Motor Monitoring Global Market Report 2024

The primary components of motor monitoring include hardware, software, and services. Hardware refers to tangible parts housing circuit boards or integrated circuits, used to assess equipment condition and anticipate potential breakdowns. These monitoring solutions can be deployed on-premises or on cloud-based platforms.
The monitoring process involves various techniques such as oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and other methodologies. These are employed across diverse industries including automotive, oil and gas, metals and mining, power generation, water and wastewater treatment, food and beverages, chemicals, among others, catering to their specific monitoring needs.

The motor monitoring market research report provides motor monitoring market statistics, including motor monitoring industry global market size, regional shares, competitors with motor monitoring, market share, detailed motor monitoring market segments, market trends, and opportunities, and any further data you may need to thrive in the motor monitoring industry. This motor monitoring, market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The motor monitoring market has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The expansion observed in the historical period can be attributed to several factors. These include agricultural expansion, initiatives focused on water conservation, efforts to regulate temperature, the rise of intensive farming practices, improvements in crop quality, and enhancements in crop yield.

The motor monitoring market is expected to see strong growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. Anticipated growth in the forecast period can be linked to several factors, including efforts towards climate change mitigation, the adoption of organic farming practices, the implementation of precision agriculture techniques, the impacts of population growth on food security, an increased emphasis on soil health, and supportive government subsidies.

The surge in electric vehicle (EV) adoption is projected to significantly propel the growth of the motor monitoring market. As EVs are powered by electric motors, motor monitoring plays a vital role in reducing in-use failures by identifying early system deterioration and providing insights for enhancing quality. In 2021, the International Energy Agency reported 16.5 million electric cars on roads, marking a 9% sales increase from 2020. Forecasts indicate an estimated 300 million electric cars on roads by 2030. This uptick in EV adoption stands as a driving force behind the burgeoning motor monitoring market.

The expanding utilization of cloud computing is anticipated to drive the growth of the motor monitoring sector. Cloud computing involves delivering diverse computing services over the internet, enabling remote motor monitoring, diagnostics, and control. This facilitates actionable insights for organizations to proactively address issues, minimize downtime, and enhance motor efficiency and lifespan. In 2022, global revenue from public cloud services, as per International Data Corporation (IDC), surged to $545.8 billion, showcasing a significant 22.9% growth compared to 2021. This growing reliance on cloud computing contributes to the escalating growth of the motor monitoring market.

Technological advancement emerges as a pivotal trend fueling progress in the motor monitoring industry. Leading companies in this sector are dedicated to pioneering new technologies. For instance, in May 2022, TMEIC Asia Pte. Ltd. introduced TMASMS - an AI-based smart motor sensor offering high-performance predictive maintenance for electric motors. This platform facilitates early detection of motor failures, ensuring smooth factory operations by continuously monitoring and analyzing data.

Major players in the motor monitoring domain concentrate on product innovation, exemplified by the development of advanced motor condition monitoring devices. These devices cater to servomotors and motors with rapidly changing loads. They comprise sophisticated tools and systems for monitoring and analyzing electric motor operational status. In May 2022, OMRON Corporation released the K7DD-PQ Series of advanced motor condition monitoring devices, designed to avert unexpected equipment failure by monitoring challenging-to-measure failure modes. The series distinguishes between motor vibrations, impacts, and torque alterations, contributing to enhanced operational reliability.

In November 2022, Cummins Inc., a prominent US-based power technology company, finalized the acquisition of Siemens' Commercial Vehicles business for a sum of $209 million. This strategic acquisition stands as a significant step forward for Cummins in its pursuit of achieving net-zero emissions by 2050, aligning its objectives to benefit both its clientele and the environment. Siemens, based in Germany, is recognized as a technology-focused company.

Major companies operating in the motor monitoring market report are ABB Ltd., General Electric Company, Siemens AG, Honeywell International Inc., Schneider Electric SE, Banner Engineering Corp., National Instruments Corp., AB SKF, Emerson Electric Co., Rockwell Automation Inc., Mitsubishi Electric Corporation, Eaton Corporation plc, WEG Group, KCF Technologies Inc., Advantech Co. Ltd., Dynapar Corporation, Phoenix Contact GmbH & Co. KG, Parker Hannifin Corporation, Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics N.V., NXP Semiconductors N.V., Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated Products Inc., ON Semiconductor Corporation, Microchip Technology Inc., Broadcom Inc., TE Connectivity Ltd., Mouser Electronics Inc., Amphenol Corporation, RS Components Ltd., Vishay Intertechnology Inc., Murata Manufacturing Co.Ltd., Panasonic Corporation.

North America was the largest region in the motor monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global motor monitoring market during the forecast period. The regions covered in the motor monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the motor monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The motor monitoring market consists of revenues earned by entities by providing motor monitoring services such as monitoring rotor flux, vibration, and shaft voltage monitoring services. The market value includes the value of related goods sold by the service provider or included within the service offering. The motor monitoring market also includes sales of vibration sensors, ultrasound detectors, corrosion probes, and infrared sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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