The motor monitoring market is expected to be worth around USD 5.5 billion by 2033, up from USD 2.5 billion in 2023 and is projected to reach 8.3% CAGR from 2023 and 2033.
Motor monitoring has become a crucial feature and the most effective method for identifying possible difficulties. Electric motors are long-lasting and efficient, requiring little maintenance, using less energy, and having a high tolerance for variable voltages. This, coupled with their various uses in household appliances, machine tools, and industrial fans, is one of the primary reasons driving market expansion.
Furthermore, numerous countries’ governments are developing tough rules to encourage the use of energy-efficient products and limit carbon emissions from various industrial sectors.
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This is positively influencing demand for motors because they are more environmentally friendly and less expensive than a fossil-fuel engines. The growing relevance of recognizing possible problems in machines before they fail is also driving market expansion.
Aside from that, market leaders are offering new test equipment that captures data via three voltage probes and associated current transformers. Data can be captured, computed, and evaluated in real-time for continuous comparison, reporting, and trending. These advancements are improving the market’s prospects.
Key Takeaways
- The motor monitoring market is expected to grow at a CAGR of 8.3% during the forecast period 2023 to 2033.
- Key driving market expansions include falling sub-meter and sensor costs, as well as advancements in big data technology, which have made motor monitoring accurate and economical.
Motor Monitoring Market: Key Players
- ABB Group
- Siemens AG
- Honeywell International Inc.
- National Instruments Corporation
- General Electric Company
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Key Developments
- In October 2019, Analog Devices, Inc. announced the acquisition of Test Motors. Test Motors, based in Barcelona, Spain, provides tools and services that detect flaws in electric motors before they impair production cycles, as well as guidance on how and when to fix them. Analog’s portfolio of condition-based monitoring systems capable of spotting equipment issues before downtime and catastrophic failure is expanded as a result of the acquisition.
- In March 2021, General Electric will deploy CONNECTIX, a software suite, and expert services. It covers tools and solutions for operations, maintenance, and services that help to optimize operations and enable predictive maintenance and cyber-secure service solutions.
- In September 2021, Siemens and Empolis signed a collaboration agreement to digitalize and structure organizational knowledge for drive systems. Siemens and Empolis’ collaboration enhances the foundation for insight generation in SIDRIVE IQ with the support of Empolis Intelligent Views Platform knowledge graphs.
- In August 2020, Sédra awarded ABB a contract to supply 70 ABB Ability Smart Sensors to assess the vibrations and the performance of many motors installed on a pulp dryer.
- In December 2019, SFK announced a collaboration with Nornickel Harjavalta. SFK supplied condition monitoring and lubrication management to aid in the process of continuous improvement. Following a successful pilot project in 2021, Nornickel has opted to deploy the SKF Enlight ProCollect condition monitoring system in the rest of their plant.
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Motor Monitoring Market Key Segment
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
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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