Motor Monitoring Market is Likely to Surge at a Strong 8% CAGR from 2022 to 2032 | Report by FMI

Motor Monitoring Market is slated to top US$ 2 Billion in 2021, likely to surge at a strong 8% CAGR during the assessment period 2022 - 2032. The increasing use of wireless communication technology in machine condition monitoring and the rising demand for predictive maintenance are two crucial factors driving the growth of the motor monitoring system market.

The trend in the automotive industry toward automated systems has mandated the use of a motor monitoring system. In addition, the need for motor monitoring systems has grown as the demand for efficient working systems has increased for greater performance and fuel efficiency.

Motor monitoring sensors are widely used in aeroplanes, buses, cranes, and trucks in the aerospace industry. The seamless integration of autonomous Electric motors in aerospace and aviation is optimistic for market expansion.

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Initiatives to modernize existing power infrastructure to fulfill global energy demand has boosted the global adoption of the motor control market. The increased use of predictive maintenance and other motor monitoring modules prompts businesses to hire a data analysis staff. To obtain accurate information on the health of motors, this team should be well-versed on motors as well as their operation in a specific machine.

As a result, the indirect cost to businesses will rise. During the forecast period, the scarcity of skilled professionals at reasonable prices is the primary factor limiting motor monitoring market growth.

KEY TAKEAWAYS:

Popularity of hardware is anticipated to remain high over software and services during the forecast period.
Mission critical applications are rising, which prompts at high adoption of online motor monitoring system.
Environmental repercussion from manufacturing plant failure makes oil and gas industry a prominent end user.
In 2020, North America accounted for 33.7% of the motor monitoring market share. The regional market encompasses the United States, Canada, and Mexico. An increase in demand for electric vehicles (EVs) and increased investment in infrastructure development in various end-user industries of motor monitoring is supporting the region's growth.

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Competitive Landscape

Novel solution offerings and predictive analytics integration are the key drivers facilitating innovation in the motor monitoring system market through product differentiation. There are several key companies in the motor monitoring market, including ABB Group and Siemens AGThe following are recent market developments:

Product launch, product development, collaboration, partnership, and other market tactics are used by organizations to increase the motor monitoring market share.

In 2020, utilities in North America invested around USD 85 billion in power generation infrastructure and USD 246 billion in oil and gas activities, according to the International Energy Agency's World Energy Investment 2021 report.

According to LMC International, EV and hybrid sales in North America are predicted to account for 7% and 20% of total automobile sales by 2030, respectively.

General Electric announced CONNECTIX, a software package and expert services, in March 2021. It covers tools and solutions for operations, maintenance, and services that help to improve operations and enable predictive maintenance and cyber-secure service solutions.
Siemens and Empolis signed a collaboration agreement in September 2021 to digitalize and organize organizational knowledge for drive systems. With the support of Empolis Intelligent Views Platform knowledge graphs, Siemens and Empolis have strengthened the foundation for insight generation in SI-DRIVE IQ.
Södra awarded ABB a contract in August 2020 to supply 70 ABB Ability Smart Sensors to assess the vibrations and performance of several motors installed on a pulp dryer.

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Motor Monitoring Market

By  Deployment Type:

On-premise
Cloud

By Monitoring Process:

Online
Offline/Portable

By End User:

Automotive
Oil & Gas
Metals and Mining
Power Generation
Water and Wastewater Treatment
Food & Beverages
Chemicals

By Offering:

Software
Hardware
Services

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This release was published on openPR.