Motor Monitoring Market by Technology (Current Signature Analysis, Electric Discharge Current Measurement, Motor Current Monitoring), Monitoring Process (Online Motor Monitoring, Portable Motor Monitoring), Offering, Deployment, End-Use - Global Forecast 2024-2030
The Motor Monitoring Market size was estimated at USD 2.87 billion in 2023 and expected to reach USD 3.10 billion in 2024, at a CAGR 8.43% to reach USD 5.06 billion by 2030.
Motor monitoring refers to the process of continuously analyzing the performance and condition of electric motors in industrial settings. It involves using various sensors and devices that collect data on parameters such as vibration, temperature, current, voltage, and power quality. This data is then analyzed to assess the health of the motor and predict potential failures before they occur. Integrating the Internet of Things (IoT) in industrial devices has allowed for more sophisticated and real-time monitoring capabilities. As industries look to reduce maintenance costs and prevent unplanned downtimes, demand for advanced monitoring increases. Stringent energy consumption and reliability standards encourage investment in efficient monitoring systems. However, the cost of setting up advanced monitoring systems can be a barrier for small to medium-sized enterprises (SMEs), and integration of new systems with existing equipment and processes can challenge companies and require specialized skills. Market players work on developing wireless sensor networks for monitoring, which can reduce installation costs and enhance connectivity. They are also developing monitoring systems that consume less power and are more sustainable.
Regional Insights
The use of motor monitoring in the Americas is largely driven by mature industries such as manufacturing, energy, and utilities that demand high reliability and efficiency in their operations. North America, in particular, is home to several leading motor monitoring system manufacturers. These companies are known for their technological advancements and have a significant share in global markets. The Asia-Pacific region is experiencing rapid industrial growth, leading to increased adoption of motor monitoring systems, particularly in China and India. The demand is also driven by a growing focus on energy efficiency and the need to comply with strict environmental regulations. Asia-Pacific is witnessing a surge in the local production of motor monitoring systems, fueled by the booming industrial sector and local market demands. Countries such as Japan and South Korea are at the forefront of producing advanced motor monitoring technologies. In EMEA, motor monitoring is widely used across various sectors with a high focus on innovation and adherence to stringent European standards. Energy conservation directives and the Industry 4.0 movement are key drivers of motor monitoring adoption in this region. Europe is a strong hub for producing motor monitoring systems, with German engineering often setting the standard for quality and innovation. The region's manufacturers are known for their focus on sustainable and smart technologies.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Motor Monitoring Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Government initiatives promoting Industry 4.0 and robotic automation
- Adoption of monitoring systems to improve the energy efficiency of motors
- Emphasis on safety of motors in the oil & gas sectors
- Market Restraints
- Technical limitations and integration issues of motor monitoring systems
- Market Opportunities
- Advancements in IoT and connectivity in motor monitoring
- Expansion of renewable energy systems worldwide
- Market Challenges
- Concerns associated with data privacy and security breaches
- Market Segmentation Analysis
- Technology: Potential of motor monitoring systems to conduct vibration analysis to check imbalance, misalignment, or bearing faults
- Monitoring Process: Preference for online monitoring to prevent unscheduled downtime and prolonging motor lifespan
- Offering: Availability of automated alerting mechanisms that notify maintenance personnel about motor performance
- End-Use: Need for effective monitoring to anticipate failures and manage peak loads in the manufacturing sectors
- Deployment: Adoption of on-cloud monitoring to attain improved scalability
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Motor Monitoring Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Motor Monitoring Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Condition Monitoring Technology from Banner Engineering Enables Effortless Predictive Maintenance
Banner Engineering launched an innovative suite of monitoring solutions to revolutionize industrial asset management. These advanced systems offer a seamless and efficient approach to predictive maintenance, significantly reducing the possibility of costly unforeseen stoppages and bolstering operational continuity. Introducing Banner Monitoring Solutions ensures peak performance and prolonged equipment lifespan but also champions a consistent caliber of production to embrace enhanced automation and proactive maintenance protocols.
Balluff BCS Series Capacitive Proximity Sensors from AutomationDirect
AutomationDirect has expanded its product lineup by including the advanced Balluff BCS series capacitive proximity sensors, enhancing its wide range of object detection solutions. These sensors are now available in various body styles, including 12 to 30-mm cylindrical, 50-mm spherical, and compact rectangular shapes, capable of detecting objects at distances up to 30mm. Engineered to function proficiently within demanding industrial settings, the sensors come enclosed in durable stainless steel or thermoplastic casings, boasting an IP67 protection rating.
Schneider Electric Unveils Latest Texas Manufacturing Plant as Part of a USD 300 Million Investment in U.S. Manufacturing
Schneider Electric collaborated with the U.S. government to inaugurate its new manufacturing facility in El Paso, TX, which expands across 160,000 square feet. This facility marks a significant phase in a USD 300 million investment strategy for American manufacturing, aimed at reinforcing client support and propelling forward both the energy transition and America's infrastructural development.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Motor Monitoring Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Motor Monitoring Market, highlighting leading vendors and their innovative profiles. These include AB SKF, ABB Ltd., Advantech Co., Ltd., ALS Limited, Analog Devices, Inc., Artesis, Baker Hughes Company, Balluff GmbH, Banner Engineering Corp., Dynapar Corporation, Eaton Corporation PLC, Emerson Electric Co., Fluke Corporation, General Electric Company, Honeywell International Inc., IFM Electronic GmbH, Infoteam Group, International Business Machines Corporation, KCF Technologies, Inc., KONČAR - Electrical Engineering Institute Ltd., Megger Group Limited, Mitsubishi Electric Corporation, Murata Manufacturing Co. Ltd., Omron Corporation, PdMA Corporation, Phoenix Contact, Qualitrol Corp., Robert Bosch GmbH, Rockwell Automation, Inc., Schaeffler Technologies AG & Co. KG, Schneider Electric SE, Siemens AG, TDK Corporation, TE Connectivity Ltd., Texas Instruments Incorporated, and WEG S.A..
Market Segmentation & Coverage
This research report categorizes the Motor Monitoring Market to forecast the revenues and analyze trends in each of the following sub-markets:- Technology
- Current Signature Analysis
- Electric Discharge Current Measurement
- Motor Current Monitoring
- Oil Analysis
- Speed & Sound Measurement
- Thermal Monitoring
- Vibration Analysis
- Monitoring Process
- Online Motor Monitoring
- Portable Motor Monitoring
- Offering
- Hardware
- Services
- Software
- Deployment
- On-Cloud
- On-Premise
- End-Use
- Aerospace
- Automotive
- Energy & Power
- Manufacturing
- Mining
- Oil & Gas
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Government initiatives promoting Industry 4.0 and robotic automation
- 5.1.1.2. Adoption of monitoring systems to improve the energy efficiency of motors
- 5.1.1.3. Emphasis on safety of motors in the oil & gas sectors
- 5.1.2. Restraints
- 5.1.2.1. Technical limitations and integration issues of motor monitoring systems
- 5.1.3. Opportunities
- 5.1.3.1. Advancements in IoT and connectivity in motor monitoring
- 5.1.3.2. Expansion of renewable energy systems worldwide
- 5.1.4. Challenges
- 5.1.4.1. Concerns associated with data privacy and security breaches
- 5.2. Market Segmentation Analysis
- 5.2.1. Technology: Potential of motor monitoring systems to conduct vibration analysis to check imbalance, misalignment, or bearing faults
- 5.2.2. Monitoring Process: Preference for online monitoring to prevent unscheduled downtime and prolonging motor lifespan
- 5.2.3. Offering: Availability of automated alerting mechanisms that notify maintenance personnel about motor performance
- 5.2.4. End-Use: Need for effective monitoring to anticipate failures and manage peak loads in the manufacturing sectors
- 5.2.5. Deployment: Adoption of on-cloud monitoring to attain improved scalability
- 5.3. Market Trend Analysis
- 5.3.1. Increasing market growth potential in the Americas region due to the rising focus on predictive maintenance and supportive industrial automation infrastructure
- 5.3.2. Motor monitoring demand in the Asia-Pacific region is driven by industrial growth, infrastructure development, and an increasing focus on energy efficiency and preventive maintenance
- 5.3.3. Strong presence of well-established companies offering innovative motor monitoring solutions to support the booming industry 4.0 activities
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Motor Monitoring Market, by Technology
- 6.1. Introduction
- 6.2. Current Signature Analysis
- 6.3. Electric Discharge Current Measurement
- 6.4. Motor Current Monitoring
- 6.5. Oil Analysis
- 6.6. Speed & Sound Measurement
- 6.7. Thermal Monitoring
- 6.8. Vibration Analysis
- 7. Motor Monitoring Market, by Monitoring Process
- 7.1. Introduction
- 7.2. Online Motor Monitoring
- 7.3. Portable Motor Monitoring
- 8. Motor Monitoring Market, by Offering
- 8.1. Introduction
- 8.2. Hardware
- 8.3. Services
- 8.4. Software
- 9. Motor Monitoring Market, by Deployment
- 9.1. Introduction
- 9.2. On-Cloud
- 9.3. On-Premise
- 10. Motor Monitoring Market, by End-Use
- 10.1. Introduction
- 10.2. Aerospace
- 10.3. Automotive
- 10.4. Energy & Power
- 10.5. Manufacturing
- 10.6. Mining
- 10.7. Oil & Gas
- 11. Americas Motor Monitoring Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Motor Monitoring Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Motor Monitoring Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. Condition Monitoring Technology from Banner Engineering Enables Effortless Predictive Maintenance
- 14.3.2. Balluff BCS Series Capacitive Proximity Sensors from AutomationDirect
- 14.3.3. Schneider Electric Unveils Latest Texas Manufacturing Plant as Part of a USD 300 Million Investment in U.S. Manufacturing
- 14.3.4. Fluke Reliability Acquires AI-Powered Vibration Analytics and Remote Condition Monitoring Solution
- 14.3.5. Dynapar Launches New Programmable Encoder, HS35iQ with PulseIQ Technology, Providing Troubleshooting Intelligence and Downtime Prevention via Specific Fault Alerts
- 14.3.6. WEG Acquires Total Shares of Birmind
- 14.3.7. Regal Rexnord Corporation Completes Acquisition of Altra Industrial Motion Corp.
- 14.3.8. Schaeffler Buys French Condition-Monitoring Specialist
- 14.3.9. Komatsu and Cummins Partner to Create an Integrated Approach to Equipment and Engine Monitoring to Optimize Maintenance for Mines
- 14.3.10. Omron to Release K7DD-PQ Series of Advanced Motor Condition Monitoring Devices
- 14.3.11. Advantech Releases New Explosion Proof LoRaWAN Wireless
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook