Motor Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
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 leading players in the global motor monitoring market are 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, and 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,
Based on Monitoring Process, the motor monitoring market is segmented into,
Based on Deployment/Industry, the motor monitoring market is segmented into,
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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