Global Motor Monitoring Market to Reach US$ 4.3 Billion by 2032, Propelled by Rising Adoption of Cloud Computing Platforms

December 15, 2022 | Chemical & Materials

IMARC Group’s latest report, titled “Motor Monitoring Market Report by Offering (Hardware, Software), Monitoring Process (Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis, and Others), End Use (Oil and Gas, Energy and Power, Aerospace and Defense, Automotive, and Others), and Region 2024-2032,” finds that the global motor monitoring market size reached US$ 2.4 Billion in 2023. Motor monitoring is a predictive maintenance aspect involving extensive inspection with modern, state-of-the-art equipment. It focuses on reducing repair-related downtime and tracking the performance of motors. It analyzes the testing ease, spare parts availability, testing starting loads, ambient temperature, and the number of starts and stops. It transmits data through a wireless or cable network to output devices such as monitors, analyzers, and central servers. It helps find potential issues, prevent crucial unplanned downtime, ensure efficiency, and enhance plant operations. As a result, motor monitoring finds extensive applications in the aerospace, automotive, and oil and gas indus

Global Motor Monitoring Market Trends:

The rising adoption of cloud computing platforms represents the primary factor driving the market growth. Moreover, electric motors are durable and efficient, require minimal maintenance, use less energy, and have a high tolerance to voltage fluctuations. In addition, the rising applications of electric motors in domestic appliances, machine tools, and industrial fans are positively influencing the market growth. Additionally, governments of numerous countries are implementing stringent policies to promote the adoption of energy-saving products and reduce carbon emissions across various industrial sectors. In line with this, the escalating demand for motors, as they are more affordable and environment-friendly than fossil-fuel engines, has catalyzed market growth. Apart from this, the rising importance of detecting potential problems in machines before their breakdown is another major growth-inducing factor. Furthermore, ongoing product innovations, such as the development of advanced test equipment that collects data via three voltage probes and corresponding current transformers, which can be recorded, calculated, and interpreted for uninterrupted comparison, reporting, and trending, are propelling the market growth. Besides this, the increasing applications of motor monitoring in sports and thermal imaging is contributing to the market growth. Other factors, including advancements in big data technology, the surging popularity of wireless technologies, and the rapid expansion of the oil and gas industry, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 4.3 Billion by 2032, expanding at a CAGR of 6.5% during 2024-2032. 

Market Summary:

  • Based on the offering, the market has been bifurcated into hardware and software.
  • On the basis of the monitoring process, the market has been divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. 
  • The market has been categorized based on the end use into oil and gas, energy and power, aerospace and defense, automotive, and others. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa. 
  • The competitive landscape of the market has also been examined, with some of the key players being AB SKF, ABB Ltd, ALS Limited, Eaton Corporation plc, Emerson Electric Co., General Electric Company, Honeywell International Inc, National Instruments Corp., Parker-Hannifin Corp, Rockwell Automation Inc, Schneider Electric SE, and Siemens AG.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Offering, Monitoring Process, End Use, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AB SKF, ABB Ltd, ALS Limited, Eaton Corporation plc, Emerson Electric Co., General Electric, Honeywell International Inc, National Instruments Corp., Parker-Hannifin Corp, Rockwell Automation Inc, Schneider Electric and Siemens AG
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Motor Monitoring Market to Reach US$ 4.3 Billion by 2032, Propelled by Rising Adoption of Cloud Computing Platforms
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