Motor Monitoring Market to Surge $2.9 billion by 2026 | General Electric, Siemens, ABB, Honeywell, Schneider Electric

Motor Monitoring Market Overview:

The Motor monitoring market is expected to grow from an estimated USD 2.0 billion in 2021 to USD 2.9 billion by 2026, at a CAGR of 7.8% during the forecast period. Motor monitoring is increasingly being installed and is showing robust growth.

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The growing demand for predictive maintenance and analytics is one of the driving factors for the motor monitoring market, globally. Predictive maintenance is gaining recognition as one of the more easily exploited applications of digitalization. Predictive maintenance (PdM) is a strategy for predicting when equipment will break and replacing the component before it fails. This aids in the reduction of downtime and the extension of component life. Predictive maintenance entails measuring the motors functioning parameters under full load, as well as the effective temperature and wetness conditions, while it is in use. For the maintenance of electric motors, there are 2 widely used methods of analysis, i.e., vibration analysis and infrared imaging. Vibration analysis is primarily employed in the case of rotating machinery while the technician can use infrared imaging to determine the temperature of the electric motor. Vibration analysis can detect any imbalance, misalignment, looseness, or bearing problems in the motor. Infrared imaging aids in the detection of problems such as bearing failure, airflow, insulation failure, unbalanced voltage, and shaft misalignment.

The hardware segment is expected to dominate the motor monitoring market, by offering, during the forecast period.

The hardware segment is estimated to account for the largest market share of 69.2% of the motor monitoring market in 2021. This segment is expected to maintain its high market share during the forecast period, as various industries require sensors and other hardware components for motor monitoring. Moreover, with increasing penetration of IoT in end-user industries, various hardware components will be required to establish network connection; this will fuel the demand for hardware in the motor monitoring market.

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The Oil & Gas segment is expected to be the largest motor monitoring market, by end-user industry, during the forecast period.

The Oil & Gas segment is expected to account for the largest share of the motor monitoring market during 2021-2026. This trend is expected to continue during the forecast period. The oil & gas industry is one of the biggest end users of motors and deploys many motors that are very critical for operations and face harsh environmental situations. Thus, motor monitoring plays an important role in the oil & gas sector. Apart from that, the increasing focus on safety in drilling activities will also provide more opportunities to the motor monitoring market.

This research report categorizes the motor monitoring market based by offering, deployment, monitoring process, and end-user industry.
Based on offering, the motor monitoring market has been segmented as follows:

Hardware
Vibration Sensors
Infrared Sensors
Corrosion Probes
Ultrasound Detectors
Spectrum Analyzers
Others
Software
Analytics Software
Diagnostic Software
Services
Training Services
Data Analysis Services
Technical Support & Maintenance Services

Based on deployment, the motor monitoring market has been segmented as follows:

On-premise
Cloud

Based on monitoring process, the motor monitoring market has been segmented as follows:

Online
Offline/Portable

Based on End user, the motor monitoring market has been segmented as follows:

Automotive
Oil & gas
Metals & mining
Power Generation
Water & wastewater treatment
Food & beverages
Chemicals
Others - Agriculture and Electronics & Semiconductors

Based on the region, the motor monitoring market has been segmented as follows:

North America
Asia Pacific
Europe
South America
Middle East & Africa

North America likely to emerge as the largest motor monitoring market

In this report, the motor monitoring market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the global motor monitoring market between 2021-2026. North America is at the forefront in deploying asset performance management and condition monitoring solutions, which are efficient in providing early warning notification with predictive analytics and diagnosis of equipment issues days, weeks, or months before failure. In recent years, the development of various software and deployment of automation solutions in various industries have improved business operations and consequently fueled the growth of the motor monitoring market in North America.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the motor monitoring market.

Some of the key players are General Electric (US), Siemens (Germany), ABB (Switzerland), Honeywell (US), and Schneider Electric (France). The leading players are adopting various strategies to increase their share in the motor monitoring market.

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