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2020

Motor Monitoring Market

Motor Monitoring Market Size, Share, Competitive Landscape and Trend Analysis Report by Offering, Monitoring Process and End Use : Global Opportunity Analysis and Industry Forecast, 2019-2026

SE : Electronic Systems and Devices

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Author's: Shantanu Sachan & Divyanshi Tewari | Sonia Mutreja
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Motor Monitoring Market Outlook - 2026

The global motor monitoring market was valued at $2.49 billion in 2019, and is projected to reach $4.17 billion by 2026, registering a CAGR of 7.3% from 2019 to 2026.  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. The motor monitoring finds its application in various industry verticals such as oil & gas, energy & power, aerospace & defense, automotive, and others. 

Motor Condition Monitoring Market

The factors such as increase in usage of motor monitoring in sports, rise in adoption of motor monitoring in automotive & transportation, and increase in demand for thermal imaging applications drive the growth of motor monitoring market. However, high cost associated with motor monitoring hampers the market growth. Further, increase in adoption of intelligent transportation system (ITS) and surge in its adoption in aerospace create lucrative motor monitoring market opportunity.

Motor Monitoring Market
By Offering
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Software segment is projected to be the most lucrative segment

Segment Overview

The motor monitoring market is segmented on the basis of offering, monitoring process, end use, and region. By offering, the market is bifurcated as hardware and software. By monitoring process, it is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. 

Motor Monitoring Market
By End Use
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Oil and Gas segment is expected to secure a leading position from 2019 - 2026

By end use, it is classified into oil & gas, energy & power, aerospace & defense, automotive, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Motor Monitoring Market
By Geography
2026
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific region holds a dominant position in 2019 and is expected to maintain the lead during the forecast period

According to motor monitoring market analysis, the hardware segment generated the highest revenue in 2019 and is expected to be the highest revenue contributor during the forecast period. By monitoring process, the vibration analysis segment has the highest revenue in 2019 and is expected to lead the category by 2026. Oil & gas category of the end use accounts for the highest revenue in 2019 and is expected to maintain the lead through the forecast period. 

Top Impacting Factors

Rise in penetration of motor monitoring in sports, growth in adoption of motor monitoring in automotive & transportation and increase in demand for thermal imaging applications are the factors that surge the market demand of motor monitoring device. 

However, high cost associated with motor monitoring hampers the market growth. The demand for motor monitoring in intelligent transportation system (ITS) and growth in adoption of motor monitoring in aerospace create lucrative opportunities in the motor monitoring industry.

Some Major Factors Impacting the Motor Monitoring Market Growth are Given Below:

Growing Adoption of Motor Monitoring in Automotive and Transportation 

Automotive industry in the recent time has witnessed the revolution of rapid adoption of electric vehicles in the developed and developing economies. The EVs provide a wide area of application of motor monitoring systems. Further, the automotive industry shifting toward automated systems has also generated the need for the motor monitoring system. In addition, the demand for efficient working systems for better performance and for fuel efficiency, has raised the requirement of motor monitoring systems. 

Increasing Demand for Thermal Imaging Applications 

According motor monitoring market trends, electric motors are the backbone of industry. The U.S. Department of Energy estimates that in the U.S. alone there are 40 million motors operating in industry, and the fact that those motors use 70% of the electricity consumed by industry indicates their importance. 

Thermal imagers are very useful for both troubleshooting motor problems as well as for condition monitoring, for long-term preventive maintenance. The temperature reflecting image of the motor monitoring provides the user a better monitor into predictive failure.

Increasing Application of Motor monitoring in Intelligent Transportation System (ITS)

The increase in number of suppliers for providing component and raw material for manufacturing of motor monitoring system increases the competition and reduces the overall cost, but still the cost of installation to maintenance remains high. The requirement of skilled labor in developing the hardware components and software algorithm and integrating them in a device makes it a high-end product.

Growing Adoption of Motor monitoring in Aerospace

Aerospace industry finds wide application for the use of motors in airplanes, buses, cranes, and trucks. The crucial application of the motor in the aviation vertical requires motor monitoring for safety and avoidance from any sort of inconvenience to the passengers. 

The rise in integration of autonomous electric systems in aerospace and aviation is lucrative to create opportunities for the market. Further, the growth of customers in aerospace industry due to governmental scheme and rise in living standard boost the demand for the production of the airplanes. Therefore, higher rate of production of airplanes demand more motor monitoring systems for deployment.

Competitive Analysis

Key players operating in the global motor monitoring market are Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin. The companies adopt various market strategies such as product launch, product development, collaboration, partnership, and others that boost the growth of motor monitoring market size. 

Historical Data & Information

The global motor monitoring market is highly competitive, owing to the strong presence of existing vendors. Vendors of the market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors as they can cater to market demands. The competitive environment in this market is expected to grow as technological innovations, product launch, and different strategies adopted by key vendors increase during the forecast period.

Key Developments/Strategies

Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin are the top companies holding a prime share in the motor monitoring market. Top market players have adopted various strategies, such as product launch, and product development to expand their foothold in the market.

  • In September 2022, the manufacturer of complex nitrogen fertilizers, Yara, planned to increase energy efficiency at its primary production facility in Porsgrunn, Norway, with the help of extremely efficient motors and drives from ABB. The long-term upgrading project will reduce CO2 emissions by 12–19 kilotons (kt), or around 14,000 conventional automobiles' worth of emissions, and create annual energy savings of 32–40 gigawatt hours (GWh).
  • In February 2022, ABB India introduced a brand-new line of electrical measuring and power monitoring meters for the digital panel meter industry. Users may monitor their power consumption more effectively with the help of these smart solutions for metering and energy monitoring. The energy assets for residential, industrial, and commercial building segments are precisely tracked by the meters, which guarantees basic to comprehensive power quality analysis. By offering the quality monitoring inside power factor correction boards, motor control centers, or sub-distribution switchboards of commercial & industrial buildings, the recently released M1M11, M1M DS, M1M 20B, and M1M 30B cover the primary submetering easily & affordably.

Key Benefits for Stakeholders:

  • This report provides an extensive analysis of the current and emerging market trends and dynamics in the global motor monitoring market share. 
  • In-depth analysis is conducted by semiconductor and electronics market estimations for the key market segments between 2019 and 2026. 
  • Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the motor monitoring market forecast framework.
  • Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global motor monitoring market.

Motor Monitoring Market Report Highlights

Aspects Details
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By Offering
  • Hardware
    • Sensors
    • Spectrometer
    • Ultrasound Detectors
    • Spectrum Analyzer
    • Others
  • Software
    • Data integration
    • Diagnostic Reporting
    • Order tracking analysis
    • Parameter Calculation
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By Monitoring Process
  • Oil Analysis
  • Motor Current Analysis
  • Ultrasound
  • Thermography
  • Vibration Analysis
  • Others
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By End Use
  • Oil & Gas
  • Energy & Power
  • Aerospace & Defense
  • Automotive
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

ABB, SKF Group, National Instruments, Honeywell International Inc., Emerson Electric Co., General Electric, Siemens AG, ALS Limited, Rockwell Automation, Inc., Parker Hannifin Corporation

Analyst Review

The global motor monitoring market possesses a high growth potential, owing to the development of the oil & gas industry. The current business scenario is witnessing an increase in demand for machinery used in oil and gas, particularly in developing regions, such as India and South Korea, which propels the growth of the market. Moreover, companies in this industry are adopting various innovative analysis techniques to provide consumers with enhanced analysis and detection techniques for various industries globally. 

Motor monitoring offer numerous benefits such as preservation of industrial assets and offers non-disruptive functioning of motor that influences the market. Further, adoption of IoT and AI in the motor monitoring, vehicles equipped with automated driving, and increase in demand for motor condition monitoring in intelligent transportation systems drive the market of motor monitoring system. 

On the other hand, low adoption of motor condition monitoring in developing countries due to high cost associated hampers the market growth. Further, the investment toward autonomous driving of vehicles & EVs and increasing application in intelligent transportation system is the expected to provide lucrative opportunities in the motor monitoring market. 

Key players operating in the global motor monitoring market are Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin.
 

Author Name(s) : Shantanu Sachan & Divyanshi Tewari | Sonia Mutreja
Frequently Asked Questions?

The Global Motor Monitoring Market is expected to grow at a CAGR of 7.3% from 2019 to 2026.

The Global Motor Monitoring Market is projected to reach $4,168.4 million by 2026.

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Rise in penetration of motor monitoring in sports, growth in adoption of motor monitoring in automotive & transportation and increase in demand for thermal imaging applications drives the growth of Motor Monitoring Market.

The key players profiled in the report include Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin.

On the basis of top growing big corporations, we select top 10 players.

The Motor Monitoring Market is segmented on the basis of offering, monitoring process, end use, and region.

The key growth strategies of Motor Monitoring market players include product launch, partnership, acquisition, expansion, product enhancement, and collaboration.

Aerospace and Defense segment would exhibit the highest CAGR of 10.2% from 2019 - 2026.

Asia-Pacific region holds a dominant position in 2019 and is expected to maintain the lead during the forecast period.

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Motor Monitoring Market

Global Opportunity Analysis and Industry Forecast, 2019-2026