Motor Monitoring Market

Motor Monitoring Market Size:

The global motor monitoring market size reached US$ 2.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.3 Billion by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032. The market is driven by the increasing demand for predictive maintenance, advancements in IoT and AI technologies, the growing need for minimizing downtime in industrial operations, and the focus on enhancing operational efficiency and reducing maintenance costs.

Motor Monitoring Market Analysis:

• Major Market Drivers: The motor monitoring market growth drivers for the motor monitoring market are increasing concentration on prognostic upkeep, which enables numerous industries to mitigate risks of unexpected downtime or costly repair. Application of high IoTs and AI technology in motor monitoring systems enables the enhancement of data captured and analyzed for real-time decision-making. Furthermore, increasing industrial applications across sectors also escalating the need for motor monitoring in industrial automation due to the consistent goal of industrial businesses. Furthermore, growing concerns for energy saving have made industries and motor manufacturers incorporate motor monitoring technologies in the systems in a bid to achieve maximum efficiency and sustainability.
• Key Market Trends: The drive subsystem (drive protection) is predicted to be the fastest growing market in motor monitoring over current medium. Developers are increasingly shifting to cloud-based platforms that enable remote monitoring and provide real-time analytics for better operational efficiency. Additionally, advancements in AI-driven analytics are enhancing predictive maintenance and improving early fault detection capabilities. Integrating motor monitoring along with the enterprise resource planning (ERP) system that streamlines processes and enhance better decision capabilities.
• Geographical Trends: North America has been driving the market for motor monitoring, with a rebound in its majority of industries and early adoption than any other industrial heavyweights. The increasing emphasis of the region on improving operational efficiency and minimizing maintenance cost in manufacturing and other industries are driving demand for motor monitoring solutions. Moreover, the existence of leading market players and growing adoption of IoT and AI technologies also contribute to making North America as a dominant one. In particular, strict government standards in energy efficiency and workplace safety are driving the implementation of motor monitoring systems across various industries, thereby further underpinning market position.
• Competitive Landscape: Some of the major market players in the motor monitoring industry include AB SKF, ABB Ltd, ALS Limited, Eaton Corporation plc, Emerson Electric Co., General Electric, Honeywell International Inc, National Instruments Corp., Parker-Hannifin Corp, Rockwell Automation Inc, Schneider Electric and Siemens AG, among many others.
• Challenges and Opportunities: The motor monitoring market faces challenges such as high initial implementation costs, which can deter small and medium-sized enterprises (SMEs) from adopting these systems. Additionally, the complexity of integrating motor monitoring solutions with existing industrial infrastructure poses another challenge. However, business opportunities in the motor monitoring market include development of cost-effective and user-friendly solutions by market players, catering to SMEs and enhancing market penetration. The increasing emphasis on sustainability and energy efficiency also opens avenues for innovation in motor monitoring technologies, particularly in developing regions, where industrial growth is accelerating.

Motor Monitoring Market Trends:

Integration of AI and IoT Technologies

The integration of AI and IoT technologies in motor monitoring systems is rapidly transforming the market. These technologies enable real-time data collection and analysis, allowing industries to predict and prevent motor failures before they occur. AI-driven analytics provide deeper insights into motor performance, helping to optimize maintenance schedules and reduce downtime. For instance, Macnica a total service and solution provider in semiconductors, networks, cybersecurity and AI/IoT, has launched the Mpression Smart Motor Sensor in 2023, a solution comprising products developed by Analog Devices, Inc. in Taiwan. This trend is inspiring companies to adopt more sophisticated motor monitoring solutions that leverage AI and IoT for enhanced operational efficiency. As the industrial sector continues to automate processes, the demand for smart motor monitoring systems that can provide real-time, actionable insights is expected to grow significantly.

Growing Demand for Wireless Motor Monitoring Solutions

The use of wireless motor monitoring is becoming more popular in the market as it is easier to install and, is more flexible, and requires less maintenance than wired systems. These systems enable the real-time performance tracking of the motor volumes without spending much time and effort in wiring cables and are suited for remote areas. The solutions in wireless motor monitoring offer inherent cost advantages besides easy scalability and integration with existing structures and systems. As industries are constantly seeking ways to improve efficiency, reduce downtime, and optimize resource allocation, it is increasing the adoption of wireless solutions.

Adoption of Cloud-Based Motor Monitoring Platforms

The use of cloud-based motor monitoring platforms is gradually gaining traction in industries, and businesses that implement remote access, real-time analysis, and scalability features. These enable the motor performance to be monitored at a central place, hence enabling the operators to be in a position to see any problems that could be happening at different places and dealing with them. For example, Asahi Kasei Engineering will introduce V-MO which is a newly developed cloud service for the maintenance of ocean vessel motors for assuring stable operation and avoiding downtime of sea-going vessels. This change has been necessitated by the need to improve the methods of monitoring and maintaining motors, improved access to information as well as the need for increased security in motors. Such a trend is expected to increase with time and as many organizations are striving to implement more digital changes.

Motor Monitoring Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on offering, monitoring process, and end use.

Breakup by Offering:

• Hardware
• Software
   

Hardware accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the offering. This includes hardware and software. According to the report, hardware represented the largest segment.

As per the motor monitoring industry overview, hardware is the largest segment in the market due to its critical role in enabling accurate data collection and real-time monitoring of motor performance. Components like sensors, actuators, and transmitters are essential for capturing and transmitting data to monitoring systems, ensuring efficient operation and maintenance The increasing adoption of IoT and automation in industries further drives demand for advanced hardware solutions, solidifying its dominance in the market as companies seek to optimize motor performance and reduce operational costs.

Breakup by Monitoring Process:

• Oil Analysis
• Motor Current Analysis
• Ultrasound
• Thermography
• Vibration Analysis
• Others
   

Vibration analysis holds the largest share of the industry

A detailed breakup and analysis of the market based on the monitoring process have also been provided in the report. This includes oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. According to the report, vibration analysis accounted for the largest market share.

Vibration analysis is one of the leading motor monitoring market segments as it provides early detection of motor faults, enabling preventive maintenance and minimizing costly downtime. This process allows for continuous monitoring of motor health by identifying issues such as imbalance, misalignment, and bearing failures before they lead to major breakdowns. With industries increasingly focusing on optimizing operational efficiency and reducing unplanned outages, the demand for vibration analysis tools continues to grow, making it the most prominent monitoring process in the market.

Breakup by End Use:

• Oil and Gas
• Energy and Power
• Aerospace and Defense
• Automotive
• Others
   

Oil and gas represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end use. This includes oil and gas, energy and power, aerospace and defense, automotive and others. According to the report, oil and gas represented the largest segment.

As per the motor monitoring market, oil and gas industry is the largest segment in the market because of its high reliance on motor-driven equipment in critical operations, where any failure can lead to significant financial losses and safety risks. Continuous monitoring of motors in this sector is essential for ensuring operational efficiency, minimizing downtime, and complying with stringent safety regulations. This emphasizes the need for effective motor monitoring to optimize performance and reduce operational costs, driving the prominence of the oil and gas segment in the market and creating a positive motor monitoring market outlook.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest motor monitoring market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, North America was the largest regional market for motor monitoring.

As per the motor monitoring market forecast, North America is the largest segment due to its advanced industrial base, early adoption of cutting-edge technologies, and stringent regulatory standards for energy efficiency and safety. The region's robust manufacturing sector, particularly in the United States, drives significant demand for motor monitoring systems to optimize operations and reduce maintenance costs. The growing focus on predictive maintenance and the integration of IoT and AI technologies further strengthen North America's leading position in the market, thus positively influencing the motor monitoring market dynamics.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the motor monitoring industry include AB SKF, ABB Ltd, ALS Limited, Eaton Corporation plc, Emerson Electric Co., General Electric, Honeywell International Inc, National Instruments Corp., Parker-Hannifin Corp, Rockwell Automation Inc, Schneider Electric and Siemens AG.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The competitive landscape of the motor monitoring market is characterized by the presence of several key players, including ABB, Siemens, Schneider Electric, and Honeywell, all of which are focusing on technological advancements and strategic partnerships to strengthen their market position. These companies are increasingly investing in IoT and AI-driven motor monitoring solutions to offer enhanced predictive maintenance capabilities. For instance, Asahi Kasei Engineering introduced cloud-based predictive maintenance service V-MO for monitoring of ocean vessel motors at SMM 2024. The market is also witnessing increased competition from new entrants focusing on cost-effective, wireless solutions, driving innovation, and further intensifying the competitive environment.

Motor Monitoring Market News:

• In May 2023, OMRON launched its K7DD-PQ Series of advanced motor condition monitoring devices on March 1, 2023 in Japan and then globally on April 3, 2023. The series was the latest addition to OMRON’s family of condition monitoring devices that automate the monitoring of abnormalities on the manufacturing site in place of human workers.
• In March 2023, Honeywell introduced its Versatilis Transmitters for condition-based monitoring of rotating equipment such as motors, compressors, fans, pumps, blowers, and gearboxes. Honeywell Versatilis Transmitters offer relevant measurements of rotating equipment, delivering intelligence that can improve availability, safety, and reliability across industries.

Motor Monitoring Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the motor monitoring market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global motor monitoring market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the motor monitoring industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.