Motor Monitoring Market worth $3.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 11, 2023 /PRNewswire/ -- Motor Monitoring Market is expected to reach USD 3.5 billion by 2028 from USD 2.3 billion in 2023 at a CAGR of 8.7% during the 2023–2028 period according to a new report by MarketsandMarkets™. Motor monitoring is one of the aspects of predictive maintenance that tracks the performance of motors to minimize downtime needed for repairs. The failing machinery is predicted by monitoring the vibration or temperature of the motor case or the bearings. Motor monitoring is required in various sectors, including oil and gas, power generation, automotive, energy and power, mining, food and beverage, chemicals, and other sectors. Technological advancements in motor monitoring include the use of motor current signature analysis (MCSA) technology, which analyzes motor currents rather than relying on traditional vibration-monitoring techniques.

Browse in-depth TOC on "Motor Monitoring Market"

475 – Tables
53 – Figures
340 – Pages

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Motor Monitoring Market Scope:

Hardware, by Offering, is expected to grow by the largest segment during the forecast period.

Based on the offering, the Motor Monitoring Market has been split into hardware, software and services. Hardware is the most important component of a machine condition monitoring system. The hardware segment mainly includes vibration sensors, infrared sensors, ultrasound detectors, spectrum analyzers, and corrosion probes. They mitigate risks, boost safety, and reduce maintenance costs, along with improving reliability, uptime, and efficiency. These features are driving the products market for the Hardware segment.

The online segment, by monitoring process, is expected to grow at the fastest CAGR during the forecast period.

This report segments the Motor Monitoring Market based on monitoring process; the Motor Monitoring Market has been segmented into online and offline/portable processes. Online motor monitoring systems track machine vibration, misaligned couplings and unbalance, air gap variation, broken rotor bars, bearing fluting, and other relevant machine condition parameters throughout the life of the asset. High-voltage (HV) motors are generally equipped with online motor monitoring in several industries such as oil & gas, power generation, water transportation, metals, and mining. The declining costs of sensors and submeters, and the advent of big data analytics have made online motor monitoring solutions increasingly accurate and affordable. Such factors drive the growth of the online Motor Monitoring Market.

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North America is expected to be the second largest region in the Motor Monitoring Industry.

North America is expected to be the second-largest Motor Monitoring Market during the forecast period. The North American region has been subdivided into three key countries: US, Canada, and Mexico. Motor monitoring solutions are crucial to industries as they have the capability to accurately predict plant failure, which helps organizations reduce their maintenance and operational expenses. Constant advancements in motor monitoring software, increased R&D in the field of IoT and IIoT, and increasing demand for efficient and cost-effective technologies to improve motor performance and optimize business operation by preventing motor failure are also supporting the growth of the market in region.

Key Players

Some of the major players in the Motor Monitoring Companies are Dynarpar (US), KCF Technologies (US), Pheonix Contact (Germany), Allied Reliability (US), and KONCAR (Croatia). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.

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Recent Developments

• In October 2023, Emerson acquired National Instruments in October 2023. The acquisition of NI advances Emerson's position as a global automation leader and expands its opportunity to capitalize on key secular trends like nearshoring, digital transformation, and sustainability and decarbonization.
• In September 2021, the WEG Subsidiary in Russia (WRU) opened a new sales office in Novosibirsk, Siberia. The new office is intended to provide improved support to local customers. The office structure also provides additional space for training, customer meetings, and commercial operations.
• In October 2021, WEG entered into a partnership with Delta Delfini to provide a complete solution for a shrimp farm in Saudi Arabia. WEG provided 13 x W50, 480kW, six poles, frame size 400 electric motors; 13 electric panels with SSW06 soft-starters; a package for replacement; as well as a stand-by replacement motor and services. WEG also provided two main and 11 secondary panels wherein each panel included a soft-starter, touch screen, PLC, Ethernet serial converter, safety and light buttons, and others.

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Industrial Automation Market by Component, Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Industry (Process Industry and Discrete Industry), and Region (North America, Europe, APAC, RoW) – Global Forecast to 2027

Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission), Monitoring Process (Online, Portable), Deployment, Offering - Global Forecast to 2027

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