Motor Monitoring Market worth $5.06 billion by 2030, growing at a CAGR of 8.43% - Exclusive Report by 360iResearch

The "Motor Monitoring Market by Technology (Current Signature Analysis, Electric Discharge Current Measurement, Motor Current Monitoring), Monitoring Process (Online Motor Monitoring, Portable Motor Monitoring), Offering, Deployment, End-Use - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Motor Monitoring Market to grow from USD 2.87 billion in 2023 to USD 5.06 billion by 2030, at a CAGR of 8.43%.

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Motor monitoring refers to the process of continuously analyzing the performance and condition of electric motors in industrial settings. It involves using various sensors and devices that collect data on parameters such as vibration, temperature, current, voltage, and power quality. This data is then analyzed to assess the health of the motor and predict potential failures before they occur. Integrating the Internet of Things (IoT) in industrial devices has allowed for more sophisticated and real-time monitoring capabilities. As industries look to reduce maintenance costs and prevent unplanned downtimes, demand for advanced monitoring increases. Stringent energy consumption and reliability standards encourage investment in efficient monitoring systems. However, the cost of setting up advanced monitoring systems can be a barrier for small to medium-sized enterprises (SMEs), and integration of new systems with existing equipment and processes can challenge companies and require specialized skills. Market players work on developing wireless sensor networks for monitoring, which can reduce installation costs and enhance connectivity. They are also developing monitoring systems that consume less power and are more sustainable.

The use of motor monitoring in the Americas is largely driven by mature industries such as manufacturing, energy, and utilities that demand high reliability and efficiency in their operations. North America, in particular, is home to several leading motor monitoring system manufacturers. These companies are known for their technological advancements and have a significant share in global markets. The Asia-Pacific region is experiencing rapid industrial growth, leading to increased adoption of motor monitoring systems, particularly in China and India. The demand is also driven by a growing focus on energy efficiency and the need to comply with strict environmental regulations. Asia-Pacific is witnessing a surge in the local production of motor monitoring systems, fueled by the booming industrial sector and local market demands. Countries such as Japan and South Korea are at the forefront of producing advanced motor monitoring technologies. In EMEA, motor monitoring is widely used across various sectors with a high focus on innovation and adherence to stringent European standards. Energy conservation directives and the Industry 4.0 movement are key drivers of motor monitoring adoption in this region. Europe is a strong hub for producing motor monitoring systems, with German engineering often setting the standard for quality and innovation. The region's manufacturers are known for their focus on sustainable and smart technologies.

Market Segmentation & Coverage:

This research report categorizes the Motor Monitoring Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Technology, market is studied across Current Signature Analysis, Electric Discharge Current Measurement, Motor Current Monitoring, Oil Analysis, Speed & Sound Measurement, Thermal Monitoring, and Vibration Analysis. The Oil Analysis commanded largest market share of 19.75% in 2023, followed by Vibration Analysis.

Based on Monitoring Process, market is studied across Online Motor Monitoring and Portable Motor Monitoring. The Portable Motor Monitoring commanded largest market share of 51.46% in 2023, followed by Online Motor Monitoring.

Based on Offering, market is studied across Hardware, Services, and Software. The Hardware commanded largest market share of 42.54% in 2023, followed by Services.

Based on Deployment, market is studied across On-Cloud and On-Premise. The On-Cloud commanded largest market share of 61.28% in 2023, followed by On-Premise.

Based on End-Use, market is studied across Aerospace, Automotive, Energy & Power, Manufacturing, Mining, and Oil & Gas. The Manufacturing commanded largest market share of 22.67% in 2023, followed by Automotive.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 38.67% in 2023, followed by Europe, Middle East & Africa.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Motor Monitoring Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Motor Monitoring Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Motor Monitoring Market, highlighting leading vendors and their innovative profiles. These include AB SKF, ABB Ltd., Advantech Co., Ltd., ALS Limited, Analog Devices, Inc., Artesis, Baker Hughes Company, Balluff GmbH, Banner Engineering Corp., Dynapar Corporation, Eaton Corporation PLC, Emerson Electric Co., Fluke Corporation, General Electric Company, Honeywell International Inc., IFM Electronic GmbH, Infoteam Group, International Business Machines Corporation, KCF Technologies, Inc., KONČAR - Electrical Engineering Institute Ltd., Megger Group Limited, Mitsubishi Electric Corporation, Murata Manufacturing Co. Ltd., Omron Corporation, PdMA Corporation, Phoenix Contact, Qualitrol Corp., Robert Bosch GmbH, Rockwell Automation, Inc., Schaeffler Technologies AG & Co. KG, Schneider Electric SE, Siemens AG, TDK Corporation, TE Connectivity Ltd., Texas Instruments Incorporated, and WEG S.A..

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Motor Monitoring Market, by Technology
7. Motor Monitoring Market, by Monitoring Process
8. Motor Monitoring Market, by Offering
9. Motor Monitoring Market, by Deployment
10. Motor Monitoring Market, by End-Use
11. Americas Motor Monitoring Market
12. Asia-Pacific Motor Monitoring Market
13. Europe, Middle East & Africa Motor Monitoring Market
14. Competitive Landscape
15. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Motor Monitoring Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Motor Monitoring Market?
3. What is the competitive strategic window for opportunities in the Motor Monitoring Market?
4. What are the technology trends and regulatory frameworks in the Motor Monitoring Market?
5. What is the market share of the leading vendors in the Motor Monitoring Market?
6. What modes and strategic moves are considered suitable for entering the Motor Monitoring Market?

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