Motor Monitoring Market to Generate $3,916 Million Revenue by 2030

The motor monitoring market value is set to progress at a CAGR of 7.9% during 2022–2030, to reach USD 3,916 million by 2030.

In several sectors, motors are utilized to power various elements of machinery. As they are closely correlated to industrial output, productivity, and financial health of industries, monitoring them plays a significant role in terms of component functionality. Motor monitoring, which has applications in a number of verticals, including oil & gas, power generation, aerospace & military, and automotive, involves the collection, sorting, and analysis of data on motors functioning using detectors, sensors, diagnostic software, and other tools.

The ability to analyze the status of the motor in real time is possible with such combinations of instruments and software, and it helps manufacturers perform predictive maintenance and keep their energy consumption in check. The operations team of the production facility can also keep track of it through software. Moreover, smart sensors allow for a remote view of assets. Hence, the market is expected to be driven by the increasing adoption of remote machine condition monitoring and diagnosis solutions.

North America Is Expected To Hold Significant Share in Global Market

In 2022, North America accounted for 41% of the global market revenue. An increase in the demand for electric vehicles and rise in the investments in infrastructure development in various industries are driving the adoption of motor monitoring solutions in the continent.

For instance, utilities in North America invested about USD 85 billion in infrastructure for electricity production and USD 246 billion in oil & gas operations in 2020.

Hardware Category Is Expected To Dominate Market

By offering, the hardware category held the major market share in 2022. The government plans to conduct energy audits with more stringency, increasing demand for electric vehicles, and a developing market for IoT are expected to drive the hardware category. The most-crucial element of a machine monitoring system is the hardware, while vibration sensors, infrared sensors, ultrasonic detectors, spectrum analyzers, and corrosion probes are themselves the key components of such hardware.

Rising Need for Analytics and Preventative Maintenance

One of the emerging applications enabled by digitization is predictive maintenance. The practice of replacing a component before it breaks down is known as predictive maintenance. This contributes to less downtime and longer component lives and also helps prevent production line outages, which can cost millions of dollars in lost output. Predictive maintenance is already demonstrating its value to manufacturers by offering a new stream of data.

For the safety of motors and the parts that make them up, such as controllers and bearings, predictive maintenance is essential. It involves monitoring the motor's operating characteristics while it is under full load, as well as the actual temperature and humidity levels inside.

It has a variety of advantages for industries, including the minimization of the time spent on asset maintenance, reduction of downtime, so that fewer production hours are lost; and extending the life of the current assets, to lower the expenses on replacement parts.

The most-significant motor monitoring market players 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., and Rockwell Automation Inc.