Motor Monitoring Market

Motor Monitoring Market valued for USD 1735 million in 2019, growing at a robust CAGR of 7.1% during forecast period.

Motor monitoring is a process of progressively monitoring generators, motors, and clutches, used in multiple industries. Appropriate monitoring of equipment cannot be done manually as it results in unexpected failures, outages, and unanticipated financial losses. With the motor monitoring system, undesired changes are recorded at initial stage and is rectified by analysis. These systems are used widely to enhance the overall productivity of the organization. Motor Monitoring Market is segmented on the basis of offering, by monitoring process, by deployment, by industry and by geographical region.

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The major factors propelling the growth of the Global Motor Monitoring market include the increasing demand for thermal imaging applications and rising popularity of wireless technologies in the industrial sector. In the technically advanced business landscape, wireless technologies are gaining traction among multiple industries, such as oil & gas, automotive, chemicals, and other industries. Numerous industries have started deploying wireless technologies as it is easy and cheap to build device with a wireless communicate feature. Such advancement has been observed in smart meters. Instead of sending someone to read the meters manually, data is extracted from meters automatically. Predictive maintenance has been accepted industries across the world. Defining, locating, and acting on potential problems before they become disastrous is the primary objective of predictive maintenance program. Therefore, routine monitoring is the most-effective tactic for identifying potential areas and can encourage invaluable follow-up inspections. Through inspections with appropriate equipment, multiple issues could be rectified, therefore avoiding critical downtime and safeguarding more-efficient operations. Hence, the motor monitoring process allows plant managers to monitor down-time, enhance plant operations, and identify poor performing equipments. Moreover, the rapid advancement in motor monitoring process through wireless technologies is further fuelling the growth of the market.

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Based on offering, the market is segmented into hardware and software. Among these, the hardware segment is expected to grow at a higher CAGR during the forecast period due to the criticality of usage of hardware to ensure basic level monitoring of motors in systems and plants. Probes and systems are main types of hardware, that are used for monitoring motor conditions by checking temperature, vibration, noise, and corrosion. On the other hand, the software segment is projected to grow at a higher CAGR during the forecast period due to the increasing need for data analytics in order to reduce errors or faults in motors in a manufacturing plant.

On the basis of monitoring process, the market is segmented into online and portable motor monitoring. Among these, the online motor monitoring segment is expected to grow at a higher CAGR in the market over the forecast period. Online monitoring provides an advanced solution and real-time data to operators. It has various applications in industries that require 24-hour production. This type of monitoring system is primarily used in production intense industries including power generation, oil & gas, and mining as they have high probability of motor failure.

Based on industries, the market is segmented into metals & mining, oil & gas, power generation, water & wastewater, food & beverages, chemicals, automotive, aerospace & defense, and others. Among these, the automotive industry is expected to grow at a higher CAGR during the forecast period as the industry is focusing on upgrading and automating assembly lines that requires progressive monitoring of motors to avoid downtime. Motor current analysis aids in decreasing machine failure and increasing machine life. Moreover, the automotive industry is observing high growth in the quantity of units produced each day, that fuels the requirement of proper maintenance machinery on the production floor to shorten production cycle and to enhance production output without hindering product quality. This generates the demand for motor monitoring process in automotive industry.

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On the basis of Region, North America is projected to grow at a higher CAGR during the forecast period. The region is increasingly adopting advanced technologies and infrastructure networks. Furthermore, continuous advancements in motor monitoring software including development in cloud computing and security measures for cloud users are expected to fuel the growth of market in North America.

The major players in the market include Banner Engineering Corporation, ABB Ltd., National Instruments Corporation, SKF AB, Honeywell International Inc, General Electric Company, Emerson Electric Company, Rockwell Automation Inc, Schneider Electric SE, and Mitsubishi Electric Corporation among others.

The Global Motor Monitoring market has been segmented based on Offering, Monitoring Process, Deployment, Industry, and Regions. Based on Offering, the market is segmented into Hardware and Software. Based on Monitoring Process, the market is segmented into Online and Portable. Based on Deployment, the market is segmented into On-Premises and Cloud. Based on Industry, the market is segmented into Metals & Mining, Oil & Gas, Power Generation, Water & Wastewater, Food & Beverages, Chemicals, Automotive, Aerospace & Defense, and Others.

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Key questions answered in this research report:

• • At what pace is the global Motor Monitoring market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Motor Monitoring market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Motor Monitoring market?
  • What are the various industries in global Motor Monitoring market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • Which offerring generated maximum revenues in 2019 and identify the most promising offerrings during the forecast period?

Market Segmentation

Global Motor Monitoring Market by Offering

• • Hardware
    • Vibration Sensors
    • Infrared Sensors
    • Corrosion Probes
    • Ultrasound Detectors
    • Spectrum Analyzers
    • Others
  • Software

Global Motor Monitoring Market by Monitoring Process

• • Online
  • Portable

Global Motor Monitoring Market by Deployment

• • On-Premises
  • Cloud

Global Motor Monitoring Market by Industry

• • Metals & Mining
  • Oil & Gas
  • Power Generation
  • Water & Wastewater
  • Food & Beverages
  • Chemicals
  • Automotive
  • Aerospace & Defense
  • Others (Agriculture and Electronics & Semiconductor)

Global Motor Monitoring Market by Region

• • North America Motor Monitoring Market
    (Option 1: As a part of the free 25% customization)

• • • North America Market by Offering
    • North America Market by Monitoring Process
    • North America Market by Deployment
    • North America Market by Industry
    • United States of America (US) Market All-Up
    • Canada Market All-Up

• • Europe Motor Monitoring Market
    (Option 2: As a part of the free 25% customization)

• • • Europe Market by Offering
    • Europe Market by Monitoring Process
    • Europe Market by Deployment
    • Europe Market by Industry
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Motor Monitoring Market
    (Option 3: As a part of the free 25% customization)

• Asia-Pacific Market by Offering
• Asia-Pacific Market by Monitoring Process
• Asia-Pacific Market by Deployment
• Asia-Pacific Market by Industry
• China Market All-Up
• India Market All-Up
• Japan Market All-Up
• Rest of APAC Market All-Up
• RoW Motor Monitoring Market
  (Option 4: As a part of the free 25% customization)
• RoW Market by Offering
• RoW Market by Monitoring Process
• RoW Market by Deployment
• RoW Market by Industry
• Brazil Market All-Up
• South Africa Market All-Up
• Saudi Arabia Market All-Up
• UAE Motor Monitoring Market All-Up
• Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Banner Engineering Corporation
  • ABB Ltd
  • National Instruments Corporation
  • SKF AB
  • Honeywell International Inc
  • General Electric Company
  • Emerson Electric Company
  • Rockwell Automation Inc
  • Schneider Electric SE
  • Mitsubishi Electric Corporation