitoring industry. This motor monitoring, market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The motor monitoring market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The expansion observed in the historical period can be attributed to several factors. These include agricultural expansion, initiatives focused on water conservation, efforts to regulate temperature, the rise of intensive farming practices, improvements in crop quality, and enhancements in crop yield.

The motor monitoring market size is expected to see strong growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. Anticipated growth in the forecast period can be linked to several factors, including efforts towards climate change mitigation, the adoption of organic farming practices, the implementation of precision agriculture techniques, the impacts of population growth on food security, an increased emphasis on soil health, and supportive government subsidies.

The surge in electric vehicle (EV) adoption is projected to significantly propel the growth of the motor monitoring market. As EVs are powered by electric motors, motor monitoring plays a vital role in reducing in-use failures by identifying early system deterioration and providing insights for enhancing quality. In 2021, the International Energy Agency reported 16.5 million electric cars on roads, marking a 9% sales increase from 2020. Forecasts indicate an estimated 300 million electric cars on roads by 2030. This uptick in EV adoption stands as a driving force behind the burgeoning motor monitoring market.

The expanding utilization of cloud computing is anticipated to drive the growth of the motor monitoring sector. Cloud computing involves delivering diverse computing services over the internet, enabling remote motor monitoring, diagnostics, and control. This facilitates actionable insights for organizations to proactively address issues, minimize downtime, and enhance motor efficiency and lifespan. In 2022, global revenue from public cloud services, as per International Data Corporation (IDC), surged to $545.8 billion, showcasing a significant 22.9% growth compared to 2021. This growing reliance on cloud computing contributes to the escalating growth of the motor monitoring market.

Technological advancement emerges as a pivotal trend fueling progress in the motor monitoring industry. Leading companies in this sector are dedicated to pioneering new technologies. For instance, in May 2022, TMEIC Asia Pte. Ltd. introduced TMASMS-an AI-based smart motor sensor offering high-performance predictive maintenance for electric motors. This platform facilitates early detection of motor failures, ensuring smooth factory operations by continuously monitoring and analyzing data.

Major players in the motor monitoring domain concentrate on product innovation, exemplified by the development of advanced motor condition monitoring devices. These devices cater to servomotors and motors with rapidly changing loads. They comprise sophisticated tools and systems for monitoring and analyzing electric motor operational status. In May 2022, OMRON Corporation released the K7DD-PQ Series of advanced motor condition monitoring devices, designed to avert unexpected equipment failure by monitoring challenging-to-measure failure modes. The series distinguishes between motor vibrations, impacts, and torque alterations, contributing to enhanced operational reliability.

In November 2022, Cummins Inc., a prominent US-based power technology company, finalized the acquisition of Siemens' Commercial Vehicles business for a sum of $209 million. This strategic acquisition stands as a significant step forward for Cummins in its pursuit of achieving net-zero emissions by 2050, aligning its objectives to benefit both its clientele and the environment. Siemens, based in Germany, is recognized as a technology-focused company.

Major companies operating in the motor monitoring market report are ABB Ltd., General Electric Company, Siemens AG, Honeywell International Inc., Schneider Electric SE, Banner Engineering Corp., National Instruments Corp., AB SKF, Emerson Electric Co., Rockwell Automation Inc., Mitsubishi Electric Corporation, Eaton Corporation plc, WEG Group, KCF Technologies Inc., Advantech Co. Ltd., Dynapar Corporation, Phoenix Contact GmbH & Co. KG, Parker Hannifin Corporation, Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics N.V., NXP Semiconductors N.V., Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated Products Inc., ON Semiconductor Corporation, Microchip Technology Inc., Broadcom Inc., TE Connectivity Ltd., Mouser Electronics Inc., Amphenol Corporation, RS Components Ltd., Vishay Intertechnology Inc., Murata Manufacturing Co.Ltd., Panasonic Corporation

North America was the largest region in the motor monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global motor monitoring market during the forecast period. The regions covered in the motor monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the motor monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The motor monitoring market consists of revenues earned by entities by providing motor monitoring services such as monitoring rotor flux, vibration, and shaft voltage monitoring services. The market value includes the value of related goods sold by the service provider or included within the service offering. The motor monitoring market also includes sales of vibration sensors, ultrasound detectors, corrosion probes, and infrared sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11941

1. Executive Summary

2. Motor Monitoring Market Characteristics

3. Motor Monitoring Market Trends And Strategies

4. Motor Monitoring Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Motor Monitoring Market Size and Growth

5.1. Global Motor Monitoring Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Motor Monitoring Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Motor Monitoring Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Motor Monitoring Market Segmentation

6.1. Global Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Hardware
Software
Services
6.2. Global Motor Monitoring Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
On-Premise
Cloud
6.3. Global Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Oil Analysis
Motor Current Analysis
Ultrasound
Thermography
Vibration Analysis
Other Monitoring Process
6.4. Global Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Automotive
Oil And Gas
Metals And Mining
Power Generation
Water And Wastewater Treatment
Food And Beverages
Chemicals
Other End Users

7. Motor Monitoring Market Regional And Country Analysis

7.1. Global Motor Monitoring Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Motor Monitoring Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Motor Monitoring Market

8.1. Asia-Pacific Motor Monitoring Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Motor Monitoring Market

9.1. China Motor Monitoring Market Overview
9.2. China Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Motor Monitoring Market

10.1. India Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Motor Monitoring Market

11.1. Japan Motor Monitoring Market Overview
11.2. Japan Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Motor Monitoring Market

12.1. Australia Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Motor Monitoring Market

13.1. Indonesia Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Motor Monitoring Market

14.1. South Korea Motor Monitoring Market Overview
14.2. South Korea Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Motor Monitoring Market

15.1. Western Europe Motor Monitoring Market Overview
15.2. Western Europe Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Motor Monitoring Market

16.1. UK Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Motor Monitoring Market

17.1. Germany Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Motor Monitoring Market

18.1. France Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Motor Monitoring Market

19.1. Italy Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Motor Monitoring Market

20.1. Spain Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Motor Monitoring Market

21.1. Eastern Europe Motor Monitoring Market Overview
21.2. Eastern Europe Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Motor Monitoring Market

22.1. Russia Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Motor Monitoring Market

23.1. North America Motor Monitoring Market Overview
23.2. North America Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Motor Monitoring Market

24.1. USA Motor Monitoring Market Overview
24.2. USA Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Motor Monitoring Market

25.1. Canada Motor Monitoring Market Overview
25.2. Canada Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Motor Monitoring Market

26.1. South America Motor Monitoring Market Overview
26.2. South America Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Motor Monitoring Market

27.1. Brazil Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Motor Monitoring Market

28.1. Middle East Motor Monitoring Market Overview
28.2. Middle East Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Motor Monitoring Market

29.1. Africa Motor Monitoring Market Overview
29.2. Africa Motor Monitoring Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Motor Monitoring Market, Segmentation By Monitoring Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Motor Monitoring Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Motor Monitoring Market Competitive Landscape And Company Profiles

30.1. Motor Monitoring Market Competitive Landscape
30.2. Motor Monitoring Market Company Profiles
- 30.2.1. ABB Ltd.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. General Electric Company
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Siemens AG
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Honeywell International Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Schneider Electric SE
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Motor Monitoring Market Competitive Benchmarking

32. Global Motor Monitoring Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Motor Monitoring Market

34. Motor Monitoring Market Future Outlook and Potential Analysis

34.1 Motor Monitoring Market In 2028 - Countries Offering Most New Opportunities
34.2 Motor Monitoring Market In 2028 - Segments Offering Most New Opportunities
34.3 Motor Monitoring Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer