Detailed Study on Motor Monitoring Market worth $2.3 billion by 2023

The motor monitoring market is expected to grow from USD 1.6 billion in 2018 to USD 2.3 billion by 2023, at a CAGR of 7.4% during the forecast period. The increasing popularity of wireless technologies in the industrial sector is a major factor driving the growth of the market.

Hardware segment to dominate motor monitoring market during forecast period

Based on offering, the motor monitoring market has been segmented into hardware and software. Hardware is expected to hold the largest share of the market in 2018 owing to the criticality of the use of hardware to ensure basic-level monitoring of motors in plants or systems. Sensors and probes are the main types of hardware, and these are used to monitoring motor conditions by keeping a check on vibration, temperature, noise, and corrosion. Software segment is expected to witness significant growth during the forecast period owing to the growing need for data analytics to deduce faults or errors in motors in a manufacturing plant.

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Online motor monitoring to register highest growth in motor monitoring market during forecast period

The market for online motor monitoring is expected to witness the highest CAGR during the forecast period. This growth is credited to its ability to provide an advanced solution and real-time data to the operators. Online vibration monitoring systems have applications in industries demanding 24-hour production. This type of monitoring process is generally used in production-intensive industries, such as oil & gas, power generation, and mining as they have a higher probability of motor failure.

Motor monitoring market for automotive industry to grow at highest CAGR during forecast period

The global automotive industry is emphasizing on automating and upgrading assembly lines, which require continuous monitoring of motors to avoid downtimes. Motor current analysis helps reduce machine failures and extend the life of machines. The automotive industry is witnessing significant growth in the number of units produced per day; this triggers the need for proper maintenance machinery on the production floor to shorten production cycle and increase the production output, without hampering the product quality. This is expected to be the key factor contributing to the highest growth of the market for the automotive industry.

North America to hold largest share in motor monitoring market in 2018

North America is the major revenue-generating region in the global motor monitoring market. It is one of the most advanced regions with regard to the adoption of advanced technologies and infrastructure network. Constant advancements in the motor monitoring software, such as developments in cloud computing and security measures for cloud users, are expected to boost the growth of the market in North America.

Key Market Players

Key players in the motor monitoring market are Banner Engineering (US), ABB (Switzerland), National Instruments (US), SKF (Sweden), Siemens (Germany), Honeywell (US), General Electric (US), Emerson Electric (US), Rockwell Automation (US), Qualitrol (US), Schneider Electric (France), Mitsubishi Electric (Japan), Advantech (Taiwan), Eaton (Ireland), WEG (Brazil), Dynapar (US), KCF Technologies (US), Phoenix Contact (Germany), T.F. Hudgins (US), and Koncar (Croatia).

ABB offers a diverse range of motor condition monitoring products, tools, and services. The company’s motor monitoring offerings include smart sensors, predictive maintenance services, and drive condition monitoring solutions. ABB is one of the leading players in the power and automation industry, and it has operations in all major regions. It is known for its automation solutions in the oil & gas industry. In 2017, the company spent 4.0% of its total revenue on R&D, which totals up to USD 1.37 billion. ABB utilizes such high shares of R&D spending to keep it updated in all its product categories.

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