Motor Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Motor Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : August, 2020 | Semiconductor & Electronics | PPT format

Report Digest


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

  • OneWatt, an industrial technology developer supported by InnoEnergy - a European company - has introduced a unique motor monitoring system designed for the onshore as well as offshore hydro-power, wind, and industrial sectors. The unique non-invasive motor monitoring system is aimed at reducing downtime and growing efficiency for the renewables sector.
  • The Brazilian motor-maker WEG has recently demonstrated a device that gets attached with an electric motor to monitor the performance of the motor in real time through an app that can be downloaded on smartphone or tablet. The users can also access the data on desktops or laptops via a dedicated web portal.
  • The Electrification Products division of ABB, an automation company, has decided to leverage ABB Ability Marketplace to commercialize ABB Ability Electrical Distribution Control System via a SAAS model that carries electrical distribution system for buildings and plants.

Some of the most prominent competitors operating in the competitive landscape of global motor monitoring market include –

  • Phoenix Contact
  • Qualitrol
  • General Electric
  • Koncar
  • Banner Engineering
  • Schneider Electric
  • KCF Technologies
  • ABB
  • WEG
  • Siemens
  • Mitsubishi Electric
  • Eaton
  • T.F. Hudgins
  • Honeywell
  • Dynapar
  • Emerson Electric
  • SKF

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,

  • Hardware
  • Software

Based on Monitoring Process, the motor monitoring market is segmented into,

  • Online
  • Portable

Based on Deployment/Industry, the motor monitoring market is segmented into,

  • Automotive
  • Oil & Gas
  • Power Generation
  • Metals & Mining
  • Water & Wastewater

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.