According to a new report published by Allied Market Research, titled, "Motor Monitoring Market by Offering, Monitoring Technology and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026", the global motor monitoring market was valued at $2.49 Billion in 2019, and is projected to reach $4.17 Billion by 2026, growing at a CAGR of 7.3% from 2019 to 2026.
In 2019, Asia-Pacific dominated the market, contributing a major share of the overall revenue, followed by Europe and North America. Emerging advancements of IoT and AI, rapid adoption of automated features in automobiles and penetration of motor condition monitoring in oil & gas industry features fuels the growth of the global motor monitoring industry.
Motor monitoring market refers to the use of sensors, detectors, among other hardware components governed by software algorithms for analysis of any faults or errors in the functioning of motor machineries. For efficient motor operations the motor condition monitoring systems are installed in industrial vertical such as oil & gas, energy & power, aerospace & defense, automotive, among others. The system includes two components that are hardware and software. Further, the efficiency of motor condition monitoring through various analysis such as oil analysis, motor current analysis, ultrasound, thermography, vibration analysis and others.
Motor condition monitoring system provides various advantages to the user after installation such as Preserves the health and extends the life of the assets, reduces energy expenses. Extend the maintenance staff’s reach optimizes your maintenance processes, makes smarter asset management decisions and avoids unplanned outages, minimizes downtime, works safer and reduces defects.
Factors such as adoption of motor monitoring systems in sports, penetration of motor condition monitoring system in automotive & transport and increasing demand for thermal imaging applications influences the market growth. However, high cost associated with motor condition monitoring hampers the global market. Further, increasing application of Motor condition monitoring in intelligent transportation system (ITS) and growing adoption of Motor monitoring in aerospace creates lucrative motor monitoring market opportunity.
According to motor monitoring market analysis, the hardware segment was the highest contributor to the motor monitoring market share in 2019, however, software is expected to experience fastest growth with a CAGR of 8.6% during the forecast period. The innovation and standardization in the smart analysis of fault detection are the factors for its fast growth in future.
Among various regions, Asia-Pacific was the major revenue generator in 2019 and is expected to maintain its dominance in the future. This is attributed to the rise in industrial sector and its automation.
According to motor monitoring market trends, Asia-Pacific is projected to experience rapid growth throughout the analysis period, China witnessed the highest demand for motor condition monitoring systems, due to wide presence of semiconductor companies in the country and stringent government regulations associated with electronics market.
Moreover, enhancement in industrial autonomy and increase in expenditure in the emerging markets such as Latin America and the Middle East to meet demand for exponentially growing economies in these countries have strengthened the market growth. Furthermore, technological advancements for cost-effective and high precision applications in these nations offer lucrative opportunity for the expansion of the market.
The motor monitoring market share is segmented based on offering, monitoring process, end use and region. Based on offering, the market is bifurcated as hardware and software. Based on monitoring process, the market is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis and others. Based on end use the market is divided into oil & gas, energy & power, aerospace & defense, automotive and others. Region-wise the market is segmented as North America, Europe, Asia-Pacific and LAMEA.
Key Findings of the Study:
- By offering, the hardware segment accounted for the highest share of the motor monitoring market share in 2019 with $1,418.9 million, growing at a CAGR of 6.3% from 2019 to 2026.
- On the basis of monitoring technology, the vibration analysis segment generated the highest revenue, accounting for $607.8 million in 2019.
- By region, Asia-Pacific is expected to dominate the market, garnering 8.2% share during the motor monitoring market forecast.
The report provides a comprehensive analysis of the major market players such as Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin. The companies follow various market strategies such as product launch, product development, collaboration, partnership, and others that leads to the motor monitoring market size.