Motor Monitoring Market
Motor Monitoring Market Size, Share & Trends Analysis Report by Offerings (Hardware, and Software and Services), by Deployment (Cloud-Based and On-Premises), and by End-Users (Automotive, Oil and Gas, Power Generation, Metal and Mining, and Others) Forecast Period (2022-2028) Update Available - Forecast 2024-2030
Motor monitoring market is anticipated to grow at a CAGR of 7.6% during the forecast period. The growing acquisition by key players across the globe is the major factor driving the growth of the market. Key players are adopting acquisition strategies to stay competitive in the market. For instance, in October 2019, Analog Devices, Inc. acquired Test Motors, which offers products and services that detect faults in electric motors before they cause damage to production cycles and advises on how and when to repair them. The acquisition aims to expand the Analog Devices, Inc portfolio of condition-based monitoring solutions. Furthermore, the acquisition builds on Analog Devices’ 2018 addition of OtoSense, a start-up that developed “sensing interpretation” software, which can learn and recognize sounds or vibrations and identify potential problems in a factory machine or a car’s engine before they become severe. Additionally, Analog Devices, Inc plans to combine software from OtoSense with Test Motors’ monitoring capabilities to create solutions that offer an advanced, holistic snapshot of machine health by capturing a wider breadth of potential faults.
Segmental Outlook
The global motor monitoring market is segmented based on offerings, deployment, and end-users. Based on the offerings, the market is bifurcated into hardware, and software & services. Based on the deployment, the market is divided into cloud and on-premise. Based on the end-users, the market is augmented into automotive, oil and gas, power generation, metal and mining, and others. Among these, the oil and gas segment is expected to hold a considerable share of the market due to rising concerns for efficiency, safety, and profitability in oil and gas operations. To fulfill the concern, key market players in the oil and gas industry are adopting motor monitoring systems, which increases the overall motor monitoring market.
Among offerings, the hardware segment is expected to hold a prominent share in the motor monitoring market over the forecast period. The need for a system that can monitor the conditions of motors and could replace manual operation is increased in various industries. The growing technology is significantly favoring the end-use industry to ensure safe and stable operations at respective sites. Key players are developing artificial intelligence (AI) based monitoring systems to cater to the demand of end-user industries. For instance, in May 2022, TMEIC Asia Pte. Limited launched the Smart Motor Sensor TMASMS, which is AI based, high-performance predictive maintenance platform for electric motors. It is Enabled by Analog Devices’ OtoSense hardware and software solutions and predicts motor failures at an early stage and contributes to the stable operation of plants and factories by monitoring and carrying out analysis 24/7 through AI. Moreover, the company delivered 25 sets of TMASMS to PT. Bukit Muria Jaya and started monitoring the whole paper machine drives motors.
Regional Outlooks
The global motor monitoring market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Asia-Pacific is expected to hold a considerable share of the motor monitoring market during the forecast period, owing to the increasing automotive industry in the region.
Global Motor Monitoring Market Growth, by Region 2022-2028
North America is Expected to Hold a Significant Share in the Global Motor Monitoring Market
Among all regions, North America is expected to hold a significant market share during the forecast period owing to an increase in demand for electric vehicles and rising investment in infrastructure development in various end-user industries. For instance, according to the US Department of Transportation, the sales of electric vehicles accounted for 798,992 in 2021, whereas the sales in 2020 is 455,067. As the demand for electric vehicles are increasing, it increases the demand for the motor monitoring market in the region.
Market Players Outlook
The major companies serving the global motor monitoring market include ABB Group, ALS Ltd., Eaton Corp., Emerson Electric Co., General Electric Co., Honeywell International, Inc., KCF Technologies, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2021, SKF and Norilsk Nickel Harjavalta entered into a partnership to increase reliability and productivity in Nornickel’s refinery in Harjavalta, Finland. The SKF provides condition monitoring and lubrication management to support a continuous improvement process. Through this partnership, both companies increased the reliability of Nornickel’s machines which has helped them to increase production volumes. Moreover, Nornickel has decided to deploy the next-generation condition monitoring system in the rest of their plants.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global motor monitoring market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
4. Market Segmentation
4.1. Global Motor Monitoring Market by Offerings
4.1.1. Hardware
4.1.2. Software and Services
4.2. Global Motor Monitoring Market by Deployment
4.2.1. Cloud-Based
4.2.2. On-Premises
4.3. Global Motor Monitoring Market by End-User
4.3.1. Automotive
4.3.2. Oil and Gas
4.3.3. Power Generation
4.3.4. Metal and Mining
4.3.5. Others (Water and Wastewater Treatment, Chemicals, Food, and Beverages)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. ABB Group
6.2. ALS Ltd.
6.3. Eaton Corp.
6.4. Emerson Electric Co.
6.5. General Electric Co.
6.6. Honeywell International, Inc.
6.7. KCF Technologies, Inc.
6.8. Mitsubishi Electric Corp.
6.9. National Instruments Corp.
6.10. Parker Hannifin Corp
6.11. Rockwell Automation, Inc.
6.12. Schneider Electric SE
6.13. Siemens AG
6.14. SKF
6.15. WEG Group
1. GLOBAL MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY OFFERINGS, 2021-2028 ($ MILLION)
2. GLOBAL MOTOR MONITORING HARDWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL MOTOR MONITORING SOFTWARE AND SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
5. GLOBAL CLOUD-BASED MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL ON-PREMISES MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
8. GLOBAL MOTOR MONITORING FOR AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
9. GLOBAL MOTOR MONITORING FOR OIL AND GAS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
10. GLOBAL MOTOR MONITORING FOR POWER GENERATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL MOTOR MONITORING FOR METAL AND MINING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL MOTOR MONITORING FOR OTHER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. NORTH AMERICAN MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
15. NORTH AMERICAN MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY OFFERINGS, 2021-2028 ($ MILLION)
16. NORTH AMERICAN MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
17. NORTH AMERICAN MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
18. EUROPEAN MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
19. EUROPEAN MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY OFFERINGS, 2021-2028 ($ MILLION)
20. EUROPEAN MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
21. EUROPEAN MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
22. ASIA-PACIFIC MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
23. ASIA-PACIFIC MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY OFFERINGS, 2021-2028 ($ MILLION)
24. ASIA-PACIFIC MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
25. ASIA-PACIFIC MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
26. REST OF THE WORLD MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
27. REST OF THE WORLD MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY OFFERINGS, 2021-2028 ($ MILLION)
28. REST OF THE WORLD MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
29. REST OF THE WORLD MOTOR MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
1. GLOBAL MOTOR MONITORING MARKET SHARE BY OFFERINGS, 2021 VS 2028 (%)
2. GLOBAL MOTOR MONITORING HARDWARE MARKET SHARE BY REGION, 2021 VS 2028 (%)
3. GLOBAL MOTOR MONITORING SOFTWARE AND SERVICES MARKET SHARE BY REGION, 2021 VS 2028 (%)
4. GLOBAL MOTOR MONITORING MARKET SHARE BY DEPLOYMENT, 2021 VS 2028 (%)
5. GLOBAL CLOUD-BASED MOTOR MONITORING MARKET SHARE BY REGION, 2021 VS 2028 (%)
6. GLOBAL ON-PREMISES MOTOR MONITORING MARKET SHARE BY REGION, 2021 VS 2028 (%)
7. GLOBAL MOTOR MONITORING MARKET SHARE BY END-USER, 2021 VS 2028 (%)
8. GLOBAL MOTOR MONITORING FOR AUTOMOTIVE MARKET SHARE BY REGION, 2021 VS 2028 (%)
9. GLOBAL MOTOR MONITORING FOR OIL AND GAS MARKET SHARE BY REGION, 2021 VS 2028 (%)
10. GLOBAL MOTOR MONITORING FOR POWER GENERATION MARKET SHARE BY REGION, 2021 VS 2028 (%)
11. GLOBAL MOTOR MONITORING FOR METAL AND MINING MARKET SHARE BY REGION, 2021 VS 2028 (%)
12. GLOBAL MOTOR MONITORING FOR OTHER MARKET SHARE BY REGION, 2021 VS 2028 (%)
13. GLOBAL MOTOR MONITORING MARKET SHARE BY REGION, 2021 VS 2028 (%)
14. US MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
15. CANADA MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
16. UK MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
17. FRANCE MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
18. GERMANY MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
19. ITALY MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
20. SPAIN MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
21. REST OF EUROPE MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
22. INDIA MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
23. CHINA MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
24. JAPAN MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
25. SOUTH KOREA MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
26. REST OF ASIA-PACIFIC MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
27. REST OF THE WORLD MOTOR MONITORING MARKET SIZE, 2021-2028 ($ MILLION)
