The motor monitoring market is anticipated to reach US$ 5.5 billion in value by 2033, up from US$ 2.5 billion in 2023, and is projected to grow at an estimated 8.3% CAGR throughout this period. Two significant factors influencing the growth of the motor monitoring system market are the expanding use of wireless communication technology in machine condition monitoring and the rising need for predictive maintenance.
The employment of a motor monitoring system has been made necessary by the move towards automated systems in the automobile sector. Additionally, as demand for effective working systems has developed in order to achieve greater performance and fuel efficiency, the requirement for motor monitoring systems has grown.
In the aerospace business, motor monitoring sensors are commonly employed in trucks, buses, cranes, and airplanes. Optimistic for market growth is the smooth integration of autonomous electric motors in aerospace and aviation.
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The modernization of existing power infrastructure to meet the world’s energy needs has accelerated the motor control market’s global acceptance. Businesses are being forced to engage data analysis staff as a result of the rising use of predictive maintenance and other motor monitoring modules. This team needs to have a solid understanding of motors and how they work in particular machines in order to get accurate data on the health of motors.
The indirect cost to firms will consequently increase. The key factor impeding the growth of the motor monitoring market during the forecast period is the lack of qualified professionals available at fair pricing.
KEY TAKEAWAYS:
- The popularity of hardware is anticipated to remain high over software and services during the forecast period.
- Mission-critical applications are rising, which prompts a high adoption of online motor monitoring systems.
- Environmental repercussion from manufacturing plant failure makes the oil and gas industry a prominent end user.
- In 2020, North America accounted for 33.7% of the motor monitoring market share. The regional market encompasses the United States, Canada, and Mexico. An increase in demand for electric vehicles (EVs) and increased investment in infrastructure development in various end-user industries of motor monitoring are supporting the region’s growth.
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Competitive Landscape
- Novel solution offerings and predictive analytics integration are the key drivers facilitating innovation in the motor monitoring system market through product differentiation. There are several key companies in the motor monitoring market, including ABB Group and Siemens AGThe following are recent market developments:
- Product launch, product development, collaboration, partnership, and other market tactics are used by organizations to increase the motor monitoring market share.
- In 2020, utilities in North America invested around USD 85 billion in power generation infrastructure and USD 246 billion in oil and gas activities, according to the International Energy Agency’s World Energy Investment 2021 report.
- According to LMC International, EV and hybrid sales in North America are predicted to account for 7% and 20% of total automobile sales by 2030, respectively.
- General Electric announced CONNECTIX, a software package and expert services, in March 2021. It covers tools and solutions for operations, maintenance, and services that help to improve operations and enable predictive maintenance and cyber-secure service solutions.
- Siemens and Empolis signed a collaboration agreement in September 2021 to digitalize and organize organizational knowledge for drive systems. With the support of Empolis Intelligent Views Platform knowledge graphs, Siemens and Empolis have strengthened the foundation for insight generation in SI-DRIVE IQ.
- Södra awarded ABB a contract in August 2020 to supply 70 ABB Ability Smart Sensors to assess the vibrations and performance of several motors installed on a pulp dryer.
Motor Monitoring Market
By Deployment Type:
- On-premise
- Cloud
By Monitoring Process:
- Online
- Offline/Portable
By End User:
- Automotive
- Oil & Gas
- Metals and Mining
- Power Generation
- Water and Wastewater Treatment
- Food & Beverages
- Chemicals
By Offering:
- Software
- Hardware
- Services
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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