Motor Monitoring Market by Offering, Deployment, Monitoring Process, End-use (Metals and Minings, Oil and Gas, Power Generation, Water and Wastewater, Food and Beverages, Chemicals, Automotive, Aerospace and Defense) and Region - Global Forecast to 2028

Motor Monitoring Market by Offering, Deployment, Monitoring Process, End-use (Metals and Minings, Oil and Gas, Power Generation, Water and Wastewater, Food and Beverages, Chemicals, Automotive, Aerospace and Defense) and Region - Global Forecast to 2028

The Motor monitoring market is estimated to grow from USD 2.3 Billion in 2023 to USD 3.5 Billion by 2028; it is expected to record a CAGR of 8.7% during the forecast period. The motor monitoring market is expanding as people become more aware of the value of proactive maintenance in industrial operations. Businesses attempt to improve productivity and decrease downtime by utilizing real-time insights supplied by motor monitoring systems. Sensor technologies, data analytics, and the Internet of Things all contribute to market growth by enabling predictive maintenance and optimizing the operation of important motors in a variety of industries.

“Online is the largest segment of the Motor monitoring market, by monitoring process.”

Based on the monitoring process, the Motor monitoring market has been split into two types: online and offline/portable. The online segment dominates the motor monitoring market as they have monitoring systems that track machine vibration, misaligned couplings and unbalance, air gap variation, broken rotor bars, bearing fluting, and other relevant machine condition parameters throughout the life of the asset. Online motor monitoring systems consist of a sequence of sensors permanently installed or mounted on motors that monitor their behavior and condition. These sensors are connected to output devices such as monitors, analyzers, and central servers and transmit data to plant operators either through a wireless network or cable network.

“Automotive segment is expected to emerge as the fastest-growing segment based on the end user.”

Based on end user,the Motor monitoring market has been segmented into metals and minings, oil and gas, power generation, water and wastewater, food and beverages, chemicals, automotive, aerospace and defense and others. Automotive manufacturing refers to a wide range of companies involved in the design, development, manufacturing, and sale of motor vehicles. As customer requirements are changing, the automotive industry is facing challenges with respect to the implementation of solutions for effective quality management while keeping production levels up. Quality management is directly related to the health of functioning motors in the machines used to design and manufacture automobiles. Motor monitoring solutions help reduce the bottlenecks in the assembly line, keeping production levels up to the mark.

“Cloud is expected tobe the fastest segment based on deployment.”

The cloud deployment of motor monitoring solutions is a cost-efficient and effective way of managing large data issues in the power generation, oil & gas, and process industries. Cloud computing is a virtual storage architecture that allows businesses to house and access data, solutions, programs, and applications over the internet instead of a computer’s hard drive or servers. Cloud-based motor monitoring solutions serve as a link between the physical and virtual worlds by obtaining real-time data from IoT sensors deployed on the motor and its components as well as the powertrain.

“North America is expected to emerge as the second-fastest region based on the Motor monitoring market.”

By region, the Motor monitoring market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. North America is the second-fastest-growing region in the motor monitoring market, owing to rapid industrialization, technical improvements, and a strong emphasis on automation. Motor monitoring systems are increasingly being used in the region's manufacturing, oil & gas, and energy industries to increase operational efficiency and reduce downtime. Furthermore, the presence of significant market players, together with initiatives encouraging smart manufacturing and Industry 4.0, drives demand for advanced motor monitoring technology, establishing North America as a dynamic growth hub in this market.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%

By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%

By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, South America- 8%, and the Middle East & Africa- 12%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Motor monitoring market is dominated by a few major players that have a wide regional presence. The leading players in the Motor monitoring market are ABB (Switzerland), General Electric (US), Siemens (Germany), Honeywell (US), and Schneider Electric (France).

Research Coverage:

The report defines, describes, and forecasts the Motor monitoring market by component, offering, deployment, end user, monitoring process, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Motor monitoring market.

Key Benefits of Buying the Report

Increasing adoption of industry 4.0 principles in the manufacturing sector is likely to drive the demand. Factors such as hesitation to adopt monitoring solutions due to high initial investment, especially in developing countries are hindering the growth. Growing demand for aerospace and automotive industries is creating opportunities in this market. Long payback periods on investments are major challenges faced by countries in this market.

Product Development/ Innovation: The trends such as launching of ABB Ability Smart Sensors, Integral Health Monitoring (IHM) and SKF Enlight Collect IMx-1.

Market Development: The global scenario of motor monitoring systems is evolving rapidly, with trends in the motor monitoring market including a growing emphasis on predictive maintenance leveraging IoT and data analytics, increasing integration of advanced sensors and monitoring devices, a shift toward cloud-based solutions for remote monitoring, and the expansion of the market in emerging economies.

Market Diversification: In March 2021, General Electric launched CONNECTIX, a software suite and expert service. It includes operations, maintenance, services tools, and solutions, which help to optimize operations and enable predictive maintenance and cyber-secure service solutions.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like ABB (Switzerland), General Electric (US), Siemens (Germany), Honeywell (US), and Schneider Electric (France) among others in the Motor monitoring market.