Motor Monitoring Market
PUBLISHED: 2022 ID: SMRC21574
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Motor Monitoring Market

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

4.6 (41 reviews)
4.6 (41 reviews)
Published: 2022 ID: SMRC21574

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2021)

US $1.96 BN

Projected Year Value (2028)

US $3.40 BN

CAGR (2021 - 2028)

8.2%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

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

Largest Market

North America

Fastest Growing Market

Asia Pacific


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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
          
2 Preface       
  
 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats         
 3.6 End User Analysis       
 3.7 Emerging Markets       
 3.8 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Motor Monitoring Market, By Monitoring Process    
 5.1 Introduction       
 5.2 Oil Analysis       
 5.3 Motor Current Analysis      
 5.4 Ultrasound        
 5.5 Thermography       
 5.6 Vibration Analysis       
          
6 Global Motor Monitoring Market, By Offering     
 6.1 Introduction       
 6.2 Software        
  6.2.1 Diagnostic Software      
  6.2.2 Data Integration      
  6.2.3 Parameter Calculation     
  6.2.4 Analytics Software      
 6.3 Hardware       
  6.3.1 Corrosion Probes      
  6.3.2 Infrared Sensors      
  6.3.3 Spectrum Analyzers      
  6.3.4 Spectrometer      
  6.3.5 Ultrasound Detectors     
  6.3.6 Vibration Sensors      
 6.4 Services        
  6.4.1 Data Analysis Services     
  6.4.2 Technical Support & Maintenance Services   
  6.4.3 Training Services      
          
7 Global Motor Monitoring Market, By Deployment     

 7.1 Introduction       
 7.2 Cloud        
 7.3 On-premise       
          
8 Global Motor Monitoring Market, By End User     
 8.1 Introduction       
 8.2 Agriculture       
 8.3 Automotive       
 8.4 Chemicals       
 8.5 Electronics & Semiconductors      
 8.6 Food & Beverages       
 8.7 Metals & Mining       
 8.8 Oil & Gas        
 8.9 Power Generation       
 8.10 Water & Wastewater Treatment     
          
9 Global Motor Monitoring Market, By Geography     
 9.1 Introduction       
 9.2 North America        
  9.2.1 US       
  9.2.2 Canada       
  9.2.3 Mexico       
 9.3 Europe        
  9.3.1 Germany       
  9.3.2 UK       
  9.3.3 Italy       
  9.3.4 France       
  9.3.5 Spain       
  9.3.6 Rest of Europe      
 9.4 Asia Pacific        
  9.4.1 Japan       
  9.4.2 China       
  9.4.3 India       
  9.4.4 Australia       
  9.4.5 New Zealand      
  9.4.6 South Korea      
  9.4.7 Rest of Asia Pacific      
 9.5 South America       
  9.5.1 Argentina      
  9.5.2 Brazil        
  9.5.3 Chile       
  9.5.4 Rest of South America     
 9.6 Middle East & Africa      
  9.6.1 Saudi Arabia      
  9.6.2 UAE       
  9.6.3 Qatar       
  9.6.4 South Africa      
  9.6.5 Rest of Middle East & Africa     
          
10 Key Developments        
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 10.2 Acquisitions & Mergers      
 10.3 New Product Launch      
 10.4 Expansions       
 10.5 Other Key Strategies      
          
11 Company Profiling         
 11.1 ABB        
 11.2 Advantech       
 11.3 Banner Engineering       
 11.4 Dynapar        
 11.5 Eaton        
 11.6 Emerson        
 11.7 General Electric       
 11.8 Honeywell       
 11.9 Mitsubishi Electric       
 11.10 National Instruments      
 11.11 Qualitrol        
 11.12 Rockwell Automation      
 11.13 Schneider Electric       
 11.14 Siemens        
 11.15 SKF        


List of Tables         
1 Global Motor Monitoring Market Outlook, By Region (2020-2028) ($MN)   
2 Global Motor Monitoring Market Outlook, By Monitoring Process (2020-2028) ($MN) 
3 Global Motor Monitoring Market Outlook, By Oil Analysis (2020-2028) ($MN)  
4 Global Motor Monitoring Market Outlook, By Motor Current Analysis (2020-2028) ($MN) 
5 Global Motor Monitoring Market Outlook, By Ultrasound (2020-2028) ($MN)  
6 Global Motor Monitoring Market Outlook, By Thermography (2020-2028) ($MN)  
7 Global Motor Monitoring Market Outlook, By Vibration Analysis (2020-2028) ($MN)  
8 Global Motor Monitoring Market Outlook, By Offering (2020-2028) ($MN)  
9 Global Motor Monitoring Market Outlook, By Software (2020-2028) ($MN)  
10 Global Motor Monitoring Market Outlook, By Diagnostic Software (2020-2028) ($MN) 
11 Global Motor Monitoring Market Outlook, By Data Integration (2020-2028) ($MN)  
12 Global Motor Monitoring Market Outlook, By Parameter Calculation (2020-2028) ($MN) 
13 Global Motor Monitoring Market Outlook, By Analytics Software (2020-2028) ($MN) 
14 Global Motor Monitoring Market Outlook, By Hardware (2020-2028) ($MN)  
15 Global Motor Monitoring Market Outlook, By Corrosion Probes (2020-2028) ($MN)  
16 Global Motor Monitoring Market Outlook, By Infrared Sensors (2020-2028) ($MN)  
17 Global Motor Monitoring Market Outlook, By Spectrum Analyzers (2020-2028) ($MN) 
18 Global Motor Monitoring Market Outlook, By Spectrometer (2020-2028) ($MN)  
19 Global Motor Monitoring Market Outlook, By Ultrasound Detectors (2020-2028) ($MN) 
20 Global Motor Monitoring Market Outlook, By Vibration Sensors (2020-2028) ($MN)  
21 Global Motor Monitoring Market Outlook, By Services (2020-2028) ($MN)  
22 Global Motor Monitoring Market Outlook, By Data Analysis Services (2020-2028) ($MN) 
23 Global Motor Monitoring Market Outlook, By Technical Support & Maintenance Services (2020-2028) ($MN)
24 Global Motor Monitoring Market Outlook, By Training Services (2020-2028) ($MN)  
25 Global Motor Monitoring Market Outlook, By Deployment (2020-2028) ($MN)  
26 Global Motor Monitoring Market Outlook, By Cloud (2020-2028) ($MN)   
27 Global Motor Monitoring Market Outlook, By On-premise (2020-2028) ($MN)  
28 Global Motor Monitoring Market Outlook, By End User (2020-2028) ($MN)  
29 Global Motor Monitoring Market Outlook, By Agriculture (2020-2028) ($MN)  
30 Global Motor Monitoring Market Outlook, By Automotive (2020-2028) ($MN)  
31 Global Motor Monitoring Market Outlook, By Chemicals (2020-2028) ($MN)  
32 Global Motor Monitoring Market Outlook, By Electronics & Semiconductors (2020-2028) ($MN)
33 Global Motor Monitoring Market Outlook, By Food & Beverages (2020-2028) ($MN)  
34 Global Motor Monitoring Market Outlook, By Metals & Mining (2020-2028) ($MN)  
35 Global Motor Monitoring Market Outlook, By Oil & Gas (2020-2028) ($MN)  
36 Global Motor Monitoring Market Outlook, By Power Generation (2020-2028) ($MN)  
37 Global Motor Monitoring Market Outlook, By Water & Wastewater Treatment (2020-2028) ($MN)
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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