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 2023-2028
The global motor monitoring market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Motor monitoring represents one of the predictive maintenance aspects involving thorough inspection using modern, state-of-the-art equipment. It focuses on tracking the performance of motors and minimizing downtime needed for repairs. It analyzes testing starting loads, ambient temperature, ease of testing, availability of spares, and the number of starts and stops. It assists in locating potential problems, avoiding critical unplanned downtime, ensuring efficiency, and improving plant operations. Consequently, it finds extensive applications in the automotive, aerospace, and oil and gas industries worldwide. Nowadays, several companies are offering motor monitoring services through online platforms, which provide details about power quality and operating conditions.
Motor Monitoring Market Trends:
Electric motors are durable and efficient, require low maintenance, consume less energy, and have high endurance for fluctuating voltages. This, along with their diverse applications in domestic appliances, machine tools, and industrial fans, represents one of the major factors bolstering the market growth. Moreover, governing agencies of numerous countries are formulating stringent policies to promote the adoption of energy-efficient products and reduce carbon emissions from various industrial verticals. This is positively influencing the demand for motors as they are environment-friendly and affordable than a fossil-fuel engine. The increasing importance of detecting potential issues in machines before their breakdown is also stimulating the market growth. Apart from this, the leading market players are introducing advanced test equipment that collects data through three voltage probes and corresponding current transformers. The data can be recorded, calculated, and interpreted for uninterrupted comparison, reporting, and trending. These innovations are creating a positive outlook for the market. Furthermore, factors like increasing utilization of motor monitoring in sports and thermal imaging are projected to drive the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global motor monitoring market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on offering, monitoring process and end use.
Breakup by Offering:
Breakup by Monitoring Process:
Motor Current Analysis
Breakup by End Use:
Oil and Gas
Energy and Power
Aerospace and Defense
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Base Year of the Analysis
Offering, Monitoring Process, End Use, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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
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Key Questions Answered in This Report
The global motor monitoring market was valued at US$ 2.2 Billion in 2022.
We expect the global motor monitoring market to exhibit a CAGR of 6.4% during 2023-2028.
The rising demand for motor monitoring across various industries, such as automotive, aerospace, and oil and gas, as it assists in locating potential problems, avoiding critical unplanned downtime, ensuring efficiency, and improving plant operations, is primarily driving the global motor monitoring market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for motor monitoring.
Based on the offering, the global motor monitoring market can be segmented into hardware and software. Currently, hardware holds the majority of the total market share.
Based on the monitoring process, the global motor monitoring market has been divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. Among these, vibration analysis currently exhibits a clear dominance in the market.
Based on the end use, the global motor monitoring market can be categorized into oil and gas, energy and power, aerospace and defense, automotive, and others. Currently, oil and gas accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global motor monitoring market include 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.
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