Motor Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Motor Monitoring Market: Snapshot
The escalating demand for thermal imaging applications and the expanding popularity of wireless technologies will prove to be vital growth factors for the motor monitoring market during the assessment period of 2020-2030. The deployment of wireless technologies is being done across various industries and sectors. This aspect will have a large impact on the growth of the motor monitoring market.
The motor monitoring market will attract extensive demand from the automotive sector across the forecast period. The need for better performance and good fuel efficiency will serve as a vital reason for an increase in the demand for the motor monitoring market. Furthermore, the swelling demand for motor monitoring systems in the aerospace sector will turn the tables of growth. An increase in the integration of autonomous electric systems will add extra stars of growth to the motor monitoring market.
Strategic collaborations are crucial for the growth of the motor monitoring market. Mergers, acquisitions, and partnerships help in expanding the influence of the players to a considerable extent, ultimately contributing to the growth cycle of the motor monitoring market.
The COVID-19 outbreak has led to tremendous losses across various sectors and businesses. The motor monitoring market is no exception. The enforcement of strict lockdowns resulted in the shutting down of manufacturing facilities and production units. This factor gravely impacted the motor monitoring market as a decline in demand was witnessed. Supply chain disruptions and other similar aspects also had a toll on the growth of the motor monitoring market.
The COVID-19 pandemic, barring the lockdown period, has led to an increase in the sales of passenger vehicles. The rising threat of virus transmission has resulted in many people switching to private vehicles for commuting. Therefore, the rise in the demand for passenger vehicles is directly proportional to the growth of the motor monitoring market.
Motor Monitoring Market Introduction
Predictive maintenance has in no time become a globally accepted practice and is highly implemented and finely tuned by nearly every industry category. Detecting, defining, and acting on potential issues before they turn catastrophe have become a basic need for effective working. Routine monitoring is gaining traction, owing to numerous benefits of this practice. Motor monitoring has become a paramount tool with two facets (offline testing and online monitoring) that need to be considered and fully utilized to perform a successful diagnosis of the condition of a motor.
Monitoring motor performance with properly trained technicians using advanced equipment enables plant managers to command their own downtime, enhance plant operations, and identify poorly performing equipment easily. The growing popularity of wireless technologies, especially in the industrial sector, is a primary factor fueling growth in the motor monitoring industry. The motor monitoring market is expected to be valued at nearly US$ 2 billion in 2018.
Motor Monitoring Market – Notable Developments
Some of the most prominent competitors operating in the competitive landscape of global motor monitoring market include –
Motor Monitoring Market Dynamics
Online Motor Monitoring Registering Growth in Motor Monitoring Market
The market for online motor monitoring is likely to grow substantially in the forthcoming years, owing to its ability to provide real-time data and an advanced solution to the operators. The applications of online vibration monitoring systems are proliferating in the industries that demand 24-hour production. Online motor monitoring is witnessing traction in production-intensive industries, such mining, power generation, and as oil & gas, which exhibit a higher probability of motor failure. Dynamics or online motor monitoring systems monitor motors in their natural environment, and provides data regarding power quality, the operating condition of the motor, and load-related essential information.
Stakeholders Reaping Benefits Out of Growing Adoption of Motor Monitoring Systems in Automotive Industry
The global automotive industry is focusing on automating and improving assembly lines, which need uninterrupted motor monitoring to prevent downtimes. Motor current analysis aids in reducing machine failures and add to the life of machines. As the automotive industry witness notable progress in number of units generated per day, demand for proper maintenance machinery is set to grow in order to increase production output, without compromising on product quality. Quality management is closely associated with the health of motors in the machines used to manufacture automobiles. Consequently, automotive companies are investing in motor monitoring solutions to reduce the bottlenecks in the assembly line, thereby keeping the production rates high.
Developed Regions Dominate the Motor Monitoring Market, Emerging Economies to Record Fastest Growth
Developed regions, such as North America and Europe are likely to account for a significant share in the growth of the motor monitoring market with the availability of technologically advanced base for diverse industries. North America is among the most advanced regions in terms of the adoption of cutting-edge technologies and infrastructure network. Continuing advancements in the motor monitoring software, including advancement in cloud computing and security measures for cloud users, are anticipated to trigger the growth of the market in North America.
The untapped lucrative opportunities for industries in emerging economies are likely to increase developments in the motor monitoring market in emerging nations. For instance, APAC has a huge industrial sector with the presence of numerous manufacturing units of leading companies. The region has turned into a global focal point for heavy investments and business expansion opportunities, in recent time. As a result, the region is likely to witness a continuous demand for motor monitoring solutions.
Motor Monitoring Market Segmentation
Based on offering, the motor monitoring market is segmented into,
Based on Monitoring Process, the motor monitoring market is segmented into,
Based on Deployment/Industry, the motor monitoring market is segmented into,
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