Motor Monitoring Market Size and Share Analysis by Offering (Hardware, Software, Services), Deployment (On-Premise, Cloud), Monitoring Process (Online, Offline/Portable), End User (Automotive, Oil & Gas, Metals & Mining, Power Generation, Water & Wastewater Treatment, Food & Beverages, Chemicals)- Global Industry Demand Forecast to 2030

Market Overview

The motor monitoring market size stood at USD 2,126 million in 2022, and it is expected to grow at a CAGR of 7.9% during 2022–2030, to reach USD 3,916 million by 2030.

By having access to current, vibration, and temperature data from any location in a facility, at any time, condition inspection with wireless IoT sensors and cloud-based software empowers industry professionals to anticipate equipment issues and prevent downtime.

The market is, therefore, being driven by the rising demand for predictive maintenance and the fact that the process can be enhanced with proper analytics. The significant damage that can be caused by the failure of even one motor drives the focus on electric motor monitoring.

Rule-based predictive maintenance uses sensors to continuously gather data about assets and delivers alerts in accordance with predefined rules, such as when a predetermined threshold has been achieved. Product teams collaborate with engineering and customer service departments, using rule-based analytics, to identify the causes or contributing elements for equipment malfunction. Therefore, the market is driven by the rampant integration of industrial IoT technologies.

Additionally, about 45% of the power generated worldwide is consumed by electric motors and drives. However, if the electrical equipment is not well maintained, it can consume 5% to 10% more power, which has an impact on output and income. With automatic abnormal condition detection and data transmission to the server in microseconds, wireless systems can capture machine parameters more precisely.

The wireless technology also has the advantages of being extremely dependable, functioning even at extremely sluggish network speeds, and supporting several devices simultaneously. The developed system does not employ a complicated mechanism and uses the lightweight MQTT protocol, making it simple to install and scale up to big industrial setups.

On-Premises Software Accounted for Major Share

Based on deployment, the on-premises category dominated the motor monitoring market, with 68% share, in 2022. The conventional method for integrating motor tracking solutions across an organization is on-premises. Manufacturing sites and other businesses choose on-premises solutions as they allow for total control over the data and ensure its privacy. Other advantages of on-premises software are improved system management and reduced dependence on external elements, such as networks, as the hardware, data, and software platforms are completely owned and managed by the business.

As a result, on-premises deployment has a higher likelihood of data security than cloud storage. Therefore, one of the main motivations pushing industries toward the adoption of on-premises motor monitoring software is the need for complete control over critical data.

During Forecast Period, Oil and Gas category To Witness Significant Growth

The oil & gas category would experience significant growth, of 8.4%, during the forecast period.

Some of the most-intricate systems used in industrial production today are deployed at oil & gas facilities. In addition to this, there could be substantial financial and environmental repercussions if a sudden breakdown manifests itself as misalignment, loosening, disbalance, or bearing wear. Induction motors are a key piece of equipment in the oil & gas sector due to their adaptability and durability. They play a crucial role in providing rotational power, which many different systems, both big and small, within an oil or gas refinery need.

Additionally, the oil & gas sector has been a pioneer in the application of predictive maintenance technologies, in its quest for enhanced asset performance, for a long time. For instance, Artesis predictive maintenance system combines the advantages of conventional condition monitoring systems at low complexity and expense. For the majority of the electric-motor-powered equipment, Artesis offers comprehensive monitoring and diagnosis capabilities, using an intelligent, model-based approach.

In addition, wireless sensor networks are a new technology with a wide range of uses, including environmental observation. An IEEE 802.15.4-based wireless sensor network is used to carry out remote motor condition monitoring. The deployed network synchronizes several sensor nodes with the coordination node, using the beacon-enabled mode, and the guaranteed time slot mechanism offers data management with a fixed latency.

Similarly, with ABB's Ability smart sensor, conventional motors can be transformed into intelligent, wirelessly connected gadgets. There is no need for wiring or machining because it is mounted to the motor's frame. The ABB Ability smart sensor transmits data on the operation and health of the motor to a secure server, using algorithms created by ABB, via a Bluetooth gateway or smartphone.

Additionally, as crude oil production rises in Western and Eastern Canada, the demand for motor monitoring will increase. The demand for engineering, procurement and construction (EPC) services for rigs and refineries has also increased as a result of the rising extraction of shale reserves. The U.S. produces the highest volumes of shale gas, followed by China and Canada. Therefore, the rising production of shale oil and gas will drive the demand of motor monitoring solutions in the coming years.

Strict Regulations and Energy Audits by Government Globally

Many governments have set energy standards, which govern the power consumption of various electrical equipment. Motor monitoring offers systematic ways, such as optimizing costs, minimizing safety concerns, and enhancing industrial systems' operation and maintenance procedures. It also aids in decisions regarding the energy mix, power efficiency, and supply.

In North America, Europe, and Asia-Pacific, these audits are strongly needed. Countries with the strongest need for such practices include China and India. Few countries in the MEA, such as Tunisia and Algeria, conduct such audits due to their high power usage across all sectors, while in Europe, such audits are mandatory for the industrial sector.

Power analyzers are necessary for manufacturing plants in sectors including automotive, aerospace & defense, consumer electronics, and medical equipment, to help them comply with the energy consumption guidelines. Additionally, the Energy Efficiency Directive in Europe mandates that major businesses conduct such audits every four years. Penalties apply if these standards are not met. Since motors account for about 70% of all the energy used in industrial settings, their proper monitoring could result in significant power savings and assist businesses in adhering to energy audit requirements.

Therefore, with the stringent regulations of governments regarding energy use and efficiency, there is a high scope for the usage of motor monitoring solutions.

Explore more about this report - Request free sample pages

Asia-Pacific Is Expected To Experience Fastest Market Growth

Due to the rampant industrialization in nations such as China and India, the APAC region is expected to experience a market growth of 8.8% during the forecast period.

One of the key growth sectors in India is manufacturing. Making India equally lucrative for domestic and international businesses and elevating its economy to a global scale are the goals of the government's Make in India initiative. Further, the Indian manufacturing sector is predicted to reach around USD 1,100 billion by the end of 2023. Thus, the market in the country would witness a growth rate of 8.7% during the forecast period.

Moreover, due to its vast population and status as one of the world's major manufacturing hubs, China has experienced a vast increase in investments in both the infrastructure and power sectors. The Chinese government previously committed USD 78 billion for the construction of 110 nuclear power reactors, with operations set to begin by 2030. Such initiatives are expected to increase the usage of cutting-edge technologies, such as vibration sensors, in order to support condition-based motor monitoring.

Moreover, despite the decline in hydrocarbon energy prices, NOCs, such as CNPC, in China are strongly encouraged to continue focusing on oil & gas exploration, to achieve energy self-sufficiency. In order to monitor and facilitate the maintenance of E&P equipment, the demand for machine condition monitoring systems will continue being significant. China has the largest known shale oil and gas deposits in the world, and it is concentrating on harnessing them through joint ventures with oil and gas corporations.

Top Motor Monitoring Solution Providers Are:

• ABB Ltd.
• General Electric Company
• Siemens AG
• Honeywell International Inc.
• Schneider Electric SE
• Banner Engineering Corp.
• National Instruments Corporation
• AB SKF
• Emerson Electric Co.
• Rockwell Automation Inc.

Market Size Breakdown by Segment

This fully customizable report gives a detailed analysis of the motor monitoring industry from 2017 to 2030, based on all the relevant segments and geographies.

Based on Offering

• Hardware
  • Vibration sensors
  • Infrared sensors
  •  corrosion probes
  • Ultrasound detectors
  • Spectrum analyzers
• Software         
  • By Type
    • Analytics software
    • Diagnostic software
• Services
  • Training services
  • Data analysis services
  • Technical support & maintenance services

Based on Deployment

• On-premise
• Cloud

Based on Monitoring Process

• Online
• Offline/Portable

Based on End user

• Automotive
• Oil & Gas
• Metals & Mining
• Power Generation
• Water & Wastewater Treatment
• Food & Beverages
• Chemicals

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.