Motor Monitoring Market: Growth, Size, Share, and Trends

[340 Pages Report] The motor monitoring market is expected to grow from an estimated USD 2.3 billion in 2023 to USD 3.5 billion by 2028, at a CAGR of 8.7% during the forecast period. The motor monitoring market is growing due to the increasing adoption of predictive maintenance strategies driven by advancements in IoT and data analytics. The integration of advanced sensor technologies, the implementation of Industry 4.0 principles, and the focus on regulatory compliance further contribute to the market's expansion.

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Motor Monitoring Market Dynamics

Driver: Increasing adoption of industry 4.0 principles in the manufacturing sector

The adoption of industry 4.0 principles refers to the integration of manufacturing processes with IT, thus making processes smart. The proliferation of industrial automation and Industry 4.0 has propelled the utilization of several pieces of equipment that do not need human interference. However, there are several mechanical and electrical errors that can impact the productivity of machines at factories. Most of these defects originate from the motors installed in machinery. This makes the monitoring of motors critical for successfully running an industrial plant.

One of the aspects of Industry 4.0 is wireless technologies; small and easy-to-install sensors are deployed in areas where cabling is not feasible for acquiring high-frequency motor condition monitoring data. Wireless connectivity helps overcome barriers posed by factors such as the location of machinery, limited length of cabling and availability of space to install cables, thereby facilitating remote monitoring of the motor and eventually machinery installed in a plant.

With technological improvements in the semiconductors industry, the cost of sensors used for remote monitoring of motors has come down drastically during the past years. This is making remote monitoring affordable even for small- and medium-scale industries. Sensors in industrial facilities are used to monitor temperature, vibration, corrosion, torque, alignment, and oil and wear debris, among others. Advancements in wireless sensor network technologies are enabling the rapid implementation of these technologies in condition monitoring. These factors are likely to fuel the demand for remote monitoring technologies.

Restraints: Limited technical know-how to manage monitoring solutions

The increasing adoption of predictive maintenance and monitoring solutions compels enterprises to establish a dedicated data analysis team. This team must possess in-depth knowledge of motors and their operation within specific machines to accurately assess motor health, thereby potentially increasing indirect costs for companies. Additionally, since motor manufacturing companies may not readily offer monitoring solutions, industries often need to seek expertise from external providers, potentially adding to overall costs alongside initial motor installation investments. Monitoring motor data requires distinct skill sets, necessitating staff training and the establishment of standardized procedures, with the scarcity of affordable skilled professionals anticipated as a major constraint to market growth in the forecast period.

Opportunity: Growing focus on energy audits and regulations worldwide

A government-mandated standard, an energy audit is a regulatory requirement for assessing the energy efficiency of diverse electrical equipment. It offers a systematic approach to optimize energy costs, enhance safety, and improve operating and maintenance practices in industrial systems. Energy audits play a vital role in decision-making related to energy mix, power conservation, and ensuring a reliable energy supply. Mandatory in regions like North America, Europe, and Asia, countries such as China, India, Tunisia, and Algeria enforce energy audits due to high electricity consumption. In Europe, industrial sectors, including manufacturing plants, must undergo compulsory energy audits. Sectors like automotive, aerospace, defense, consumer electronics, and medical equipment utilize power analyzers to comply with energy audit requirements. In Europe, the Energy Efficiency Directive necessitates large companies to conduct energy audits every four years, with non-compliance resulting in penalties. Given that motors contribute significantly to industrial energy consumption, proper motor monitoring becomes crucial for substantial energy savings and compliance with energy audit mandates.

Challenges: Long payback period on investment

Continuous monitoring entails a higher upfront investment in data gathering and analysis technology, along with installation costs. Major considerations for calculating the total cost of ownership encompass system engineering and installation, field instrumentation (such as sensors and cabling), monitoring and diagnostic systems (comprising hardware, software, installation, and licenses), user training, and customer support if needed, as well as system maintenance, external expertise, and support. These software, services, and equipment come with substantial costs and require specific skill sets for operation. Consequently, operators must invest in additional training and maintenance for the motor control process. The incurred costs are contingent on the industry's scale and the extent of control service deployment. While larger industries typically see a relatively short payback period, many small and medium-scale industries encounter challenges in achieving prompt payback for control processes. Additionally, the payback time and return on investment (ROI) are influenced by the likelihood of motor failures, factors that, when considered, extend the payback period duration.

Motor Monitoring Market Ecosystem

Notable players in this industry comprise long-standing, financially robust manufacturers of the Motor Monitoring Market and related components. These companies have a significant track record in the market, offering a wide range of products, employing cutting-edge technologies, and maintaining robust global sales and marketing networks. Prominent companies in this market include ABB (Switzerland), General Electric (US), Siemens (Germany), Honeywell (US), and Schneider Electric (France).

Hardware is expected to be the largest market based on offering.

The motor monitoring market offering has been segmented into hardware, software, and services. Hardware is expected to be the largest segment by offering, as 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.

Power Generation, by end user industry, to hold the second largest market share during the forecast period.

The market has been segmented by end user industry into metals and mining, oil and gas, power generation, water and wastewater, food and beverages, chemicals, automotive, aerospace and defense, and others. The power Generation segment is expected to be the second largest segment in the market by end user industry. The power generation industry is one of the biggest end users of large motors. These motors are mission critical for continuous power generation. Power demand is rising across the world, which calls for power generators to act more efficiently and increase productivity. Power generation is one of the emerging segments in the motor monitoring market.

North America is expected to account for the second fastest market during the forecast period.

North America is the second fastest market because of its strong emphasis on industrial automation, a shift towards predictive maintenance practices, continuous technological advancements, adherence to stringent regulations, and a growing awareness among industries about the benefits of motor monitoring. These factors collectively contribute to the region's position as one of the second fastest-growing markets in the motor monitoring industry.

Key Market Players

The motor monitoring market is dominated by a few major players that have a wide regional presence. The major players in the motor monitoring market are ABB (Switzerland), General Electric (US), Siemens (Germany), Honeywell (US), and Schneider Electric (France). Between 2019 and 2023, Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the motor monitoring market.

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Scope of the Report

This research report categorizes the Motor monitoring market by offering, deployment, end user, monitoring process, and region.

On the basis of offering, the Motor monitoring market has been segmented as follows:

• Hardware
• Software
• Services

On the basis of deployment, the Motor monitoring market has been segmented as follows:

• On-Premise
• Cloud

On the basis of end users, the Motor monitoring market has been segmented as follows:

• Metals and Minings
• Oil and Gas
• Power Generation
• Water and Wastewater
• Food and Beverages
• Chemicals
• Automotive
• Aerospace and Defense
• Others

On the basis of my monitoring process, the Motor monitoring market has been segmented as follows:

• Online
• Offline/Portable

On the basis of region, the Motor monitoring market has been segmented as follows:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

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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